Last Updated: 7th February, 2024

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? We have a lender on our panel that offers lender-paid LMI.

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

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 Lenders Waive LMI For Engineers?

Use our tool to find lenders that waive LMI for engineers. You can also calculate how much you save on LMI.

95% Home Loans, Lender-Paid LMI

A lender on our panel is offering waived LMI on a 95% home loan for many types of engineers. There is no minimum income requirement. To qualify for lender-paid LMI on a 95% home loan:
  • Buy a residential property (only Category 1 and 2 locations accepted)
  • Hold a university degree from Australia or overseas.
  • Be an Australian citizen or permanent resident living and working in Australia.
  • Be employed as an engineer and not on probation.
  • Have PAYG income in the industry for at least the last three years; doesn’t all have to be with the same employer but you must be past your probation period.
  • Minimum credit score required.
  • If self-employed, you need a minimum of two years’ tax returns and full financials; ABN must be registered for at least two years and you must provide evidence of reported profit each year.
  • The maximum loan amount is $1 million.
  • Maximum loan term is 28 years.
  • Owner-occupier loans only.

Which engineering 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.

Types Of Home Loans Available To Engineers

The types of home loans available to engineers are:
  • First-home buyer loans
  • Investment loans
  • Construction loans
  • SMSF Loans
  • Professional loans
  • Bridging loan

Benefits Of Getting A Home Loan As An Engineer

The benefits of getting a home loan as an engineer are as follows:
  • Lower interest rates: As you’re considered to be a low-risk borrower, you could qualify for lower interest rates than others.
  • Higher borrowing limits: You can borrow more money for a home loan, which means you can purchase properties with higher values.
  • Fast home loan approval: You might experience faster home loan approval processes due to your professional status and financial stability.

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.