RBA Cash Rate: 4.35% · 1AUD = 0.67 USD · Inflation: 4.1%  

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Mining Industry and Engineer Home Loans

Extra perks are available to some qualifying professions within the mining industry like Mining Engineers, Surveyors and Geophysicists, whose salary meets the minimum income test ($150,000 at time of writing) and you are a member of the appropriate industry association (e.g. Engineers Australia).

The primary benefit being, you are able to borrow up to 85% of the value of the home with no Lenders Mortgage Insurance (LMI) cost. Normally LMI is payable if you borrow more than 80% of the value of the home. For a first home buyer purchasing a $500,000 home to live in, you would save about $3,500. For a investor, purchasing a rental property for $500,000, the savings would be about $4,900.

You may also be eligible for a interest rate discount and when purchasing multiple properties, some lenders may allow you to borrow to a higher overall debt level.

You can still qualify for the discount when purchasing a property in multiple names as long as one of the applicant meets the lenders eligibility criteria and owns an equal share in the property.

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