Waived LMI and home loan discounts for mining engineers

Mining engineers make up the backbone of Australia’s economy and banks are willing to offer amazing home loan deals just to get your business:

If you meet the $150,000 per annum income test, you may be eligible for the following:

  • Borrow up to 90% of the property value and save thousands with no Lenders Mortgage Insurance (LMI)
  • Negotiated interest rate discounts.
  • No genuine savings required when borrowing at 90% LVR (Loan to Value Ratio) or less.
  • Higher exposure limits when purchasing multiple investment properties.
  • Flexible credit criteria and income verification for FIFO workers.
  • No location restrictions when buying a home or investment property in a mining town.
  • Protect your assets and take advantage of tax benefits by purchasing in a company or trust structure.

Speak to our mortgage brokers by calling 1300 889 743 or fill in our free assessment form to find out if you can qualify for a professional discount.

Which professionals are eligible?

  • Mining engineers: Must be a member of Engineers Australia
  • Surveyors: Must be a member of the Institution of Surveyors in the state that you work in, or, a member of the Surveying & Spatial Sciences Institute of Australia (SSSI).
  • Mine surveyors: Must be a member of the Australian Institute of Mine Surveyors (AIMS)
  • Quantity surveyors: Must be a member of the Australian Institute of Quantity Surveyors.
  • Geologists: Must be a member of the Fellowship of the Australian Institute of Geoscientists (FAIG).
  • Geophysicists: Must be a member of the Fellowship of the Australian Institute of Geoscientists (FAIG).
  • Other professions and industry associations may be eligible for different interest rate discounts.

How large are the interest rate discounts?

The size of the discount that we can get you will depend on which industry associations you are a member of, your income and the size of your loan. As a general rule, the larger your loan the more you can borrow.

You can view our current interest rates page to see which discounts are available for larger home loan sizes and fixed rate loans.

Larger discounts than those published on our website may be available through negotiation with our lenders.

Why has waived LMI for engineers disappeared?

Up until May 2017, a couple of lenders began offering 90% waived LMI to eligible mining engineers earning a high income following a max exodus in September 2016.

Again, the reason was due to the lack of confidence that banks have in the mining, energy and resources sector.

Banks felt there was a high risk in offering mortgage discounts because of fluctuating job opportunities where mining companies were here one day and gone the next.

During these cycles, the chances of stable employment are under threat.

Despite waived LMI being no longer available at 90% LVR, you may still avoid LMI at 85% of the property value.

Of course, we can also help to negotiate significant interest rate discounts depending on your loan size and the risk of your application.

Want to save thousands off your home loan as a mining engineer?

Speak with our mortgage brokers by calling 1300 889 743 or fill in our free assessment form today.

Are other engineers eligible?

Generally speaking, all engineers are a preferred profession for several of our lenders and are eligible for professional discounts on their interest rate depending on the size of their mortgage.

Apply for a mortgage

Do you qualify for a discounted interest rate or waived LMI?

Give us a call on 1300 889 743 or fill in our free assessment form to find out more.

  • Helmsley

    I’d like to go with a bank that can waive the requirement for genuine savings. I’d have gone guarantor if I could but it’s not possible at the moment. Which bank should I go with?

  • We know a couple of banks that can waive genuine savings requirements but that will also depend on your personal situation and the loan details. Please give us a call on 1300 889 743 and one of our credit specialists will discuss your options relative to your situation.

  • Yusef

    Is waived LMI still available for engineers? Last time I enquiried about this, banks had pulled out from these offers.

  • Hey Yusef, all lenders did pull out of offering no LMI home loans at 90% LVR for mining engineers up until September 2016 mainly due to the downturn in the mining, energy and resources sector. However, a couple of lenders are now offering these amazing deals again because they have confidence in the upswing the industry.

  • Bray

    What are the terms on offer for flexible fixed interest rates?

  • Hi Bray, flexible fixed interest rate terms are usually for 3 years and 5 years.

  • Turner

    What else aside from savings or deposits can be considered genuine savings?

  • Hi Turner,
    Aside from savings held or accumulated over 3 months and term deposits held for 3 months, banks also consider shares or managed funds held for 3 months, equity in real estate (varies depending on the lender) and rent for the last 3 months as genuine savings.

  • coleman

    Don’t banks accept only 80% of rental income?

  • Hey coleman,

    Most banks use only 80% of your rental income. However, one of our lenders can consider assessing your loan using 100% of your rent income. In addition to this, they’ll also assess your existing debts at the actual repayments rather than at a loaded assessment rate.