Home Loan for Engineers: LMI Waivers up to 90% LVR
As an engineer, you can save thousands on your home loan with Professional Home Loans’ exclusive engineer loan options.
Our LMI waiver for engineers lets you borrow up to 90% of the property value without paying Lenders Mortgage Insurance, potentially saving $8,600 on a $500,000 loan.
Combined with special discounted interest rates and fast approvals, our mortgages for engineers are designed to make homeownership easier and more affordable.
Enquire now to see how much you can save!
Find Out if You Qualify – No Obligation!
Why Choose Home Loans for Engineers?
Engineers often face unique financial challenges when purchasing a home, such as high living costs or limited savings for a large deposit. Our home loan engineers program addresses these hurdles with:
- LMI Waiver for Engineers: Save thousands with up to 90% off Lenders Mortgage Insurance (LMI) on loans. Ideal for engineers in high-demand fields like civil, mining, or mechanical engineering.
- Competitive Interest Rates: Enjoy discounted home loan interest rates tailored for engineers, reflecting your stable career and income potential.
- Flexible Loan Options: Whether you’re a first-time buyer or investing, our engineer loans cater to your specific goals.
Learn more about how we support professionals across Australia on our Engineering & Mining Professionals page.
Benefits of an Engineer Loan
Our engineer loans are crafted to recognize the financial stability and career growth of engineering professionals. Key benefits include:
- No LMI Costs: Eligible engineers can waive LMI, reducing upfront costs on loans up to 95% LVR in some cases.
- Fast Approval Process: Leverage your professional status for quicker loan approvals.
- Personalized Support: Our team guides you through every step, from eligibility to settlement.
Read real success stories from engineers like you on our Testimonials page
The Criteria to Save Thousands in LMI
- Profession: Employed as an engineer
- Employment History: At least one year with your current employer or two years of experience as an engineer.
- Financial Health: A clean credit record and a stable financial position.
- Hold a sufficient deposit for a minimum of 10% plus stamp duty and other purchasing costs
- Be in a sound financial position and meet general lender credit policy
- Membership with Professional Engineering Body, such as Engineers Australia, APEA, APESMA
If you meet these criteria and are looking to buy a home to live in, you can’t afford to skip calling Professional Home Loans to see if we can help. As shown in the table below, the LMI on a $500,000 mortgage is around $8,600, and the 85% waiver will save you $7,310—equivalent to 4 years of principal payments saved! Incredible savings on the best home loan options, including the LMI waiver for engineers!
How to Apply for a Home Loan as an Engineer
Getting started with a home loan engineers program is simple. Follow these steps:
- Check Eligibility: Engineers with stable employment and a minimum income are typically eligible for our LMI waiver and discounted rates.
- Contact Us: Reach out via our Contact page for a free consultation.
- Submit Documents: Provide proof of income, employment details, and identification.
- Get Approved: Our team will tailor a loan package and guide you to settlement.
How much will I save in LMI?
LMI premiums, like all insurance premiums, are priced based on the risk of the insured event occurring. This means that the higher the likelihood of a borrower defaulting on the mortgage and causing a bank loss, the more expensive the premium will be. See below for an explanation of waived LMI options.
As such, LMI is not a flat rate; it varies depending on the size of the loan and the LVR. Here are examples of typical LMI premiums for a 90% loan based on various loan amounts. For more information, check out our LMI waiver for professionals list, which includes details on eligible occupations.
| Loan Amount | LMI Premium | Your Savings (90% waiver) |
|---|---|---|
| $300,000 | $4,100 | $4,100 |
| $400,000 | $6,900 | $5,865 |
| $500,000 | $8,600 | $8,600 |
| $600,000 | $10,800 | $9,180 |
| $700,000 | $13,500 | $13,500 |
| $800,000 | $16,100 | $16,100 |
As shown in the table above, for an average loan size of $500,000, engineers in Australia could save around $8,600 in LMI. Combined with market-leading interest rates, this saves you years off your mortgage. For a $500k home loan, the LMI savings alone equate to over 4 years of principal payments—meaning you’ve effectively paid off the first 4 years of your home loan!
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FAQs – Home Loan Engineers
- Is LMI meant to protect my interests?
No, Lenders Mortgage Insurance (LMI) is not designed to protect your interests as a borrower. Instead, it protects the lender if you default on your mortgage. If you fail to make your repayments and the lender suffers a loss when selling the property, LMI compensates them for that loss. While LMI is a requirement for many borrowers with a low deposit, it primarily benefits the lender rather than the borrower.
- What are the various discounts and special reduced rates that engineers can enjoy?
Engineers can take advantage of discounts and special reduced rates on home loans from Professional Home Loans. These include a waiver of Lenders Mortgage Insurance (LMI) for loans up to 90% loan-to-value ratio (LVR) and special discounted interest rates that can save borrowers up to $40,000 over the life of the loan. Additionally, engineers can borrow up to 95% of the purchase price, with the benefit of fast home loan approvals and a free service.
- How do I check my eligibility for discounts and waivers on an engineer mortgage loan?
You can contact us directly to check your eligibility for discounts and waivers on an engineer mortgage loan. They typically require details about your engineer’s employment, financial situation, and credit history. You can also fill out an online inquiry form on their website for personalized assistance.
- Why do banks support engineers and offer discounts on home loans?
Banks support engineers and offer discounts on home loans because they are seen as low-risk borrowers. Engineers typically have stable incomes, strong job security, and good earning potential, which makes them attractive to lenders. By providing these discounts and waivers, banks aim to foster relationships with professionals in high-demand fields while encouraging homeownership among this demographic.
- Can I use this loan for investment properties?
Yes, our engineer loans can be tailored for investment properties in all cities around Australia.
- What additional documentation do I require?
A lender will want to see some confirmation of your financial situation before making you an LMI waived mortgage offer. This documentation is:
- Confirmation of your employment in the mining industry: this may be by way of a copy of your registration with the equivalent professional body as well as your employment contract;
- An example would be your membership to Engineering Bodies such as Engineers Australia, APEA, APESMA
Testimonials
Tom has provided us with a very professional service, communicating all the available options to us and in the process he has literally saved us $75k that we would have otherwise paid. Being new the Australian property market it was imperative we found a broker that had the patience to answer the numerous questions we had be it by phone or email and sometimes outside normal working hours and that is exactly what we got from Tom. He certainly goes beyond the call of duty. Keep up the good work, Tom and we will no doubt be back in touch with you in the not too distant future.
Hamilton & Nyari
Finally, we were able to buy our own place in Sydney. THANKS to Michael. We were given the run around by various banks (we had a unique situation and despite good income and stable one, loan wasn't coming easy). When we almost finally gave up, we had nothing to lose and made one last call and it was to Michael. Our hopes were back in two days from there, and had our loan approved with in next few days. We appreciated all the prompt and helpful responses to all of our queries in relation to purchasing with a Temporary Visa. He even made a bank valuation possible in 24 hours or so. If we ever need help again with our finance, Michael will be the first person we would call. Kindest Regards, Anjuli & Kris
Anjuli & Kris Balachandran
Tom, rest assured, when we hear of any of our acquaintances in need of a mortgage you are the one I'll be referring them to. We are very happy to have been working with you, not only because the result is good, but even more since Lisa and I really appreciated your personal touch in our case, your always being available, even for emails late at night and always taking the time to answer our every question. Kind regards, Lisa & Bas
Lisa and Bas
Why Choose Professional Home Loans
Getting a home loan was really simple with Professional Home Loans.
“We went overseas during settlement and it was not a problem for them, everything went smoothly and I’m writing this from my new home! “
Jack Clancy
Well done you made it easy with no BS.
“Couldn’t ask for a better job – until next time (although no time soon, moving was awful). “
Accountant, Mick and Vanessa Renton
No LMI for building home in Sydney as well as 90% LVR no lmi for investment proerpty off the plan in Newcastle.
“Professional Home Loans has provided us with a very professional service, communicating all the available options to us and in the process he has literally saved us $75k that we would have otherwise paid. They certainly go beyond the call of duty. “
Hamilton (Accountant) & Nyari (Doctor) Sydney
Working for QLD Health achieved 90% LVR no LMI at normal rates - From UK. Sunshine Coast, QLD
“We were able to get a loan at a good rate and avoid paying LMI which saved us several thousand dollars that we can now put towards other things. Very helpful and informative about all aspects of the process, not just the loan, which we really appreciated as it made the whole thing a lot easier for us.”
Craig and Louise (Medical Registrars)
On a contracting basis – she got paid roughly 70% of what she billed.
“We assisted Arlyn with a 90% Mortgage with No Lenders Mortgage Insurance payable so she could buy a house and land package Thanks so much. All credits goes back to you as you helped me make all this happen. I couldn’t thank you enough for the job excellently done. “
“You not only got the loan approved on time, but at a better rate! You are professional, honest, dedicated & obviously love what you do-your passion shines through & I look forward to doing all my loans through you from now on!”
Linh