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Engineer home loans
For engineers on a deposit under 20%. Every lender position on this page carries the document it came from and the date it was read.
Do banks waive LMI for engineers?
Not on the major-bank lists Money Brain has read. NAB's published lenders mortgage insurance waiver names medicine, law and finance, read on 2026-08-29. The Commonwealth Bank Professionals Offer names medicine, law and accounting under a policy dated 20 April 2026. Neither names engineers, and a job title on its own does not reach either list.
So what does exist for engineers?
Two things, both dated and neither a major-bank waiver. Macquarie's professional list names an engineer registered with Engineers Australia or the state equivalent, and cuts the income history a self-employed applicant must show from two years to one, at up to 80% of the property value - Credit Guidelines version 14.0, 8 July 2026. Granite Home Loans, a broker-only lender, listed engineers on a lender-paid mortgage insurance product when its portal was read on 2026-08-29.
Which engineers a lender actually means
Degree and role, not the job title
An arriving search says engineer. A lender document says something narrower. The published lists Money Brain has read test a recognised engineering degree and a current registration or membership grade rather than a job title, so an employed professional engineer with clean income evidence is an ordinary applicant rather than a special case.
Chartered, the NER and RPEQ
Chartered Professional Engineer status requires Engineers Australia membership, five or more years of experience and a competency assessment. The National Engineering Register asks for five or more years of relevant experience and does not require Engineers Australia membership. In Queensland, carrying out a professional engineering service generally requires Registered Professional Engineer of Queensland registration under the Professional Engineers Act 2002.
Who is usually outside it
Student and graduate members, engineering technologists and engineering associates are separate categories at Engineers Australia and are not the professional-engineer grade. A job title carrying the word engineer without an engineering degree sits outside it. Software engineer is a job title rather than a Chartered Professional Engineer, and a specialist lender may read it under information technology instead.
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Is there an engineer deposit rate?
No major bank publishes one. A 20% deposit avoids lenders mortgage insurance on a standard loan for any borrower. The 10% no-mortgage-insurance entry that professions such as medicine reach is published for the professions those lenders name, and engineers are not on the major-bank lists read for this page.
What is left at 5%?
The Australian Government 5% Deposit Scheme sets its own rules and does not ask what an applicant does for a living. A family guarantee is the other route past a small deposit. Granite Home Loans, broker-only, published a lender-paid mortgage insurance product to 95% for degree-qualified engineers in metropolitan and inner-city locations when its portal was read on 2026-08-29.
How an engineer's income is read
Permanent PAYG
Payslips, an income statement and an employment contract make the cleanest file. Probation is the usual exclusion on specialist professional products, which means the timing of an application against a start date matters more than the post-nominal after a name.
Fixed-term, labour-hire and contracting
Lenders differ on how much term must remain on a contract and how many years they will average. An engineer invoicing through an ABN is assessed as self-employed: tax returns, financials, add-backs and time trading. Macquarie's one-year concession for a listed profession is the dated exception, not the market default.
FIFO and project rosters
Site allowances and roster patterns are argued the same way shift penalties are on any other roster-based file. No lender read for this page counts every allowance in full as a matter of course. Two roster cycles and the employment contract, sent before the first conversation, is what shortens the argument.
Questions
Not on the major-bank pages Money Brain has read. NAB's published waiver list names medicine, law and finance, read on 2026-08-29. The Commonwealth Bank Professionals Offer names medicine, law and accounting under a policy dated 20 April 2026. Granite Home Loans, a broker-only lender, does list engineers on a lender-paid mortgage insurance product.
Sources and check dates
Macquarie's profession list and self-employed rule come from its Credit Guidelines version 14.0, dated 8 July 2026. The NAB, Westpac and Granite Home Loans positions were read on 2026-08-29. Lender positions move; each one on this page names the document and the date it was read so a reader can tell how fresh it is.
Who wrote this page
Darren Parker, Credit Representative 501592, authorised under Australian Credit Licence 389328. Darren reads these lender documents himself and dates every position stated. If a lender's position has changed since the date shown, tell him.
Find out where you stand before you apply
Updated 13 September 2026