Yahoo Finance Westpac waives mortgage insurance for these Aussies
Westpac has expanded its lenders mortgage insurance (LMI) waiver to include nurses and midwives.
The major bank said the move was designed to help more women enter the property market.
Under the program, registered nurses and midwives will be able to access a loan-to-value ratio of up to 90 per cent without the additional cost of LMI.
This means they will only be required to have a 10 per cent deposit upfront.
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On a typical $700,000 property, that could mean a saving of more than $20,000 on the cost of the home.
However, applicants must have a gross salary of $90,000 a year or more to qualify.
Westpac’s managing director of mortgages, Richard Burton, said the LMI waiver was a major help to women accessing the property market.
“Helping women to build greater financial independence and security is a priority for Westpac,” Burton said.
Burton said loan applications under the initiative had been promising since its rollout in April, with female applicants accounting for around 60 per cent of total allied health customers.
Westpac added more health roles to the LMI waiver in June as part of a package of measures aimed at helping women.
In addition to nurses and midwives, other health professionals eligible for the waiver also include speech pathologists and occupational therapists, where women also make up most of the workforce.
“While all of our decisions must be balanced according to our responsible lending commitments, we do aim to ease barriers to home ownership for our customers wherever we can,” Burton said.
“As a major Australian bank, we’re very mindful of the role we play in helping Australians succeed and build financial security over their lifetime.
“Supporting our nurses and midwives, who provide such an essential service in our community, is another step towards fulfilling our purpose.”
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