Mortgages for engineers
Mining engineers are professionals that the banks consider to be low risk, due to high income earning potential and good job availability. Many lenders have discounts and other offers for engineers.
What home loan offers are available for engineers?
Often when you borrow more than 80% of a property’s value, you will be required to pay Lender’s Mortgage Insurance. This is where offers for engineers come in:
Borrow up to 90% of the value of the property without needing to pay Lender’s Mortgage Insurance on loans up to $2 million
Your may be eligible for discounts on your interest rate
See below for how much you could save by not having to pay Lender’s Mortgage Insurance on a loan with a 10% deposit and 90% loan-to-value ratio:
$500,000 Property: $8,680
$1,000,000 Property: $22,392
$1,500,000 Property: $36,858
$2,000,000 Property: $49,144
Eligibility Requirements
Are all engineers eligible?
The only type of engineer that is still eligible for the 90% LVR with LMI waiver on their home loan are mining engineers.
For other engineers, there is still the possibility to be able to borrow up to 85% of the value of the property and still avoid LMI.
Engineering qualification
In order to verify your occupation, you must be a member of Engineers Australia.
Minimum income requirement
Most lenders require a minimum annual income of $150,000 in order to be eligible for the special home loan offers for engineers.
What documents will I need to provide?
In order to verify your income, you will need to provide your two most recent payslips.
How do I access a home loan offer for engineers?
Our role at Unbroke is to assess your needs and situation, help you compare all of the loans you’re eligible for as an engineer, including cashback offers, finding the lowest interest rate and loan features. Our services are free to use, we simply receive a commission from the bank once your loan is settled.
Contact us via our website, email or social media to book in a call to discuss your options to purchase a property or refinance your home loan.
Is engineer the only role that qualifies for the LMI waiver?
Roles in other industries may also be eligible for an LMI waiver. These include:
Lawyers and conveyancers
Doctors and surgeons
Nurses and midwives
Veterinarians
Professional athletes
Dentists
Engineers
Financial planners
Mining specialists
Some entertainment professionals
This page provides general information only and has been prepared without taking into account your objectives, financial situation or needs. We recommend that you consider whether it is appropriate for your circumstances and your full financial situation will need to be reviewed prior to acceptance of any offer or product. Subject to lenders terms and conditions, fees and charges and eligibility criteria apply. Information in this article is up to date as of 10 January 2023.
