Note: Due to COVID-19, LMI waivers are temporarily unavailable for mine surveyors. We’ll keep this page updated with the latest information. We apologise for the inconvenience.
The mining industry has played a significant role in Australia’s economy and banks are willing to offer amazing home loan deals to mine surveyors just to get their business.
What discounts are available?
Mine surveyors are one of only a few select engineering professionals eligible for significant discounts including:
- Waived Lenders Mortgage Insurance(LMI), which can save you thousands of dollars off your home loan.
- Significant interest rate discounts.
- No genuine savings required when borrowing at 90% LVR (Loan to Value Ratio) or less so your deposit doesn’t have to come from your own savings.
- Higher mortgage exposure limits when purchasing multiple investment properties.
- You must be earning a minimum of $120,000 – $150,000 per annum*
- Your home loan can be in the name of a company or trust structure.
*This includes your taxable income and rental income. It excludes your spouse’s income.
Speak to our mortgage brokers by calling 1300 889 743 or fill in our free assessment form to find out if you qualify for mine surveyor home loan discounts.
Do you earn enough to get waived LMI?
Waived LMI for mine surveyors are only offered by a few lenders, each with their own strict income requirements.
Generally speaking, your minimum income should be at least $120,000 per annum in WA, SA, NT and TAS and $150,000 per annum in NSW, ACT, VIC and QLD in order to qualify.
This includes your rental income (both existing and proposed).
Your spouse’s income isn’t considered unless they are also an eligible mining professional.
How large are the interest rate discounts?
The size of the discount that we can get you will depend on which industry association membership you have, your income and how much you’re borrowing.
The interest rates currently listed on our website are already discounted. We can get even better discounts for you just because you’re a mine surveyor!
How much can I save with waived LMI?
You will be charged LMI if you borrow over 80% of the property value.
Lenders Mortgage Insurance can be quite costly; around $24,000 for a 90% loan on a $1,000,000 property.
A home loan with no LMI could save you literally thousands of dollars!
This is great for cash flow if you have big plans to rapidly grow your investment property portfolio.
If you’re a mine surveyor, speak with one of our mortgage brokers by calling 1300 889 743 or by filling in our free assessment form today.
We’ll let you know if you qualify for these significant discounts!
Do I need to be a member of an industry association?
Lenders will require you to provide evidence of membership of one of the below industry bodies:
- Australian Institute of Mine Surveyors (AIMS).
- Institution of Surveyors in the relevant state that you currently practice in.
- Surveying and Spatial Sciences Institute of Australia (SSSI).
You must be working for a mining, energy or resources company in order to qualify for no LMI home loan.
Also note that waived LMI home loans for mining engineers disappeared from the market in May 2017 due to concerns with the stability and job prospects of the sector as a whole.
Luckily, some lenders have come back and are offering home loan discounts for mine surveyors and other select engineering professionals, namely, quantity surveyors and geologists/geophysicists.
Don’t get caught out by mortgage exposure limits
As a high net worth borrower, you may have plans to buy a number of investment properties at once.
When your mortgage exposure starts reaching the million dollar mark with a single lender, your borrowing capacity notably dwindles.
By spreading your exposure between various lenders and LMI providers you can rapidly build your property portfolio without repercussions.
Speak to us about your investment plans: having a good mortgage strategy is just as important as choosing the right property and location when investing.
Apply for a mortgage
Do you qualify for a discounted interest rate or waived LMI as a mine surveyor?
Just give us a call on 1300 889 743 or fill in our free assessment form and find out more about home loans for mine surveyors.