For engineers, on a salary, a contract or an ABN
Engineer home loans: is LMI waived, and what actually helps?
You've got a good salary, a degree and maybe Chartered status, but a deposit under 20%. The straight answer: none of the lenders whose policies we hold waives lenders mortgage insurance (LMI) for engineers as a profession. Who you work for can change that, and so can the 5% Deposit Scheme if it's your first home. And how a lender reads your pay, your overtime, your contract or your ABN can matter as much as any waiver.
0 of 10 lender groups we checked waive LMI for engineers as a profession [1][2]
89.99% lent by Bankwest with no LMI to direct staff of named tech firms and banks, and federal department staff at APS6 and above [1]
1 year of figures, not two, for a self-employed engineer at one lender, borrowing 80% or less [3]
The engineer home loan guide
Twenty-eight questions engineers ask before they buy, answered from each lender's own policy, with the date we checked it.
Do banks waive LMI for engineers?
No, not for being an engineer. None of the ten lender groups Money Brain checked waives lenders mortgage insurance for engineers as a profession [1][2]. Where they have one, their professional waivers are written for medical and health roles and, at most of them, lawyers and accountants. No LMI waiver policy we hold has an engineering group.
LMI is insurance the lender takes out when you borrow more than 80% of the price, and you pay for it. On an $800,000 home with a 10% deposit it's around $19,300 on one rate card [4] (see what LMI costs, below).
The main ways past 80% without LMI are who you work for, at Bankwest and ANZ, and the government's 5% Deposit Scheme for first home buyers. A family guarantee is a third. All are set out below.
Which banks waive LMI for engineers?
None of the ten lender groups Money Brain checked waives LMI for engineers as a profession. Two waive it by employer instead, and one covers some senior executives whatever their profession.
| Lender | Waives LMI for engineers? | Who and on what terms |
|---|---|---|
| Bankwest | Not as engineers; yes by employer | Direct PAYG staff of nine named technology firms or of ten named banking groups, employed there 6 months or more, and staff of federal ministerial departments at APS6, EL1, EL2 or SES. Up to 89.99%; principal and interest. |
| ANZ | Not as engineers; yes for its own staff | Its professional groups are medical, legal and accounting. ANZ's own permanent staff, and Suncorp Bank's, can borrow 90% with no LMI, on loans up to $1.8 million. |
| Westpac, St.George, Bank of Melbourne, BankSA | Not as engineers | Its groups are medical, accounting, legal, and partners and senior executives. That last group includes chief executives of ASX 100 companies and the people who report directly to them, to 90%. |
| CommBank | No | Its waiver covers medical, legal, and accounting and finance roles. |
| NAB | No | Its waiver covers medical, legal and finance roles. |
| Suncorp | No | Medical practitioners only. |
| ING, AMP | No | No waiver for engineers; LMI applies above 80%. |
| Teachers Mutual Bank group | No | No waiver for engineers; LMI applies above 80%. |
| Bank First | Not as engineers | Its waiver is for healthcare and education workers buying their first home, on loans up to $800,000. |
Some online comparison tables mark CommBank, NAB and Westpac as waiving LMI for engineers. Those banks' own policies, as Money Brain reads them, name no engineering group. One lender's credit guidelines do name engineers, but for a self-employed income rule at 80% or less, not for LMI; it's in the self-employed part below.
What this means for you: your degree, your Engineers Australia grade or your registration won't open a waiver at any of these lenders. Your employer might. If you work directly for one of Bankwest's named firms, banks or federal departments, or for ANZ or Suncorp Bank, check that first. If not, the real choice is between the 5% Deposit Scheme, a family guarantee and paying the LMI.
Can your employer get you an LMI waiver?
For most of these, your job title doesn't matter: the waiver follows the employer or the role.
Bankwest, technology employers: direct PAYG employees of Adobe, Alphabet, Amazon, Apple, Atlassian, Meta, Microsoft, Salesforce or Xero, after 6 months there, up to 89.99% with no LMI [1].
Bankwest, banks: direct PAYG employees of ten named banking groups, the four major banks' groups among them, after 6 months [1].
Bankwest, federal government: staff of federal ministerial departments at APS6, EL1, EL2 or SES. State departments are left out [1].
ANZ: its own permanent full-time and part-time staff, and Suncorp Bank's, up to 90% on loans up to $1.8 million [1].
Westpac Group: chief executives of ASX 100 companies and their direct reports, up to 90% [1].
ANZ's low-risk waiver: a separate waiver tied to no job at all, up to 95% on loans from $2 million in select postcodes, not for company or trust borrowers [1].
Bankwest's employer waiver is for principal-and-interest loans in your own name, not through a company or trust, and goes up to 89.99% of the value, or 84.99% on larger loans [1].
Do government engineers get an LMI waiver?
For an engineer in the public service, Bankwest's government group turns on which government you work for. It covers federal ministerial departments only, at APS6, EL1, EL2 or SES, and leaves state departments out [1].
What this means for you: an engineer at APS6 or above in a federal department may qualify for 89.99% with no LMI at Bankwest. The same engineer at a state roads or water agency doesn't, under that group. If you're a civilian in the Department of Defence, see also Defence Force home loans.
Is there an LMI waiver for software engineers?
Only through the employer. A software engineer gets the same answer as any other engineer at these lenders, with one exception: Bankwest's technology group. If you're a direct PAYG employee of Adobe, Alphabet, Amazon, Apple, Atlassian, Meta, Microsoft, Salesforce or Xero, and you've been there 6 months or more, Bankwest can lend up to 89.99% with no LMI [1].
The policy says direct PAYG employees. So a contractor placed at one of those firms through an agency or through your own company doesn't fit it, and nor does a software engineer at any other tech firm.
Do Chartered status, NER or state registration help?
Engineers often ask which of their credentials a lender actually reads. For LMI, the honest answer is none of them.
Not with LMI. No waiver policy Money Brain holds looks at an engineering degree, an Engineers Australia grade, Chartered status (CPEng), the National Engineering Register or state registration [1][2].
A job title isn't enough either. "Engineer" covers trades as well as degrees, and the one place a lender names engineers below asks for a membership, not a title [3].
Where a credential does count: one lender's credit guidelines name engineers, with Engineers Australia membership or a state equivalent, among 11 professions that can borrow on one year of self-employed figures instead of two, at 80% or less [3].
So, in the policies we hold, your registration matters only on that self-employed route.
How much is LMI on an engineer's loan?
Here's what LMI would cost to buy a home to live in, at a 10% and a 5% deposit, from one insurer's published rate card [4]. This is what you'd pay without a waiver or a scheme.
| Home price | LMI at a 10% deposit (loan at 90%) | LMI at a 5% deposit (loan at 95%) |
|---|---|---|
| $600,000 | about $11,300 | about $19,400 |
| $800,000 | about $19,300 | about $34,800 |
| $1,000,000 | about $24,100 | about $43,500 |
| $1,200,000 | about $31,900 | about $57,500 |
These are illustrations from one rate card, not quotes. LMI varies between lenders and insurers. On this card, an investment loan costs more: 0.15% of the loan on top, about $1,100 more on a $720,000 loan [4].
Some lenders let you add the premium to the loan instead of paying it up front. That keeps your cash, but you pay interest on it for as long as it's owed.
What deposit does an engineer need?
An engineer needs the same deposit as anyone else, because no lender policy we hold treats engineering as a reason to lend more. What changes is the cost of each step down from 20%.
| Deposit | LMI | How engineers get there |
|---|---|---|
| 20% or more | None | At 80% of the value or less, no lender charges LMI |
| 10% | Paid, unless your employer qualifies | Bankwest's employer groups to 89.99% [1]; ANZ and Suncorp Bank staff to 90% [1] |
| 5% | None under the scheme; otherwise paid | The 5% Deposit Scheme for first home buyers [6], or pay LMI where the lender goes to 95% [5] |
| 2% | — | Help to Buy, if your income is at or below its limit [7] |
How far lenders go is set by the lender and the loan. CommBank's own rates page says it won't lend more than 95% of the property's value. Bankwest's rate tiers run to 95%, and to 98% only once the LMI premium is added to the loan, so that's not a 2% deposit. Bendigo Bank's Flex Home Loan goes to 95% for a home you live in, on principal and interest; its Easy Home Loan stops at 80% [5].
You'll also need money for stamp duty, legal fees and other purchase costs on top of the deposit. See the first home buyer grants and stamp duty help in your state.
How can an engineer buy with less than 20% and no LMI?
An engineer can buy with less than 20% and no LMI in four ways, and only one of them depends on your work: an employer waiver. The other three are open to anyone who meets their rules.
| Way in | Deposit | LMI | Who it's for |
|---|---|---|---|
| Employer waiver | 10% or more | None | Direct staff of Bankwest's named employers [1]; ANZ and Suncorp Bank staff [1] |
| 5% Deposit Scheme | 5% | None, as the government guarantees part of the loan | First home buyers, no income cap, under a price cap for the area [6] |
| Family guarantee | Smaller than you would otherwise need | Depends on the guarantee and the lender | A parent puts up part of their home's equity. A real commitment for the person who signs |
| Help to Buy | At least 2% | — | The government takes a share of the value, so you borrow less. Income limits apply [7] |
You can also pay LMI and buy sooner. Which way comes out ahead depends on your price, your savings and your pay. See the 5% Deposit Scheme, guarantor home loans, Help to Buy and the side-by-side comparison.
Will your price fit under the 5% Deposit Scheme cap?
The 5% Deposit Scheme lets a first home buyer buy with 5% down and no LMI, whatever their job, with no income cap and no limit on places [6]. The catch for many engineers is the price cap: both the price and the lender's valuation have to be at or under it.
| State or territory | Capital city and regional centres | Rest of the state |
|---|---|---|
| New South Wales | $1,500,000 | $800,000 |
| Victoria | $950,000 | $650,000 |
| Queensland | $1,000,000 | $700,000 |
| Western Australia | $850,000 | $600,000 |
| South Australia | $900,000 | $500,000 |
| Tasmania | $700,000 | $550,000 |
| Australian Capital Territory | $1,000,000 | — |
| Northern Territory | $750,000 | $600,000 |
The regional centres are a short list: in New South Wales, the Central Coast, Coffs Harbour–Grafton, the Illawarra, the Mid North Coast, Richmond–Tweed, and Newcastle and Lake Macquarie; in Victoria, Geelong; in Queensland, the Gold Coast and the Sunshine Coast. A regional mining or project town outside that list is on the lower cap [6].
The scheme also has a ceiling. If you have 20% or more saved after purchase costs, you can't use it. A joint application is exactly two people, who don't have to be a couple, and both must pass every test. You move in within six months of settlement and keep living there while the guarantee lasts [6].
Can engineers use Help to Buy?
Engineers can use Help to Buy only if their income is at or below its limit: $103,000 for a single buyer, and $165,000 for a joint application or a single parent, on your latest notice of assessment [7]. Under it, you buy with at least 2% and the government contributes up to 30% of the price of an existing home, or up to 40% of a new one, as its share of the value [7].
What this means for you: on an engineer's salary, check the income limit before anything else. If you're over it, the 5% Deposit Scheme, which has no income cap, is the one to look at instead. The two can't be used together, every applicant must be an Australian citizen, and there are 10,000 places a year [6][7].
How do lenders read an engineer's pay?
Your base salary is the easy part. What changes your borrowing is how a lender treats the rest: overtime, site and remote allowances, salary sacrifice, a contract or casual role, and income through an ABN. Lenders differ here, and the difference can be thousands of dollars a year of counted income.
The next parts set out the rules of the lenders whose credit policy Money Brain has read, in our own words [8]. Where we haven't verified a lender's rule, it's left out rather than guessed.
Overtime: how much do lenders count?
Lenders count part of your overtime, not all of it, because it can stop. Of the four lenders in the table, ANZ, NAB and Bankwest count 80% of regular overtime once there's some history behind it, and Suncorp's policy asks for 6 months continuous.
| Lender | Overtime counted | History they want |
|---|---|---|
| ANZ | 80% | 3 months (full or part time), 6 months (casual) |
| NAB | 80% | Average of the last 180 days; not annualised under 6 months |
| Bankwest | 80% | 3 months this year, or last year's income document |
| Suncorp | Share not stated in what we hold | 6 months continuous |
What this means for you: if overtime is a big part of your pay, the history a lender wants matters as much as the share. A lender that counts 80% of $20,000 of overtime counts $16,000.
Do lenders count FIFO, site and remote allowances?
FIFO and project roles often pay a base salary plus site, remote or travel allowances and a lot of overtime. Lenders count each part on its own rule, so the same roster can support different loans at different lenders.
ANZ: counts ongoing allowances in full, but not higher-duties pay or one-off payments [8].
NAB: counts recurring allowances in full from two consecutive payslips. An allowance that varies by more than 20% is treated like overtime [8].
Suncorp: counts allowances at 80% after 6 months, and not cost reimbursements [8].
ING: counts allowances up to 25% of your base pay; a car allowance at 80% [8].
Bring payslips that show each allowance on its own line. A payslip that lumps them together is harder for a lender to count.
Does salary sacrifice cut what you can borrow?
Salary sacrifice doesn't have to cut what you can borrow, because some lenders add it back. Westpac Group adds back voluntary pre-tax deductions in full, where you could cancel them and take the money as pay. ANZ adds back packaged pay that isn't taxed on top of your taxable income [8].
So at those lenders, packaging doesn't have to cut what you can borrow. Bring the statement that shows what you package.
Can contract or casual engineers get a home loan?
Casual and labour-hire pay through payroll can count, but each of the lenders we checked wants a minimum time in the job first.
Westpac Group: counts casual pay in full after 6 months continuous with the same employer or agency, spread over 52 weeks [8].
Suncorp: counts it in full after 6 months continuous, or 12 months in a similar role [8].
NAB: averages the last 180 days, penalty rates included, with overtime split out at 80% [8].
Bankwest, ING: want 6 months in the current job [8].
AMP: wants 6 months with the employer and 12 months in the same industry and role; under 6 months isn't accepted [8].
ANZ: wants 6 months employed. With LMI, a casual can't be the only or main earner on the loan [8].
Teachers Mutual Bank group: wants 6 months for casual pay outside its essential-services roles [8].
A fixed-term contract paid through payroll is read differently again, and lenders don't all treat it the same way, so it's a question we put to the lender before you apply.
Can a graduate engineer, or one in a new job, get a home loan?
A graduate engineer can get a home loan once they've started and been paid, at some lenders. At Westpac, a loan without mortgage insurance needs you to have started and received at least one pay. A loan with mortgage insurance needs 3 months in the job, or less than that with 12 months in the same occupation and no gap of more than 2 months between jobs. A new job or a pay rise is shown with the employer's letter or contract and one payslip at the new rate [8].
If your loan has LMI, the stricter rule for mortgage-insured loans is the one that applies. Several rules on this page count time with your current employer, so a change of job close to buying can reset them; it's worth timing a move around the purchase.
Can an engineer contracting through an ABN get a home loan?
Yes. If you contract through an ABN or your own company, most lenders read your income as self-employed and ask for tax returns, usually two years of them. That's a different application from a salaried one, even for the same engineer doing the same work.
If your business is a company, lenders differ on whether its profit counts as your income. Firstmac's published policy counts only what actually reaches you, as wages, directors' fees or dividends, for a loan in your own name [9]. ING announced that a director owning at least 50% of the company can use its profits [12]. See self-employed home loans for the full picture.
Can a self-employed engineer get a loan on one year's figures?
Yes, at some lenders, and at one of them engineers are among the professions named for it. One lender's credit guidelines let a self-employed engineer with Engineers Australia membership or a state equivalent use one year of figures instead of two, if the business has traded at least 12 months and the loan is 80% of the value or less [3].
That lender's 11 professions are accountants, actuaries, lawyers, medical professionals, engineers, vets, architects, pharmacists, psychologists, podiatrists and optometrists [3]. Other lenders draw the line in other places.
| Lender | One year accepted? | The condition |
|---|---|---|
| One lender [3] | For 11 listed professions, engineers among them | 80% of the value or less; at least 12 months trading |
| MyState [10] | Yes | 80% or less; one source of self-employed income; profit reduced by 10% |
Two more lenders have said publicly that they accept one year. NAB's self-employed page says a single year's financial statements will be considered at 80% or less [11]. ING announced one year of financials for self-employed borrowers generally, and published no limit [12].
What this means for you: every one-year route with a published limit is capped at 80% of the value, which means a 20% deposit. For a newly self-employed engineer, the trade isn't paperwork against paperwork, it's paperwork against deposit. With less than 20%, expect to need two years of returns, usually.
What do lenders add back for a self-employed engineer?
Your taxable profit isn't the income a lender uses. What a lender adds back, and which year it uses, can move your borrowing more than the rate.
Depreciation is capped. Two lenders' policies add back depreciation only up to 20% of the business's net profit [3][9].
Wages the business pays you, super above the compulsory amount, and interest on business loans being refinanced are added back in both policies [3][9].
A draft return can count at some lenders. One lender accepts a draft on its professional route if your accountant confirms in writing that it won't change; MyState doesn't accept drafts, and won't use figures more than 18 months old [3][10].
A big jump isn't counted in full. Firstmac uses the lower of your latest year or 120% of the year before. On $80,000 then $130,000, it uses $96,000 [9].
How much can an engineer borrow?
How much an engineer can borrow comes down to three things: what a lender counts of your pay, your debts, and your living costs. Banks then check you could still make the repayments if rates were 3 percentage points higher, the buffer APRA has set [13].
Big loans meet a second test. APRA limits each bank's new lending to people whose total debts are six or more times their income to 20% of that bank's new lending, counted separately for home buyers and investors [14]. A $900,000 loan on $150,000 of income, with no other debts, is six times income. A loan over that line isn't refused, but each bank has only so much room for it.
That's why the same engineer can get quite different answers from two lenders. See how much can I borrow.
Does HECS-HELP reduce what an engineer can borrow?
Yes. The compulsory HECS-HELP repayment comes off the income a lender counts, even though it isn't a loan repayment you choose. Lenders usually count a repayment on the full limit of each credit card, used or not, so closing a card you don't need can lift your number.
Can I buy with a partner who isn't an engineer?
Yes, and your partner's income counts toward what you can borrow together. Whether an employer waiver stretches to a joint loan with a partner who doesn't work there isn't stated in the policies we hold, so it's a question we put to the lender.
Under the 5% Deposit Scheme, a joint application is exactly two people and both must pass every test [6]. At ANZ, if the loan has LMI and one of you is casual, that person can't be the only or main earner [8].
Can I get a home loan on parental leave?
Yes, at some lenders. Westpac can use your return-to-work pay, base pay only, with a letter from your employer giving your return date, your hours and your pay. Every child counts as a dependant, including one not yet born. If your first repayment falls before you return, you'll need savings that cover the gap, on top of the money for the purchase [8].
With a mortgage-insured loan in that case, Westpac won't lend for an investment [8].
Can engineers get an investment loan with no LMI?
Through an employer waiver, at Bankwest: its employer waiver covers investment loans as well as homes [1]. Otherwise, as far as the policies we hold show, an engineer borrows to invest on the same terms as anyone else. ANZ's staff waiver doesn't say either way in what we hold. Without a waiver, LMI on an investment costs more on the card above [4].
Interest-only is the hidden second limit. CommBank's rates page offers interest-only rates for a home you live in only under 80%, and for an investment under 90% [5]. See interest only or principal and interest.
Once you own one property, the order you buy the next ones in decides whether you can keep going. See using equity to buy an investment.
Is there a special home loan rate for engineers?
Not that Money Brain has found. No lender policy we hold sets a rate for engineers. What moves your rate is how much of the price you borrow, whether you live in the home, and the loan type. Lenders price in bands: Bendigo Bank's rate table, for one, steps at 50, 60, 70, 80, 90 and above 90% [5].
What documents does an engineer need for a home loan?
On a salary: your last two payslips, showing overtime and allowances on their own lines, and last year's income statement.
New job or contract: your employment contract or the employer's letter giving your start date and pay.
Through an ABN or company: your personal tax returns and notices of assessment, usually for two years, and the business's returns and financial statements.
Registration: proof of Engineers Australia membership or state registration, if you're self-employed and using the one-year route [3].
Your savings: bank statements showing how you've saved.
Salary sacrifice: the statement showing what you package.
The full document list is on How it works.
Why do engineers' home loan applications get held up?
The same few things come up again and again:
Assuming a degree or Chartered status opens a waiver. No waiver policy we hold tests either [1].
Applying for Bankwest's employer waiver before 6 months with a named firm or bank [1].
Working for a state agency and expecting Bankwest's government group, which is federal only [1].
Contracting through an ABN for one year with less than 20%, where most one-year routes need 80% or less [3][10][11].
Applying before the overtime history period is met, so overtime isn't counted yet [8].
Being casual and the main earner on a loan with LMI at ANZ [8].
Having 20% or more saved after costs and expecting the 5% Deposit Scheme [6].
Many of these come down to choosing a lender that fits your pay before you apply.
What does a broker cost you?
How a broker is paid, and the rule Money Brain holds against it, is set out in full on its own page: what a mortgage broker costs.
Your first move
You've read the rules. Now there's one question left: which lender, for how you're paid and who you work for, at the price you want? That depends on your employer, your overtime and allowances, whether you're on a salary or an ABN, and your deposit, and it's what Money Brain works out before anything goes to a lender.
When you're ready, the closing section below is the simplest way to start.
Three facts, and I'll do the checking
Tell me how you're paid (salary, contract or ABN), who you work for, and roughly what you want to spend. I'll come back with which lenders fit, what each would count of your pay, and whether an employer waiver, the 5% Deposit Scheme or paying LMI comes out ahead.
You'll hear back within the hour in business hours, and by 9am the next business day after hours.
Questions engineers ask
Not for being an engineer. None of the ten lender groups Money Brain checked, including CommBank, NAB, ANZ, Westpac Group, Bankwest and Suncorp, waives LMI for engineers as a profession. Bankwest waives it by employer, and ANZ for its own and Suncorp Bank's staff.
Sources
- 1
Lender policies on professional LMI waivers: Westpac Group (Westpac, St.George, Bank of Melbourne, BankSA), ANZ, NAB, CommBank, Bankwest, Suncorp, ING, AMP, Teachers Mutual Bank group. Checked 1 October 2026; re-checked 21 October 2026.
- 2
Bank First: LMI waiver for healthcare and education workers. Checked 3 October 2026; re-checked 21 October 2026.
- 3
One lender's residential home loan credit guidelines (the lender isn't named). Read 26 August 2026; re-read 2 October 2026.
- 4
LMI premium: one insurer's published rate card, owner-occupier standard rates and investment loading. Confirmed current 21 October 2026.
- 5
CommBank, Bankwest and Bendigo Bank: home loan rate pages (maximum LVR and interest-only limits). Read 26 August 2026; re-read 2 October 2026.
- 6
- 7
- 8
Lender credit policies on overtime, allowances, salary packaging, casual income, new employment and parental leave: ANZ, Westpac Group, NAB, Bankwest, Suncorp, ING, AMP, Teachers Mutual Bank group. Read 30 September 2026 (each lender's policy as at 23 to 29 September 2026).
- 9
Firstmac: Residential Lending Policy, changelog to 28 July 2026, now its Property Lending Policy of September 2026. Read 26 August 2026; re-read 2 October 2026.
- 10
MyState Bank: Mortgage Lending Procedure (broker version 1.0a), effective 1 July 2026. Read 27 August 2026.
- 11
NAB: self-employed home loan page. Read 26 August 2026.
- 12
ING: media release on self-employed lending, 18 December 2025. Read 26 August 2026.
- 13
APRA: Strengthening residential mortgage lending assessments (6 October 2021), serviceability buffer of at least 3 percentage points; held at 3 points in APRA's release of 28 May 2026. Re-read 29 September 2026.
- 14
APRA: debt-to-income limit from 1 February 2026 (release of 27 November 2025). Re-read 29 September 2026.
Updated 2 October 2026