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Bankwest offers a wide range of home loan options and medico loan solutions with LMI discounts and waivers for healthcare professionals with deposits of less than 20%.
Bankwest Home Loan for Doctors
Home loan applicants working as healthcare practitioners can apply for their first home loan at Bankwest. Given the wide range of lending solutions, it’s best to work with experts who can negotiate a special “Doctors Only” rate and up to 95% LVR without paying LMI.
At Mortgage Pros, you can save up to $80,000 on average with a specialised home loan for doctors.
What occupations can apply for a Bankwest Home Loan with No LMI?
The following healthcare practitioners and medical professionals can apply for Bankwest’s home loan solutions with discounted or waived LMI:
- Audiologists
- Chiropractors
- Dentists
- General Practitioner
- Hospital-employed Doctors & Staff
- Medical Specialists
- Midwives
- Registered Nurses
- Occupational Therapists
- Osteopaths
- Physiotherapists
- Podiatrists
- Psychologists
- Radiographers
- Sonographers
- Speech Pathologists
- Optometrists
- Pharmacists
- Veterinary Practitioners
Can I apply for a Bankwest Medico Home Loan without LMI?
Bankwest will consider the following to qualify for an LMI waiver or discount for your medico home loan:
Income
Income requirements will vary depending on whether the medico home loan applicant is a self-employed healthcare practitioner, a casual income earner, one with a probation policy, allowances, overtime income, and bonuses.
Loan to value ratio
- Owner-occupied purchases up to 90% LVR with no LMI. Investors will have a different LVR requirement.
- Owner-occupier refinances with family support and first home guarantee available
- Interest-only repayments for owner occupiers and investors up to 80% LVR
- 5% genuine savings for LVR up to 90%
Security
Bankwest accepts the following security types as your loan security for a medico home loan:
- Residential units/off-the-plan
- High-density units with more than 6 floors and 50 accommodation units
- Off-the-plan unit with more than 40 sqm living area and at least one separate bedroom (up to 80% LVR)
- Construction (up to 95% max LVR with no LMI)
Note that these are only general guides and are subject to credit policy rules and validation. Speak with our home loan experts at 1300 030 388 to learn more about specific requirements for medical professionals.
Apply for a Medico Home Loan with LMI Waiver on Bankwest
At Mortgage Pros, we’ll facilitate your medico home loan application and negotiate for LMI waivers in Bankwest on your behalf so you can focus on your career while making progress towards your homeownership goals.
We’re committed to providing only reliable and friendly customer service round-the-clock. Our mortgage expert will negotiate for specialised doctor-only rates and lobby your home loan application.
Speak with us at 1300 030 388 to learn more about Bankwest Medico home loans and whether you are eligible for an LMI waiver or discounts as a medical professional.
Interested in getting an LMI-waived home loan from another bank? We can help! See more banks below.
