- Engineers can borrow up to 95% LVR while waiving LMI, at Granite Home Loans.
- No minimum annual income is needed, nor do you need any genuine savings.
- However, you can only borrow up to $1 million at 95% LVR, $1.5 million at 90% LVR and $2 million at 85% LVR.
- To estimate your borrowing capacity, take a look at our useful calculator.
For many Australians, saving for a 20% deposit can be a challenge, and if you borrow more than 80% you are faced with the added cost of LMI, which can add tens of thousands of dollars. The good news is that engineers can access LMI waivers while borrowing up to 95% LVR, so you can buy your home with only 5% deposit and no LMI.
In this article, we’ll explore how LMI waivers work for engineers, which banks and lenders offer them, and the eligibility requirements you need to meet. If you're an engineer looking to step into the property market sooner and save on unnecessary costs, this guide will help you navigate your options.
We also recommend speaking to an mortgage broker who is experienced with LMI waivers for engineers, such as Eden Emerald Mortgages. They make the entire process easy for you with their expert guidance, and give you the best chance of home loan approval. They will compare over 40+ lenders to find you the lowest interest rates and explore other options if you do not qualify for an LMI waiver. The best thing is they are 100% free for you, as they are compensated by the lender, so you don't have to spend an extra cent to take advantage of their services. To get in touch, complete the short form below and receive a callback about your situation.
Speak to Me and
Get Your LMI Waived
To receive free guidance throughout your home loan process, including expert advice and recommendations on LMI Waivers, fill out the form below to speak to me.
I'm Shaun, an experienced mortgage broker from EE Mortgages who will call you to discuss your situation free of charge. You can also call me on (02) 9188 9398.
LMI Waiver for Engineers: Who is Eligible?
- Aerospace Engineers
- Automation Engineers
- Biomedical Engineers
- Chemical Engineers
- Civil Engineers
- Electronics Engineers
- Electrical Engineers
- Energy Engineers
- Environmental Engineers
- Geotechnical Engineers
- Industrial Engineers
- Marine Engineers
- Materials Engineers
- Mechanical Engineers
- Mechatronics Engineers
- Mining Engineers
- Petroleum Engineers
- Process Engineers
- Robotics Engineers
- Software Engineers
- Structural Engineers
- Systems Engineers
- Telecommunications Engineers
Which Lenders Offer LMI Waiver for Engineers?
How to Apply for LMI Waiver for Engineers
To apply for a LMI waiver as an engineer, simply follow these steps:
- Check Eligibility: Find out if you are eligible, based on your profession, deposit amount, and desired loan amount. It is a good idea to speak to a mortgage broker who can help you determine eligibility, as well as guide you through the entire process.
- Speak to a Mortgage Broker: Granite Home Loans is the only lender that offers LMI waivers for engineers. To secure a loan with Granite Home Loans you need to use a mortgage broker, as they do not deal directly with the public. We recommend Eden Emerald Mortgages, which is 100% free for you to use (they are paid commission by the lender).
- Submit Documents: Provide any documents that are requested, such as proof or employment, relevant certification or registration for your profession, pay slips, bank statements and tax returns.
- Receive Confirmation: If you are approved, the lender will waive your LMI, and you can borrow up to 95% LVR without having to pay any LMI costs.
Frequently Asked Questions
Yes, Granite Home Loans waives LMI for engineers and other eligible professions. However, you need to use an accredited mortgage broker to secure a loan with them, as they don't deal directly with the public.
There are a wide range of professions that can qualify for No LMI home loans. See this article for a comprehensive list.
Yes, if you use a guarantor, you will be able to avoid paying LMI even with a deposit smaller than 20%.
If you are a first-home buyer you can avoid LMI with 5% deposit. Alternatively, if you are a medical professional, you may be able to get a loan with 5% deposit. Check this article to see if you qualify.
Use a Mortgage Broker to Waive LMI
The simplest way to secure an LMI waiver as an engineer is by working with a specialist mortgage broker. A broker has access to a wide range of lenders and knows exactly which banks offer LMI waivers for engineers. They will guide you toward lenders that recognise your profession’s benefits, and improve your chances of loan approval.
Best of all, using a mortgage broker comes at no cost to you - they’re paid by the lender instead. Not only will they assist you with the LMI waiver application process, but they’ll also work to secure the lowest possible interest rate and maximise your borrowing power.
We highly recommend EE Mortgages, a specialist mortgage broker with extensive experience in LMI waivers for engineers. Whether you’re ready to apply or just need some questions answered, fill out the form below or call them on (02) 9188 9398 to get in touch.
Speak to Me and
Get Your LMI Waived
To receive free guidance throughout your home loan process, including expert advice and recommendations on LMI Waivers, fill out the form below to speak to me.
I'm Shaun, an experienced mortgage broker from EE Mortgages who will call you to discuss your situation free of charge. You can also call me on (02) 9188 9398.