HOME LOANS FOR ENGINEERSTom Uhlich
Engineers make it happen. That’s why the banks want to help you make your new home or investment property happen with special discounts for certain engineering professionals.
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.
- 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 other mortgage discounts.
If you are one of the above mentioned eligible professions then you may be eligible for one of the below discounts:
- Negotiated interest rate discounts.
- Waived Lenders Mortgage Insurance (LMI) – conditions apply.
- Our banks may waive the requirement for genuine savings.
- 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.
Borrowing over 80% of the the purchase price of your new home can be expensive! This is because of Lenders Mortgage Insurance (LMI) which is a once off fee payable when your loan is settled.
LMI protects the lender, not you. However, since you are a low risk borrower we may be able to get the lender to waive this requirement entirely!
What are the criteria to get your LMI waived?
- Your income must be over $150,000 (including rent income although some exceptions apply).
- Your loan must be for a maximum of 90% of the property value (90% LVR).
- You must be a member of an accepted industry association to be eligible.
- You must meet all standard lending criteria.
If you are a member of Engineers Australia then you may be eligible for a no LMI loan. Please speak to us to find out more.
Generally speaking though, 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.
Do you qualify for a discounted interest rate or waived LMI?
Give us a call on 0476 111 000 or fill in our form on our contact us page to find out more.