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Engineers now a higher default risk ??

Discussion in 'Property Finance' started by Rolf Latham, 14th Mar, 2016.

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  1. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    WBC has pulled their 90 % no MI industry specialisation for engineers

    Lots of warning too- rare that there is no prelodgement pipeline managemet

    ta
    rolf

    Please be advised that Engineers has been removed from Industry Policy and will no longer be allowed under Industry Policy – effective immediately
     
  2. Terry_w

    Terry_w Solicitor, Finance Broker, CTA Business Member

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    Wonder if it is because of their over analysis of property using spreadsheets?
     
  3. Simon Moore

    Simon Moore Mortgage Broker - Melbourne Business Member

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    Still available to Mining, Energy & Resources employed engineers from what I can tell.
     
  4. mrdobalina

    mrdobalina Well-Known Member

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    They should be the highest risk!
     
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  5. jaybean

    jaybean Well-Known Member

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    What about geologists? My brothers friend is one, probably give him a heads up if it applies.
     
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  6. norwoodman

    norwoodman Well-Known Member

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    Would make sense given the large number of engineers (from most disciplines) who have been made redundant since the start of the downturn in the mining sector.
     
  7. Hockey Monkey

    Hockey Monkey Active Member

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    Does that include BoM?
     
  8. Blacky

    Blacky Well-Known Member

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    That makes no sense at all.
    Should be targeted towards that sector - not excluding it.

    Blacky
     
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  9. bob shovel

    bob shovel Well-Known Member

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    F that! I'm going to uni to be a nurse!
     
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  10. Leo2413

    Leo2413 Well-Known Member Premium Member

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    upload_2016-3-14_18-25-38.png
     
  11. Simon Moore

    Simon Moore Mortgage Broker - Melbourne Business Member

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    As of today that's whats on their broker website.
     
  12. bob shovel

    bob shovel Well-Known Member

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    Haha that's me!
    Just need to give some uni brainiac some money and I'm nearly in :confused:
     
  13. wombat777

    wombat777 Well-Known Member Premium Member

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    I assume St George would also be in the same boat?
     
  14. JohnPropChat

    JohnPropChat Well-Known Member

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  15. Gingerbeer

    Gingerbeer Active Member

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  16. joel

    joel Well-Known Member

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    I guess sanitation engineers will have to start calling themselves garbage men again
     
  17. RPI

    RPI Property Lawyer, Town Planner Business Member

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    It seems like the number 1 profession of Uber drivers I catch is oil and gas engineer. I catch a lot of ubers and meet a lot of engineers.
     
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  18. Tekoz

    Tekoz Well-Known Member

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    @RPI where about ? is it in QLD or in WA ?
     
  19. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    resources and O&G especially can be a fickle employer

    my background is as a geo in hardrock exploration and mining, thence a stint in O&G

    I dont know many professions which are as unreliable as an income source.

    I did chuckle when WBC group brought out the industry specialisation no LMI for mining engineers right after the development end of the "mining boom" ended...

    bout time they woke up

    ta
    rolf
     
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  20. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    We cant xcel risk away : )

    ta
    rolf
     
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