Did you know that geologists and geophysicists are offered amazing home loan deals by select lenders?

What discounts are available?

You could save thousands of dollars with these exclusive offers:

  • No genuine savings required when borrowing at 90% of the property value or less.
  • Waived Lenders Mortgage Insurance (LMI).
  • Negotiated interest rate discounts.
  • Higher exposure limits so you can rapidly grow your investment portfolio without getting declined for a loan.
  • Your home loan can be in the name of a company or trust structure.
  • You’re required to be earning a minimum of $120,000 – $150,000 per annum*

*This includes your taxable income and rental income however it doesn’t include your spouse’s income unless they are also an eligible professional.

Call us on 1300 889 743 or enquire online to find out whether you can qualify for a professional discount available to geology professionals.

Do you earn enough to get waived LMI?

Waived LMI for selected geologists is only offered by a few lenders, and each have their own stringent income requirements.

Generally speaking, in order to qualify you must be earning a minimum of $120,000 per annum in WA, SA, NT and TAS and a minimum of $150,000 per annum in NSW, ACT, VIC and QLD.

Why do geology professionals get special discounts?

Geology professionals such as geologists and geophysicists that work in the mining, energy and resources sector are considered to be low risk borrowers with high incomes.

Geology professionals have huge career prospects and tend to earn higher incomes.

Because of this, lenders consider them to be low-risk borrowers, more likely to get a larger home loans and stay with the bank for longer, and less likely to default on their mortgage.

This is the reason why some lenders offer no LMI mortgage and discounted interest rates that aren’t available to the general public.

What if I work outside of the mining industry?

These LMI waivers and discounts are only available to geology professionals that work in the mining, energy and resources sector.

However, the few banks that offer these deals may still offer you significantly negotiated interest rates depending on your loan size and financial situation.

Please call us on 1300 889 743 if you’re a geologist working in another industry.

You could get tax benefits with negative gearing.

Are you planning to grow a large property portfolio?

Many experienced property investors choose a negative gearing strategy over a positive gearing strategy in order to reduce their taxable income.

The primary aim of this strategy is to gain from being an early mover in the market and eventually boost your investment income to cover your expenses.

Many of our mortgage brokers are successful property in their own right and having a good mortgage strategy is just as important as choosing the right property location.

Complete our free assessment form to discuss your investment plans with one of our team.

How large are the interest rate discounts?

The size of the discount that we can get you will depend on your relevant industry body membership, your income and the size of your home loan.

How much can I save with an LMI waiver?

The lender will charge you a fee known as LMI if you borrow over 80% of the property value. LMI can be huge and works out to be around $22,275 for a 90% loan on a $900,000 property.

One of our lenders can consider waiving LMI for geologists and geophysicists if they meet certain criteria:

  • Your income must be $120,000 or $150,000 depending on your state or territory including rental income (some exceptions apply).
  • Your loan must not exceed 90% of the property value (90% LVR).
  • You must provide a current practising certificate for your state or territory.
  • Your credit history, employment and asset position must be within standard bank guidelines.

We’ll let you know if you qualify for no lmi!

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.

Do I need to be a member of an industry association?

Some lenders will require you to be a member and provide evidence of:

  • Current membership or fellowship of the Australian Institute of Geoscientists (AIG); or
  • Current membership or fellowship of The Australasian Institute of Mining and Metallurgy (AusIMM); or
  • Current active membership of the Petroleum Exploration Society of Australia (PESA).

Please contact us on 1300 889 743 for more information and find out if you are eligible for an interest rate discount.

Apply for a mortgage

Do you want to know whether you qualify for an LMI waiver mortgage or a discounted interest rate?

If you’re a geologist or geophysicist working in the mining, energy or resources sectors and you’re ready to apply for a home loan, please call us on 1300 889 743 or enquire online today!


  • Erasmus

    I’m a geophysicist working in Woodside Petroleum. I went though this page and found out we could obtain LMI discounted home loan, but the issue here is I don’t have required income of $120,000. Is there any other way I could get waived LMI loan?

  • Yes Erasmus, geophysicists are eligible for no LMI loans at 90% of the property value but they must be earning a minimum of $120,000 per annum in WA, SA, NT and TAS and a minimum of $150,000 in remaining states. Rental income can also be added in this limit. If you don’t have eligible income, then you could opt for 85% home loan with no Lenders Mortgage Insurance (LMI) where the lending criteria is less stringent. But please note that the lenders still check your credit history, employment and your genuine savings.