General guideline for Medical Professional loans for no LMI above 80% LVR with banks

General guideline for Medical Professional loans for no LMI above 80% LVR with banks 

Medico and Industry Specialisation.

Residential Security Policy - LVR Policy Exception:

Can consider a total borrowing of up to $5M per Medico applicant, subject to other LVR and loan amount limitations.
Refer to the 'Professions' section below for eligible professions and income thresholds.
For Owner Occupied properties, this policy applies only to the applicant’s primary residence.
Certain property types and locations may have lower LVR limits that supersede the Medico policy.
Self-employed applicants only need one year of financial documentation for income verification and employment duration. If there are multiple applicants and one is self-employed but not an eligible medical professional, they must provide two years of financial records and tax returns.

Other Medico Policies:

• Practice Premises as Security: Practice premises that have been converted from residential properties can be considered for residential housing treatment if documentation confirms zoning for business or residential use and the property can be easily reverted to residential use. In such cases, an LVR of 90% applies up to the $5M loan cap. Note: The property must be valued as residential.

• Interest-Only Residential Loans: The maximum interest-only term is 10 years. Any requests to extend the interest-only period will require the loan to be re-originated.

• Transfer of Company Debt to Personal Names: If a personal debt was originally obtained under a company name and secured by a property held in personal names, a transfer of the debt to the personal names will be permitted.

• Exclusions: Refinancing for working capital, equipment finance, and other business-related purposes is not covered under the Medico policy.

---

Industry Specialisation Policy:

(For Non-Medical Specialist Applicants)

Also can offer the Industry Specialisation Policy to clients who meet the criteria, subject to lender credit and process policies.

Eligibility:

• Available for both Owner Occupied and Investment Loans
• Maximum loan amount: $4M with no LMI up to 90% LVR, based on Industry Specialisation status
• Minimum gross salary requirement: $120,000
• Subject to standard mortgage insurance guidelines, including geographical and LVR restrictions
• Genuine savings requirement is waived under this policy
• Excludes Owner Builder proposals

Eligible Professions for Industry Specialisation:

• Accounting: Accountants, Finance Managers, Auditors, Actuaries, CFOs
• Legal: Lawyers, Solicitors, Barristers

Key Differences Between Medico and Industry Specialisation Policies:

• Medico Applicants: Up to $5M loan with LVR waiver of 95% (certain occupations only)
• Industry Specialisation Applicants: Up to $4M loan with LVR waiver of 90%

---

Eligible Professions for Medico Policy:

• Audiologists
• Chiropractors
• Dentists
• General Practitioners
• Hospital-employed Doctors (Intern, Resident, Registrar, Staff Specialist)
• Medical Specialists
• Occupational Therapists
• Optometrists
• Osteopaths
• Pharmacists
• Physiotherapists
• Podiatrists
• Psychologists
• Radiographers
• Registered Nurses
• Registered Midwives
• Sonographers
• Speech Pathologists
• Veterinary Practitioners

Income Thresholds:
For certain medical professionals (e.g., Audiologists, Chiropractors, Physiotherapists, etc.), a minimum income of $90,000 applies. No income threshold is required for other listed professions.

Income must be sourced from the applicant's relevant professional qualification. For joint applicants with multiple qualifying professionals, the combined income must meet the minimum threshold.

---

Other Key Benefits and Restrictions:

• 95% LVR with LMI waived for eligible occupations, up to a $5M loan amount (for Owner Occupied, Investment Loans, Purchase, Refinancing, and both P&I and Interest-Only options). Eligible occupations include:
  • Dentists
  • General Practitioners
  • Hospital-employed Doctors (Intern, Resident, Registrar, Staff Specialist)
  • Medical Specialists

Applicant Requirements:

• Must be an Australian citizen, permanent resident, or an approved temporary visa holder. Residency, citizenship, and visa status must be verified at the time of application submission.
• The applicant must be actively practising in the respective profession.
• Qualification and employment verification can be provided through:
  • Recent Australian Taxation Return
  • Australian university degree or relevant professional qualification
  • Registration with the Medical Practitioners Board of Australia or equivalent professional body

Process for LMI Waiver:

To qualify for an LMI waiver under the Medico policy:

1. The broker must indicate that the application qualifies under the Medico Policy by adding a note in the application.
2. Westpac Group approval must be submitted with the application (approval turnaround time: 24 hours).
3. The application must include “PROFESSIONAL” in the subject heading and specify the use of the "INDUSTRY SPECIALISATION SECTOR" policy for the LMI waiver.

Any further questions please do not hestiate in contacting me, all my contact details are below