Loan discounts for geologists
Some lenders offer discounts for geologists due to the professional standing that they have; they view your job as requiring expertise and significant educational training in order to be qualified. Based on this, they view your income as stable and are therefore low risk and may be willing to give you discounts on rates and even waive your Mortgage Insurance.
What industry associations do I need?
You will need to provide evidence that have one of the following associations:
- Membership or fellowship that is current, with the Australian Institute of Geoscientists (AIG); or
- Membership or fellowship that is current, with the Australasian Institute of Mining and Metallurgy (AusIMM); or
- An active membership with the Petroleum Exploration Society of Australia (PESA).
Are there any income requirements?
One of the main benefits that most lenders extend to Geologists is to waive Mortgage insurance on home loans. However in order for them to offer you this, aside from meeting the association requirements, they will also want to see that you meet minimum income requirements:
- In WA,SA, NT & TAS- minimum income is $120,000
- In NSW, ACT, VIC & QLD- minimum income is $150,000
Can I get my LMI waived?
- Mortgage Insurance is cover that protects the bank in the event that a borrower defaults on their loan and they make a loss from the sale of the property.
- Some lenders will waive your LMI as a geologist if you meet the income and association requirements, as well as borrowing no more than 90% of the property value.
- You will also need to have good credit; however the application can be in your name, company or trust.
Apart from waiving LMI on your home loan, many lenders will also offer you large discounts that are not published to the public, solely due to your qualification as a Geologist
We are the experts in home loan savings for Geologists! Speak to one of our experts and see how we can help you!