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90% No LMI Loans - Engineering / Energy Sector

Discussion in 'Property Finance' started by @bris_nth, 1st Apr, 2016.

  1. @bris_nth

    @bris_nth Member

    Joined:
    12th Oct, 2015
    Posts:
    20
    Location:
    Brisbane
    Hi,

    I'm about to apply for a loan and was wondering what my chance is for qualifying for an Engineering based 90% No LMI loan. LVR would actually be 85%.

    My situation:
    - I'm not strictly an engineer, however I am an Engineers Australia member (Advanced Diploma in Electrical Engineering) working in the Energy Sector in a technical role. Earning >$150k / year.
    - Property will be PPOR
    - I will be applying for a loan approx $600k
    - LVR will be 85%
    - Entire deposit amount of $110k is demonstrated savings

    Wondering if there's any chance of not having to pay LMI?
     
  2. vbplease

    vbplease Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    528
    Location:
    Brisbane
    I'll be interested to hear the outcome for this.. I've been told that LMI is relaxed only once you get chartered status.
     
  3. Terry_w

    Terry_w Solicitor, Finance Broker, CTA Business Member

    Joined:
    18th Jun, 2015
    Posts:
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    Location:
    Sydney
    Are you a chartered member of Engineers Australia? If not then no.
     
  4. @bris_nth

    @bris_nth Member

    Joined:
    12th Oct, 2015
    Posts:
    20
    Location:
    Brisbane
    No, not chartered unfortunately. I believe you need to have a full degree to become a chartered member.

    Thanks for the quick reply Terry!