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.
Waived Lenders Mortgage Insurance (LMI) is no longer available but that doesn’t mean you can’t save thousands off your home loan.
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.
What discounts are available?
If you meet the $150,000 per annum income test, you may be eligible for the following:
- 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.
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.
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.