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Re: What are my options with waived LMI home loans?

Posted: Mon Mar 18, 2019 1:12 pm
by Otto Dargan
Hello Hector. Welcome to the forums.

Waived Lenders Mortgage Insurance (LMI) home loans for mining engineers disappeared from the financial market in May 2017 due to concerns with the stability and job prospects of the sector as a whole.

LMI can be quite costly; around $19,000 for a $900,000 property at 90% Loan to Value Ratio (LVR).

Luckily, some lenders have come back and are offering home loan discounts and waived LMI for mine surveyors and other select engineering professionals, namely, quantity surveyors and geologists.

No LMI loans for mine surveyors are only offered by a few lenders, each with their own strict income requirements.
Generally speaking, your minimum income should be at least $120,000 per annum in WA, SA, NT and TAS and $150,000 per annum in NSW, ACT, VIC and QLD to qualify.

Luckily this can include your rental income (both existing and proposed rental income for the property you plan to purchase).

Give us a call on 1300 889 743 and speak with one of our experienced mortgage brokers or fill in our free assessment form to find out if you qualify for discounted interest rates or a no LMI home loan.

Cheers,

Re: What are my options with waived LMI home loans?

Posted: Mon Mar 18, 2019 3:56 pm
by Otto Dargan
Hi Hector,

Yes, that’s right. The size of the discount that we can get you will depend on your industry association membership, your income and how much you’re looking to borrow.

The interest rates currently listed on our website are already discounted. We can get even better discounts for you because you’re a mine surveyor.

Cheers,

Re: What are my options with waived LMI home loans?

Posted: Mon Mar 18, 2019 7:20 pm
by Otto Dargan
Hi Hector,

The total debt and existing loan facilities you have with one bank is known as your ‘exposure’. It can be the key determiner in you getting approved for a mortgage with a particular lender.

Generally speaking, mine surveyors are eligible for higher mortgage exposure limits when purchasing multiple investment properties. Different lenders have different policies regarding this. Some of our lenders are willing to accept up to $10 million in exposure.

Give us a call on 1300 889 743 or fill in our free assessment form to find out how much you can borrow.

Cheers,