Are you an Engineer or Mining Professional looking to Buy a Home with a Small Deposit
For Mining and Engineering professionals who are Australian citizens or residents
- Borrow up to 90% of the purchase price
- Zero Lenders Mortgage Insurance premium – save up to $40,000
- Discounted interest rates
- No cost, no obligation service
LMI Waiver for Engineers & Mining Professionals: Save on Money on Your Home Loans
Who Qualifies for an Engineer LMI Waiver?
To qualify for an LMI waiver for engineers, you typically need to be a member of Engineers Australia, have a stable income (often $90,000+ annually), and be employed in an engineering role. Eligible professionals include mining engineers, civil engineers, and more. Contact Professional Home Loans to verify your eligibility and save thousands on your mortgage.
Benefits of Engineer Loans
Our engineer loans offer more than just LMI waivers. Enjoy discounted interest rates, no genuine savings requirements for loans up to 90% LVR, and fast approval processes tailored for engineering and mining professionals. Whether you’re buying your first home or an investment property, our mortgages for engineers make homeownership
Frequently Asked Questions
Why are lenders offering this preferential deal to Mining and Engineering professionals?
The basis of Lenders Mortgage Insurance is to protect the lender against the possibility of default by its mortgage customers. However, some lenders have realised that you, as a practicing mining professional, are far less likely to default on your mortgage than other customers. Because of this, these banks are prepared to waive their LMI premium with a far lower deposit.
If I am buying with my partner/ spouse who is not a mining/ engineering professional, will I still qualify for the LMI Waiver?
Eligibility for this valuable mortgage benefit is not dependent upon both borrowers being employed in the mining profession. So long as one of you meets the eligibility criteria by your employed position, then your need to pay the LMI premium can be waived.
What loan products and interest rates available?
Taking advantage of an LMI waived offer does not limit your choice of mortgage. All of the different mortgage products will be available to you – including loans specifically designed for professional, like variable mortgages with package discounts, and fixed rate offers with features such as offset accounts and redraw. Interest rates on such mortgages are competitive, and there may be discounts of up to 1% on standard variable rates.
Additional Documentation Required
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
How much can I save with an LMI waiver?
For a $500,000 loan at 90% LVR, an LMI waiver can save you around $7,310, equivalent to years of principal payments.
To find out more about LMI, check Finder’s LMI Guide.
Remember, there are only a limited number of firms authorised to offer you these valuable benefits. Here at Professional Home Loans we are leaders in this specialised area.
There is no cost for our service and absolutely no obligation. Enquire now.
Remember, only certain brokers are authorised to provide this special benefit.
Contact us online or call 1300 55 44 97 today to learn how we can help make your hard work and professional experience pay off!
Free 30-Minute Finance Strategy Session For Professionals
Discover How To Get Approved With A Lower Interest Rate & Save Up To $40,000 In Fees
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. “