LMI Waiver for Engineers
Engineers can access Lenders Mortgage Insurance (LMI) waivers of up to 95% Loan-to-Value Ratio (LVR) due to their strong earning potential, career stability, and high demand across industries such as construction, technology, and infrastructure. Lenders view engineers as low-risk borrowers because of their specialised skills, problem-solving expertise, and professional memberships in reputable organisations like Engineers Australia. These factors, combined with their ability to maintain consistent income even during economic shifts, make engineers an eligible profession for LMI waivers.
However, not all lenders offer LMI waivers to engineers, and some are not available to the general public - you need to apply through a broker. It's best to speak to a mortgage broker who specialises in home loans for engineers. Eden Emerald Mortgages has been helping engineers waive LMI for over 17 years, and their services are free for you (they receive a commission from the lender). Get in touch now to find out your eligibility.
Speak to an Expert and
Get Your Mortgage Approved
To get started on your journey of securing a home loan, fill in the form below, and an experienced mortgage broker will contact you about your personal situation. You can also call us directly on (02) 9188 9398.
How Much Can Engineers Borrow?
There are a few options that engineers can choose from, when securing a No LMI home loan. Take a look below to see which is right for your personal circumstances.
Borrow up to 95% of the property value with NO LMI
We have access to one lender (who is not available to the general public) who can offer home loans of up to 95% LVR with LMI waived for engineers. With this lender, the maximum loan amount is $1 million, which means you can purchase a property up to $1,052,600 and borrow 95% (which is $1 million). There are strict requirements on eligibility, as follows:
- Property must be an owner-occupied residential property in a Category 1 (metropolitan) or Category 2 (regional centre) location
- You need to have completed a university degree (can be from Australia or overseas)
- Australian citizenship or permanent residency required
- You need to be employed as an engineer and cannot be on probation
- You need to show evidence of income for the last three years (no minimum salary required)
- If you are self-employed, you need 2 years' of tax returns and full financials, including evidence of profit, and the ABN must be registered for a minimum of 2 years
- Maximum term of 28 years
If you do not satisfy the criteria, or if you are otherwise not eligible for the 95% loan, you can consider borrowing 90% LVR, which allows a maximum loan size of $1.5 million.
Borrow up to 90% of the property value with NO LMI
Borrowing 90% LVR with LMI waiver is a popular choice for engineers. The advantages of borrowing 90% instead of 95% LVR are that you can borrow a larger amount (up to $1.5 million) and the interest rate will be lower.
There is no minimum annual salary to qualify for 90% No LMI engineer home loans, and eligibility criteria can vary depending on the lender, so we recommend you contact us to help assess your situation and provide you with the best loan choices. Our services are free to you (we are paid a commission by the lender) so you can take advantage of our expertise to guide you through the process smoothly.
Borrow up to 105% of the property value with NO LMI
Using a guarantor on your mortgage allows you to borrow up to 105% of the property's value, covering not only the purchase price but also additional costs like stamp duty, legal fees, and moving expenses. This strategy is particularly advantageous for those without a substantial deposit, enabling them to enter the property market sooner without the need to pay LMI. It’s a popular option for first-time buyers who want to fast-track their homeownership journey.
However, using a guarantor carries significant risks for the guarantor. The guarantor (usually a parent) offers their property as collateral, meaning it could be at risk if you default on your mortgage. This makes it essential to carefully assess the financial stability and risk tolerance of both yourself and your guarantor before proceeding. Proper financial advice and clear communication can help ensure everyone involved fully understands the implications and safeguards are in place. Speak to a mortgage broker to discuss the implications before choosing this option.
Which Engineers are Eligible?
There are a wide range of engineers that can apply for LMI waivers, but the criteria for eligibility varies widely from lender to lender. It is a good idea to contact an experienced mortgage broker to work out which loans are available for your specific job. Here are some types of engineers that may be 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
If your job is not listed above, you may still be eligible for LMI waivers, so contact us and we can help you with your situation. Even if you do not qualify for an engineer home loan, we can help you find the best mortgage for your needs.
Important Info about
Home Loans for Engineers
How Much Money Do I Save?
By waiving your LMI, you save tens of thousands of dollars, but the exact amount will depend on various factors including your loan amount and the LVR. We have found that most engineers secure loans with 90% LVR, so we have included a table below with the estimated LMI savings based on different property values and 90% LVR.
Property Value | Loan Amount (90% LVR) | Lenders Mortgage Insurance Saved LMI Saved |
|---|---|---|
$500,000 | $450,000 | $13,277 |
$750,000 | $675,000 | $27,486 |
$1,000,000 | $900,000 | $36,712 |
$1,250,000 | $1,125,000 | $50,314 |
$1,500,000 | $1,350,000 | $60,519 |
We Help Engineers with their
Home Loans
At Eden Emerald Mortgages, we deliver a superior lending experience by combining deep industry knowledge, effective communication, and genuine care, while helping engineering professionals buy property.
With over 40 years of collective expertise, our team offers competitive rates and a broad array of No LMI loan products through a strategic network of over 40+ lending partners for residential borrowers.
What We Offer
Why Choose
EE Mortgages?
Eden Emerald Mortgages is the #1 mortgage broker in Sydney, as rated by the Canberra Times. Our team specialises in mortgages for engineers and we have particular expertise with high LVR loans with No LMI. We have been in business since 2007 and secured hundreds of loans for engineers. We offer our friendly, personalised services and advice at no cost at all, with no obligation to continue with us.
Get in touch, and an expert will call you back
- We partner with over 40+ lenders to find you the best rates on your home loan, with up to 95% LVR and No LMI
- Receive free friendly and personalised support from our experienced team, with no obligation
- We have been in business for over 17 years and we know engineer home loans better than anyone else
- 100% free service for clients with no hidden fees (we are paid a commission by the lender)
What Our Customers Say
Since Eden Emerald Mortgages began operations in 2007 we have helped thousands of Australians secure a mortgage. See what some of our satisfied customers say about us below.
Useful Calculators
Everyone's financial circumstances are different, which is why it is hard to know how much you can borrow or what price range to start house hunting. At Eden Emerald Mortgages, we offer free calculators that can assist you whether you are buying a new home or refinancing an existing property. Our most popular calculators are listed below, and you can see the full range of calculators here.
Frequently Asked Questions
Eden Emerald Mortgages does not charge any fees to you for using our services. We are paid a commission by the lender so that you don't have to pay anything. From your first call to the settlement date of your property, there are no costs involved!
If you would like to book a free appointment with us, simply call us on (02) 9188 9398 or leave us a message via the Contact Form.
Eden Emerald Mortgages has embraced technology, making it much more convenient for you to speak with us. We can communicate via phone, email and video call to eliminate the need for you to meet in person. If it is more convenient for you, we can complete the whole home loan process online.
EE Mortgages has access to more than 40+ lenders including the big 4 banks and various 2nd tier lenders. We have close relationships with our partners which enables us to negotiate the best rates for your home loan.
We pride ourselves on being efficient and quick with our services, and pre-approval can be received in 24 hours depending on the lender of choice. This is also dependant on whether you have all your documents in order. It is a good idea to allow up to 5 business days for pre-approval of your home loan.
We can help you determine your borrowing capacity after we ask you some questions and receive financial documents. In the meantime, you can estimate the amount you can borrow using our borrowing power calculator.
Speak to an Expert and
Get Your Mortgage Approved
To get started on your journey of securing a home loan, fill in the form below, and an experienced mortgage broker will contact you about your personal situation.
Contact Info
Address: Level 5, 20 Bond Street, Sydney, NSW, 2000, Australia
Phone: 02 9188 9398
Email: [email protected]
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