Home loans for Engineers

 

Updated: Correct as of 20th July 2015.

 

Engineers are the building block of our economy, in return bank's provides favorable discount and flexible policy for engineers especially for mining engineers which is a booming trade. 

 

The 9 industries that banks has special policy and loan for;

 

1. Medical professionals, health care professionals, nurse and doctors

2. Lawyers, barrister, judge and magistrate

3. Civil Engineers, Software Engineers, mining Engineers and geotechnical sciences

4. Accountant with CPA or CA and Financial Planners, Auditors and Actuarial 

5. CEO, CFO and high management

6. Real estate agents, property valuers, Quantity Surveyor and Architects

7. Politician 

8. Professional athletics

9. Actors, actress, public personnel, Radio host and Television host

 

Loans for Engineers

 

Type of loans and specials for Engineers

 

Will have access to the following.

• NO LMI ( No Lenders mortgage insurance)  loans up to 85%, 90% and 95% LVR
• A bigger discount on home loans, commercial loans and business loans - Available for investment loans and owners occupied
• Flexible choice of income - We can accept 1 years self employed tax returns  and also we can accept 1 years ABN for contractors
• Probation is fine, as one as you have been employed for one day
• Access to full doc loans and low doc loans

Loan for engineers - interest rate

 

Rate: Depends on Loan size, LVR and loan type ( investment and owners occupier)

 

Sample Investment rate: 4.19% Variable with Interest only 

Sample Owners occupier rate: 4.09% Variable with Interest only and 100% offset

 

Sample rate based on loan of $500,000 @ 80% LVR.

Correct as of 20/7/2015

 

NO LMI loans for engineers

 

No LMI loan for engineers

	85% LVR NO LMI	90% LVR  NO LMI	95% LVR NO LMI
Aerospace Engineer	IP and PPOR	IP and PPOR ( Income requirement A)
Agricultural and Biological Engineers	IP and PPOR
Audio Engineers  Engineer	IP and PPOR
Bioengineering, Biomedical and Biochemical Engineer	IP and PPOR
Chemical Engineer	IP and PPOR	( Unless Mining chemical engineer)
Civil Engineer	IP and PPOR	( Unless Mining Civil engineer)	( Unless Mining Civil engineer)
Computer Engineer	IP and PPOR
Electrical Engineer	IP and PPOR
Environmental Engineer	IP and PPOR
Geological and Geophysical Engineer	IP and PPOR	IP and PPOR ( Income requirement A)	PPOR ( Income requirement B)
Industrial/ Manufacturing Engineer	IP and PPOR
Mechanical Engineer	IP and PPOR
Mining Engineer	IP and PPOR	IP and PPOR ( Income requirement A)	PPOR ( Income requirement B)
Nuclear Engineer	IP and PPOR
Petroleum Engineer	IP and PPOR
Software Engineer	IP and PPOR
Surveyors Engineer	IP and PPOR	IP and PPOR ( Income requirement A)

 

PPOR = Principle place of resident  

IP = Investment property

 

Available for refinance/ Purchase and debt consolidation.

 

Income requirement for engineers NO LMI 90% and 95% LVR  ( Income A and B from table above) 

 

For 90% and 95% LVR with no LMI, there is a minimum gross income requirement.

 

Income A - minimum gross income of $150,000 per year for the applicant that's an acceptable engineer. 

Income B - minimum gross income of $170,000  per year for the applicant that's an acceptable engineer. 

 

 

Gross income PAYG = Base income + bonus ( Average over 2 years) +  Overtime + Rental income

Gross income PAYG Contractors = Base income + bonus ( Avergae over 2 years) +  Overtime ( Over 6 month)  + Rental income

 

Gross income Self employed = Net income ( After expense before tax) + Add backs ( Depreciation and Superannuation over 9.5% etc...) +  Rental income

Gross income Self employed Contractors =Net income ( After expense before tax) +  Add backs ( Depreciation and Superannuation over 9.5% etc...) +  Rental income

 

 

 

Eligibility for Engineers home loans and NO LMI home loans

 

Aerospace Engineer 

Agricultural and Biological Engineer

Audio Engineers Engineer

Bioengineering, Biomedical and Biochemical  Engineer

Chemical Engineer

Civil Engineer

Computer Engineer

Electrical Engineer

Environmental Engineer

Geological and Geophysical Engineer

Industrial/ Manufacturing Engineer

Mechanical Engineer

Nuclear Engineer

Petroleum Engineer

Software Engineer

Surveyors ( Mining and Quantity surveyors) Engineer

 

 

Important: Subject to Credit and lenders approval.