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Home Loans For 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.

Although many banks had previously pulled out of offering these discounts, waived Lenders Mortgage Insurance (LMI) is back for eligible engineers.

If you want to save thousands off your mortgage, get in quick because there’s no telling how long these deals will stick around.

Which professionals are eligible?

Some of our banks have chosen certain occupations which they consider to be low risk, and so, eligible for special discounts.

  • 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).
  • Minimum income of $150,000 per annum: Banks will also take into account rental income.
  • Other professions and industry associations may be eligible for different interest rate discounts.

What discounts are available?

If you are one of the above mentioned eligible professions then you may be eligible for:

  • Waived LMI when borrowing up to 90% of the property value.
  • 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.

What's the big deal with LMI?

Borrowing more than 80% of the purchase price can be really expensive!

This is because a fee known as Lenders Mortgage Insurance (LMI) is charged to the lender who passes this cost on to you when you settle loan.

It’s pretty much a risk fee charged by the mortgage insurer because borrowing over 80% is considered a high risk. Worst of all, it protects the lender in case you default, not you as the borrower.

For a 90% loan on a $1 million, you’re looking at anywhere between $20,000 to $25,000 in LMI, a fee you typically have to pay upfront.

Didn't waived LMI for engineers disappear?

Yes. Up until September 2016, all lenders had pulled out of offering LMI waivers at 90% LVR for mining engineers.

The reason was due to the downturn 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.

The chance of stable employment was seriously under threat.

However, a couple of lenders are now offering these amazing deals again because they have confidence in the upswing the industry.

So engineers have once again struck gold with the return of these home loan discounts but we have know idea how long they’ll stick around.

Want to save thousands off your home loan?

If you think you might qualify, speak with our mortgage brokers by calling 1300 889 743 or fill in our free assessment form today.

Why do banks target the mining, energy & resources sectors?

Some of our lenders project considerable growth and investment in the mining sector will continue for many decades to come.

Ultimately, they expect most engineers in the mining sector to earn higher incomes and than other sectors of the Australian economy.

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.