Home loan discounts for mining engineers
Are you eligible?
- If you are a mining engineer you will need to show that you have a membership for Engineers Australia.
- Surveyors may also be eligible for the home loan benefits but you must show that you are currently hold membership to the Institution of surveyors for your state or a membership to the Surveying & Spatial Sciences Institute of Australia; also known as SSSI.
- Mine surveyor- holding membership to the Australian Institute of Mine Surveyors.
- Geologists- holding membership of the Fellowship of the Australian Institute of Geoscientists.
- Geophysicists- holding membership to the Fellowship of the Australian Institute of Geoscientists.
- Quantity surveyor - holding membership to the Australian Institute of Quantity Surveyors.
- In addition you must also show that you are earning at least $150,000 per year.
There may be other engineering types that may be eligible but often this is on a case by case basis, deferring between the lenders. We can help you do the hard work, so give us a call today so we can help you find the right lender for you!
What are the applicable discounts?
- Often lenders will offer you rates that are not advertised to the general public.
- There are some lenders that will waive your lender’s mortgage insurance and allow you to borrow up to 90% of the value of the property; whilst also waiving the genuine savings requirements that are often required when you borrow more than 80% of the property’s value.
- Some lenders will also have higher lending limits for you.
- Depending on your working structure, some lenders will apply different rules when it comes to verifying your income if you are a Fly In Fly Out (FIFO) worker.
- There are some lenders that will not apply the usual rules around buying a property located in a mining area.
There plenty of lenders who are fighting for home loans for mining engineers. Let us help you find the best one!