Home Loan Engineers: LMI Waived up to 95% LVR PLUS Discounted Interest Rates for Engineers. Save Tens of Thousands!
- Special discounted interest rates
- Save up to $40,000 over standard loans
- Borrow up to 95% of the purchase price
- Fast home loan approval plus FREE service
- Zero Lenders Mortgage Insurance on loans up to 95% LVR
Find out if you qualify -no obligation!
Home Loan Engineers
If you are an engineer looking to purchase a home, home loan engineers can save thousands on Lenders Mortgage Insurance (LMI) with an 95% waiver and special interest rate discounts.
This is due to a recent policy change where Professional Home Loans can now offer 95% of Lenders’ Mortgage Insurance to engineers, a benefit that was previously available only to doctors, lawyers, and a few other industries. This change makes home loans for engineers more accessible and affordable than ever before.
We can also offer you the most competitive interest rates available for engineers. Enquire now to find out how much you can save.
The Criteria to Save Thousands in LMI
To achieve a special interest rate concession and save thousands in LMI, home loan engineers need to:
- Work as an engineer
- Have 1 year with current employer or 2 years as an engineer
- Possess a clean credit file (no defaults, bankruptcies, etc.)
- Have 5% in genuine savings (part of the deposit from personal savings)
- 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
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 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 time limited offer) |
|---|---|---|
| $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!
Already Found a Home to Buy?
Due to the high application volume, please either note in your online enquiry that you have already found a home to buy or call us at 1300 55 44 97 so we can give you priority service.
What is Lenders Mortgage Insurance?
Lender’s mortgage insurance is insurance that protects the BANK/LENDER in the event of buyer default. The easiest way to explain it is to compare it to someone insuring their car. In the event of an accident or theft, the insurance company will pay the car owner to either fix the car or buy a new car. LMI is similar in that it pays out the bank should the borrower default on the mortgage and the bank makes a loss on the sale. However, where the car owner pays the car insurance and receives the benefit, with LMI, it is the borrower who pays the insurance and the bank that receives the benefit.
Do all loans require Lenders’ Mortgage Insurance?
No. Generally, only loans greater than 80% LVR (‘Loan to Value Ratio’) are mortgage insured. A borrower with a 20% deposit (plus costs) would not usually be required to pay the bank’s LMI premium.
Does LMI protect the borrower?
No. LMI protects the bank in the event of default, not the borrower. Borrowers are advised to take out their personal life and income protection insurance against unforeseen circumstances.
Free 30-Minute Finance Strategy Session For Professionals
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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 95% 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.
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