No LMI home loans for mining engineers
Mining professionals are on fewer lenders' LMI-waiver lists than medicos or lawyers. Where a waiver is offered, it is usually up to 85–90% LVR. The bigger win is often how your income is assessed.
Max LVR without LMI
Up to 90%
Deposit from
$90,000
LMI avoided
≈ $17,415
Indicative only. LMI waivers depend on each lender's current professional list, your registration or membership, income, the property and full credit assessment. An XLOANS broker confirms which panel lenders currently waive LMI for you.
Why lenders waive LMI for mining engineers
Mining engineers earn high incomes, but lenders weigh the cyclical nature of the industry. That's why waivers are less common and income policy matters more.
Who is usually eligible
- Chartered or professional members of Engineers Australia at some lenders
- Members of AusIMM at some lenders
- Geologists and metallurgists only at a small number of lenders
Conditions to know
- Fewer lenders offer a waiver, and usually at 85–90% LVR
- Most lenders set a minimum income, which varies by lender
- Lenders may treat FIFO allowances, overtime and bonuses differently
- Mining-town property may have lower maximum LVRs, regardless of profession
Documents lenders ask for
- Membership certificate (Engineers Australia or AusIMM)
- Payslips showing base pay, site allowances and roster pattern
- An employment contract if you've recently changed employer or site
Common mistakes
- Lenders shading site allowances and overtime, which can cut borrowing power a lot
- Buying in a mining town where lenders cap LVR at 70–80% for that postcode
- Short time with a new employer after a contract change
Questions
Do mining engineers get LMI waivers?
Some lenders offer one, usually up to 85–90% LVR, to engineers with recognised professional membership and a high income. It's less common than for doctors, so lender choice matters.
Will lenders count my FIFO allowances?
Policies vary. Some lenders count regular site allowances and overtime in full. Others reduce them or need a longer history.