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;
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
8. Professional athletics
9. Actors, actress, public personnel, Radio host and Television host
Will have access to the following.
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
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.
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
Agricultural and Biological Engineer
Audio Engineers Engineer
Bioengineering, Biomedical and Biochemical Engineer
Geological and Geophysical Engineer
Industrial/ Manufacturing Engineer
Surveyors ( Mining and Quantity surveyors) Engineer
Important: Subject to Credit and lenders approval.