Westpac’s Medico Policy
- Medico clients can borrow up to 90% LVR with no LMI.
- Max loan amount $5 million ($7.5 million total lending with LVR greater than 80%).
- Free redraw available on fixed-rate loans.
- No bank statements are required if refinancing from a lender reporting on Comprehensive Credit Reporting (CCR).
- Casual income is calculated over 48 weeks (conditions apply).
- Only one year of financials is required for self-employed income verification (conditions apply).
- The income used to meet the income threshold requirement must be from the applicants’ qualifications.
- If the application contains multiple qualifying professionals, the combined income of the qualifying professionals must meet the minimum gross taxable income stated above.
No minimum income requirement for:
- General practitioners
- Hospital-employed doctors (interns, residents, registrars, staff specialists)
- Medical specialists
- Dentists
- Veterinarians
- Optometrists
- Pharmacists