Medico sector Registered Nurses and medical professionals 90% NO LMI

Eligible medical practitioners can obtain loans to a maximum LVR of 90% without mortgage insurance subject to eligible criteria.

The policy outlined below sets out the parameters for accepting Home Loan, Investment Property Loan and/or Home Equity Loan consumer mortgage proposals originated in the Westpac brand for certain qualifying Medical Professionals. There is no authority to extend to other product types.
These requirements are to be read in conjunction with the policies and procedures contained in other sections of the Consumer Credit Policy Manual and Consumer Credit Procedures Manual.
All prevailing standard non-mortgage insured policies and product offerings* for fully documented loans apply with the only concession being to genuine savings requirements and LVR thresholds offered under this arrangement.
Any lower LVR threshold policies will override this policy, except LVR limits on property value – refer to LVR* Including Interest Only repayment terms up to 10 years, where this is a standard product offering.
2.1.1 Eligibility criteria

For the purpose of this policy the definition of a medical Professional (‘medico’) includes the following:

• Medical professional with no minimum income threshold:
  • Dentists
  • General Practitioners
  • Hospital-employed Doctors (e.g. Intern, Resident, Registrar, Staff Specialist)
  • Medical Specialists—refer to List of Australian Recognised Medical Specialties for the list of acceptable Medical Specialties
  • Optometrists
  • Pharmacists
  • Veterinary Practitioners

• Medical professional with a minimum income threshold of $90,000 per annum:
  • Audiologist
  • Chiropractors
  • Midwife
  • Occupational therapist
  • Osteopath
  • Physiotherapists
  • Podiatrist
  • Psychologist
  • Radiographer
  • Registered Nurse
  • Sonographer
  • Speech Pathologist

There is no authority to extend to other occupation types.

In each case applicants must be Australian citizens or approved permanent visa holders (Applicants on Temporary 482 TSS Medium-Term (MLTSSL) (previously known as 457 visa) are eligible for purchase of owner occupied properties only.
All approved permanent visa status and 482 TSS Medium-Term (MLTSSL) (previously known as 457 visa) must be verified and confirmed at point of loan application.

A qualified medical professional who is working in medical research (in the same research field as their medical specialty) can be considered for Medico policy.

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