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.
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.