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As an engineer, purchasing a home involves more than just selecting the ideal property—it also includes navigating the loan approval process and securing the best deal available. Due to the high demand for engineers in Australia, many lenders offer specialised home loan products tailored to your profession, including the option to waive Lenders Mortgage Insurance (LMI) for those with smaller deposits.
With numerous lenders and loan options to choose from, it can be tricky to figure out which one is the most suitable for your needs. This guide covers all the essential information about home loans for engineers, including:
LMI-waived loans are specialised home loans that allow engineers to bypass Lenders Mortgage Insurance, typically required when the deposit is less than 20% of the property’s value. LMI protects lenders in case of borrower default, but as engineers are generally seen as low-risk with stable income, many lenders provide LMI waivers.
These loans let engineers secure a mortgage with a smaller deposit—sometimes as little as 10%—without the added cost of LMI, leading to significant savings and making home ownership more accessible. At BRAND, we offer various LMI-waived loan options specifically designed to meet the needs of engineers across Australia. Read More
As an engineer, you can choose from various home loan options, such as:
Eligibility criteria for home loans tailored to engineers vary by lender. Generally, you will need:
Lenders don’t usually differentiate between different engineering disciplines. As long as you meet the basic criteria and belong to a recognised industry body (such as Engineers Australia), you should qualify for professional discounts and reduced interest rates.
To find the best home loan for your circumstances, consider using a comparison tool or consulting with a mortgage broker. Important factors to compare include:
Boost your chances of loan approval by following these steps:
Mortgage brokers specialise in helping you navigate the complex process of securing a home loan, especially if you’re an engineer. Here’s why using a mortgage broker can be beneficial:
To qualify for LMI-waived loans, engineers must meet certain criteria, including profession, financial stability, and deposit size. Common requirements include:
Applying for an LMI-waived loan as an engineer involves a few steps. At BRAND, we make this process as straightforward as possible:
By following these steps, you can streamline the process and secure the best loan terms as an engineer.Read Less
It’s no secret that it’s getting harder and harder to get into your first home. The good news is that for many there are more ways to get into the property market than they think. The government does want more Aussies to actively participate in the nation’s property market, and particularly younger Australians. While the government schemes, grants and incentives are great, the main issue remains the same – how do you save all that money for a house deposit?
START SAVING AND SET A TIMELINE
Be realistic with your savings goals, and start small if you have to – ANYTHING, is better than nothing. Open an account that you can’t touch or transfer funds out of easily such as a term deposit and watch your nest egg grow. Set goals with how much you want to save by, so that you’re accountable for the results.
REDUCE YOUR EXPENSES
Look for ways to reduce your discretionary spending. Cut back on non-essential items and activities, such as eating out, entertainment, or subscription services. Consider negotiating better deals for utilities, insurance, or internet services to lower your monthly expenses.
GET ON TOP OF DEBTS
Consolidating your debts is one of the most straightforward ways to get on top of existing loans or debts, and ultimately lowering your interest rates. One credit card stashed for emergencies isn’t going to make or break your chances of a loan approval, but a large car loan or multiple miscellaneous debts might.
TAKE ADVANTEGDE OF GOVERNMENT SUPPORT
The Federal and State Governments of Australia want you to buy a house, as you will directly impact the economy in a positive fashion. Consider monetary benefits available such as the First Home Buyers Grant, HomeBuilder Grant or even the First Home Grant – they are in place to help you, and it all adds up.
INCREASE YOUR INCOME
While cutting down on your living expenses sometimes doesn’t leave much wriggle room for potential savings, increasing your income is an alternative that doesn’t necessarily suck all the fun out of your lifestyle. If you have a creative pursuit that can be turned into a side hustle – go for it. Explore the opportunities around you that could boost your income.
Securing a home loan as an engineer comes with several advantages:
Yes, engineers can often qualify for a Lenders Mortgage Insurance (LMI) waiver. Due to the stable income and low-risk profile associated with engineering professions, many lenders offer LMI waivers, allowing engineers to borrow up to 90% of the property’s value without paying LMI. This can save you thousands of dollars and make the home-buying process more affordable.
While most banks charge LMI, several Australian banks offer LMI waivers for certain professionals, including engineers. Banks like ANZ, Commonwealth Bank, and Westpac often provide these waivers to eligible engineers, recognising their financial stability and lower default risk. It’s advisable to consult with a mortgage broker to identify which banks offer the best deals on LMI waivers for engineers.
Yes, engineers can secure a home loan with up to 90% Loan-to-Value Ratio (LVR) without paying LMI. This benefit is typically available through select lenders who acknowledge the lower risk that engineers present as borrowers. This can greatly enhance your borrowing power while reducing upfront costs.
If you’re unable to secure an LMI waiver, other options exist to avoid LMI, such as using a guarantor. A guarantor, often a family member, can provide additional security for the loan, allowing you to bypass LMI. Additionally, saving a larger deposit (at least 20%) is a straightforward way to avoid LMI altogether.
Yes, engineers can often avoid LMI through profession-based waivers offered by lenders. By leveraging your professional status, you can qualify for loans that allow for a higher LVR without the need for LMI, making home ownership more accessible and cost-effective.
Engineers can avoid LMI even with a deposit of less than 20% by qualifying for an LMI waiver, which many lenders offer to engineers due to their stable income and lower risk. Alternatively, using a guarantor can help you secure a loan without LMI, even with a smaller deposit.
While refinancing itself doesn’t eliminate existing LMI costs, if you’ve paid down your loan to below 80% LVR or if your property has increased in value, refinancing could allow you to avoid further LMI. Additionally, if you refinance as an engineer with a lender that offers LMI waivers, you could benefit from this and potentially secure better loan terms.
The primary downside to LMI is the cost—it can add thousands of dollars to your loan. LMI protects the lender, not the borrower, and the expense is typically passed on to the borrower, increasing the overall cost of your mortgage.
Yes, using a guarantor is one of the most common ways to avoid paying LMI. A guarantor, usually a family member, can provide security for the loan, allowing you to secure a mortgage without needing to pay LMI, even if your deposit is less than 20%.
Supporting eligible home buyers to buy a home sooner and avoid paying LMI.
Supporting eligible regional home buyers to buy a home sooner, in a regional area.
Supporting eligible single parents with at least one dependent to buy a home sooner.
Hi! If you’re a property investor seeking financial guidance you’ve come to the right place! My name is Quinto, and I will be your trusted and friendly local broker who will guide you every step of the way.
Feel free to reach out to me and my team today to get connected to the home mortgage lenders who will look upon your application most favourably. We promise that you will get an absolutely FREE, no-obligation consultation!
At Q Financial, we are dedicated to assisting individuals from all walks of life in achieving their financial goals. With our team of experts, including our trusted mortgage broker, Quinto White, we have the expertise to effectively navigate the lending landscape and secure favorable outcomes for our clients.
Whether you’re a First Home Buyer, Home Upgrader, looking to Refinance, make Investments, or embark on a New Home Purchase, our Award-Winning Home Loan Specialists, led by Quinto White, are here to provide advice-driven solutions tailored to your specific financial and lifestyle goals—both now and in the future.
At Q Financial, we are not only committed to our clients but also to the well-being of our planet. We embrace ethical lending practices, actively offset our carbon emissions, and strive to make a positive impact. With your support, we can continue to accomplish even greater things!
Contact Q Financial today and let Quinto White, our dedicated mortgage broker, guide you through the process of achieving your financial dreams.
Great experience with Q Financial. We have re financed several times over the years and these guys are the best. They went above and beyond to make sure that the process was as smooth as possible. Highly recommend them
Refinancing a home loan has never been so easy! Schedule your obligation-free PHONE consultation now to find out how you can take advantage of these lender benefits.
Lenders may eventually charge you a premium for their services. However, you can always count on mortgage brokers to not charge you anything when working with them. That is because they receive a commission from lenders and will not need any sort of compensation from the borrower.
Mortgage brokers are governed by the ‘Best Interests Duty’ legislation. Under this law, brokers are mandated to only ever act in your best interests and use their expertise to come up with the best potential result for your home loan application. We know the industry inside out, and our experience with a variety of lenders and financial institutions makes us much more of experts at lending policies and processes than them.
It is our job to carry out all the legwork on your behalf from start to end, and represent you in a way that will get you the most favourable outcome. We will assess your borrowing capacity, organise your paperwork, and make sure you get approved for a home loan in the most cost-effective and transparent way possible.
We have access to a wide array of lending options, so there should be something out there to fit every individual financial plan. We keep an eye across a large section of the property market, and we compare rates from our wide panel of lenders. We can help you explore those options and make sure you get the right one for you!
Our mortgage brokers are local, so we have a thorough understanding of the local market trends. This knowledge enables us to understand your needs, tailor a loan according to your unique circumstances, and possibly get you preferential treatment — or even discounts where they apply.
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Excellent service and ongoing advice when buying our first home. Absolutely recommended!
Quinto and the team were amazing. They answered all our questions and made sure the product we were getting was the right one for our circumstances. Michael kept us up to date with the progress and was so lovely to deal with.
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We have been very happy with Quinto. He has been helpful and informative and made the experience of purchasing a first home not so daunting.
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I'm so excited I got a loan from a lender who helped me with my loan. It was amazing how I got a loan... I tried a different service but I could never get a loan from that service. Some of them will ask me to fill out a lot of documents and at the end of the day it will not end well. But I'm happy after meeting with KURT. I was able to get my loan of $200,000. now my business is going well and I want you all to know this today because they are fast and 100% reliable. Now I'm paying the loan I got from the company from uni-credit loans all over the world. Get in touch with them and don't waste time with those lenders: send an email to elmamilitansapla@gmail.com via WhatsApp to: +1(217)290-6702
The people at Q-Financial are great. I got to work with Michael and Quinto, both are highly professional, knowledgeable and personable. You can tell that they genuinely care about you getting the best possible outcome and work tirelessly to help you out. Highly recommend using them if you want some people that will go the extra mile and take on the extra stress so you can focus on finding your perfect home. Thanks guys for all your hard work!
Michael and Quinto were so great at helping us with our home loan. As first home buyers we has no idea where to start, they were able to help with all our questions, find great rates and get the most for us. The communication was great as they were able to schedule important calls with us, that fit in with our busy lifestyles. They made the process painless. Working with these guys meant I wasn't worried about the home loan so we could focus on finding our first home, which we did!!. Thanks Michael and Quinto!!
Michael and Quinto were very helpful throughout the process of applying for a mortgage. They were very knowledgeable and easy to communicate with. Would definitely recommend
Quinto and Michael at Q Financial were exceptional with helping us to purchase our home. They were incredibly prompt and professional, as well as being accomodating and flexible with our busy schedule. Being a doctor, Quinto was able to liase with the bank regarding loans specific for health professionals. I couldn't recommend more highly.
Best in the business, we are going through the construction loan process and due to the current industry climate have had so many changes in circumstances weather it be building companies going into liquidation or the interest hikes to name a couple these guys have stuck by us and guided us every part of the way cannot recommend them highly enough.
Great service would highly recommend for anything mortgage related! Quinto and Michael are the best in the business and go over and above to help, thank you :)
Q goes the extra mile. Great work.
Quinto and the team provided me with top notch service when it was time for refinancing my home. Not only did they guide me through taking over sole title of my property but also securing a great rate. I was grateful that I had a direct line to Quinto and Michael when questions came up opposed to customer service at a big bank. Cheers
Q financial was amazing! We were referred to them by a friend after the first broker we used got flaky. They took the time to make sure we understood everything, compared all the best loans and saved us thousands! They were on top of everything for the whole process even when our settlement got moved forward! Michael and quinto are amazing I can’t recommend them highly enough!!
Quinto and Micheal from Q Financial made refinancing our mortgage very easy and helped us get a very competitive interest rate. We were kept up to date the whole way through the process. I would highly recommend Q Financial.
Quinto and Michael have been fantastic to work with. They were able to simplify financial terms, give well-researched recommendations and advice. I loved how easy it was to communicate with the team throughout the process. I'd highly recommend them to anyone in need of their service.
Quinto and Michael have been excellent to work with. They were able to simplify financial terms and help me understand all the logistics and paperwork throughout the process. Would 100% recommend to anyone looking to buy or refinance.
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Best in the business. Quinto & his amazing team are outstanding. Such great people to work with. They're communicative at every step of the way and worked hard to get the best outcome for us. I work in financial services and deal with A LOT of brokers. Q Financial are by far the best in the industry. You're in safe hands, highly highly recommended. Unbeatable service. So much more than a typical broker, they checked in with us every step of the way, they do goal setting and Financial plans, they even do annual reviews to make sure you're always in the best product - just the best!
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Amazing communication by the Quinto and Michael from Q financial. This is the second time we have used their services and will be engaging with them again when required. Professional, punctual and very informative. Highly recommend
Down to Earth and clear open lines of communication throughout the whole process of purchase. The team make a great unit. Definitely recommend, couldn’t be happier about the service. 👍🏼👍🏼👍🏼👍🏼👍🏼
Amazing team at Q Financial! Communication is great & and he even made time after hours (once the kids were in bed) to chat with us! Would highly recommend Quinto!
Great experience working with Q Financial. Quinto and the team got our loan approved, assisted us to find a competitive loan from an ethical provider and are fantastic communicators. Would definitely recommend to anyone.
As we are first home buyers, Quinto and Michael made the daunting process much easier. They were always available and very responsive with any questions we had. Very happy cusomers and would highly recommend to anyone needing professional lending advice and services. Happy home owners now thanks to the both of them
Quinto and Michael did a fantastic job with very short notice to get finance approved for a very short settlement. They went above and beyond battling through extremely complex business structures and coordinating with the banks.
Quinto and Michael were so helpful in providing mortgage advice and helping us achieve our goal of remortgaging an investment property and purchasing our dream house. Highly recommended!
We've worked with Quinto and his team to purchase 3 properties so far and intend to use them when we purchase our next property. They make the process so easy and stress free and provided a service that is individualised and suited to our needs. As a Trainer in adult education, I don't really have flexibility in my work day for meetings, but Quinto had always been flexible to suit my schedule. I would highly recommend Q Financial to anyone looking to purchase a property. They are awesome!!
Quinto & Team are informative, prompt, professional & dedicated. Can recommend highly !
Quinto and his team did an absolutely outstanding job in helping us secure a home loan and buy our first property. Professional, experienced and so easy to communicate with. Couldn't recommend them enough!
As first home buyers, Q Financial made the entire process of getting a loan straight forward. They accommodated our needs, were knowledgeable and professional. We highly recommend their service!!
Had such a great experience with Quinto and the team at Q Financial. We bought our first property with them after being recommended by a friend. They guided us through every step of the process and can’t recommend them enough.
Quinto and Michael were extremely helpful when assisting my partner and I to buy our first home. We are based in Melbourne so they organised zoom meetings to find out our needs and talked us though our options. If I ever had any questions, Michael was only one call away. They went above and beyond other brokers I had spoken with previously. Thanks Guys!
Quinto and Michael were extremely helpful when assisting my partner and I to buy our first home. We are based in Melbourne so they organised zoom meetings to find out our needs and talked us though our options. If I ever had any questions, Michael was only one call away. They went above and beyond other brokers I had spoken with previously. Thanks Guys!
Q financial were such great mortgage brokers to deal with. From start to finish the whole process was very streamline and both Quinto and Michael made us feel very comfortable with their extensive knowledge of the industry, by explaining every daunting detail thoroughly, and making each step of the way easy to understand. Will definitely be working with them for future investments and refinancing. Thanks a lot guys!
Quinto and the team made the process of buying my first place really easy. Great communication and enabled me to borrow with an ethical bank that doesn't invest in fossil fuels. Highly recommended.
Great experience with Q Financial. We have re financed several times over the years and these guys are the best. They went above and beyond to make sure that the process was as smooth as possible. Highly recommend them!
Quinto & Michael were so helpful, were always ready to look after us and explained the process to my partner and i every step of the way. They helped us achieve our goal securing a home loan and i couldn't recommend their service more!
Quinto made what was a tedious process talking to banks into something easy and understandable. My partner and I will be talking to Quinto for any future loan requirements. Thanks for all your help Quinto!
What A Service! Quinto made what could be a daunting and complex process like a walk in the park. We had a few challenges that we were up against (self employed, time & low deposit) and Quinto came up with a solution that worked. Thank you for getting our family in our own home. 5 STARS ⭐️⭐️⭐️⭐️⭐️
Quinto's service is second to none. We were looking for finance faced with 3 major challenges (self employed, short time frame, low deposit). Quinto found an amazing solution and turned what was a stressful situation in to an easy process. I would encourage anyone looking for finance to give Quinto a call..... AMAZING!
We recently purchased our first home in Australia, I can't thank Quinto enough it was a smooth, hassle free process, Quinto explained everything clearly. Being self-employed a home loan can be hard to achieve but he helped guide us through with efficiency and a calm approach. I would 100% recommend Quinto to anyone looking for finance. Thank you Quinto..
Quinto is always willing to work with you to get you the best deal for your situation. He's always easy to talk to and a pleasure to deal with, plus he's one of the most genuine people you'll meet! Thanks again!
Great guy and great at what he does
