Which lenders offer special home loans for quantity surveyors?
Quantity surveyors are seen as low risk borrowers because of their high incomes and stable employment prospects compared to some other engineering professionals.
Save thousands with quantity surveyor home loan discounts
- Negotiated interest rate discounts that aren’t offered to the general public.
- Waived Lenders Mortgage Insurance (LMI) for loans up to 90% of the property value.
- Higher mortgage exposure limits when purchasing multiple properties so you can rapidly grow your investment portfolio.
- You must be earning a minimum of $120,000 – $150,000 per annum*
- Your home loan can be in the name of a company or trust structure.
Select lenders are willing to offer huge savings to get your business:
*This includes your taxable income and rental income. It doesn’t take into account your spouse’s income.
Your industry membership, your income and the loan size will ultimately affect the size of the discounts that you’ll receive on your home loan.
Speak to our mortgage brokers by calling 1300 889 743 or fill in our free assessment form.
We can tell you if you can qualify for a professional discount on a quantity surveyor home loan.
Is this available to all quantity surveyors?
The profession of quantity surveyor spans a number of different areas in the construction industry, from residential housing to commercial real estate.
However, the above interest rate and LMI discounts on offer to quantity surveyors only applies to those working in the mining, energy and resources sectors.
If you don’t work in the mining or resources sector, these specific deals aren’t available to you.
However, depending on your level of income and the overall strength of your situation, you may will qualify for competitive interest rate discounts.
Do you earn enough to get waived LMI?
Quantity surveyors are offered waived LMI loans only by select lenders and each lender has their own income requirements.
Please note that in order to qualify, your income must be a minimum of $120,000 per annum in WA, SA, NT and TAS and a minimum of $150,000 per annum in NSW, ACT, VIC and QLD.
This can include your rental income but cannot include the income of your spouse unless they are also an eligible quantity surveyor.
Are there other requirements?
- Your loan must not exceed 90% of the property value (90% LVR).
- You must provide a current practicing certificate for your state or territory.
- Your credit history, employment and asset position must be within standard bank policy.
- You must provide evidence that you’re a member of the Australian Institute of Quantity Surveyors (AIQS).
How much can I save with an LMI waiver?
Normally, if you borrow over 80% of the property value then the lender will charge you a fee known as LMI.
This can be quite expensive and works out to be around $24,000 for a 90% loan on a $1,000,000 property.
You could save a fortune by avoiding the costs of the LMI!
We’ll let you know if you qualify so call us on 1300 889 743 or fill in our free assessment form to speak with one of our LMI waiver specialists.
Why do banks favour quantity surveyors?
Quantity surveyors are highly sought after specialists in the mining, energy and resources sector.
Their skills are needed to plan and estimate the costs of constructing and maintaining a new mine.
Helping large mining companies to manage their risk before mining even starts potentially steers the company away from millions of dollars in losses.
Because of this, quantity surveyors are paid extremely well and offered full-time roles because of the sheer amount of work available in Australia.
To the banks, this makes makes them low risk borrowers: not only are they more likely to borrow more but they’re more likely to make their mortgage repayments on time.
This is why some lenders are willing to offer massive mortgage discounts just to get their business.
Are you buying the property for your trust?
It’s common for high income earners like quantity surveyors to buy an investment property in their trust for asset protection purposes as well as the tax benefits.
Many banks don’t understand how they work but we’re experts in trusts, buying property in a company structure and self managed superannuation funds (SMSFs).
Please call us on 1300 889 743 and one of our mortgage brokers will call you to discuss your options.
Can I still get all of the same home loan features?
- Fixed rates
- Variable rate loans
- Interest only loans
- 100% offset accounts
- Line of credit
- Split mortgages
The interest rate discounts and waived LMI available to eligible quantity surveyors doesn’t preclude them from getting the same home loan features as a borrower paying more for their loan.
Quantity surveyors can still get basic and professional packages along with all of the common features including:
Discover if you qualify!
Speak to one our specialists on 1300 889 743 or enquire online today and we can find out which lenders can offer you amazing home loan discounts just because of your profession.