Engineer home loans: is LMI waived?
No, not for being an engineer. None of the lenders whose policies we hold waives lenders mortgage insurance (LMI) for engineers as a profession. Their professional waivers name medical roles and, at most of them, lawyers and accountants. But Bankwest also waives LMI by employer, so an engineer employed directly by a named bank, a federal government department or one of nine named technology firms may qualify. For everyone else, the routes to a small deposit without LMI are the 5% Deposit Scheme and a guarantor.
Which lenders waive LMI for engineers
What each lender's own policy or page says about engineers.
| Lender | LMI waived for engineers? | What it says | Checked |
|---|---|---|---|
| Westpac Group (Westpac, St.George, Bank of Melbourne, BankSA) | No | Engineers aren't on St.George's LMI waiver list. Aircraft maintenance engineers are on its trades list for counting 100% of overtime and allowances, which isn't a waiver | St.George's page, 2 October 2026 |
| ANZ, NAB, CommBank | No | Their professional waivers name medical, legal and accounting roles, not engineers | Lender policies, 1 October 2026 |
| Bankwest | Not as engineers; yes by employer | Its professional waivers name medical, legal and accounting roles, not engineers. It also waives LMI for direct PAYG employees of named banks and of nine named technology firms (Adobe, Alphabet, Amazon, Apple, Atlassian, Meta, Microsoft, Salesforce, Xero), employed there 6 months or more, and for staff of federal (not state) ministerial departments at APS6, EL1, EL2 or SES. An engineer employed directly by one of those can qualify, borrowing up to 89.99% of the value | Lender policies, 1 October 2026 |
| Suncorp | No | Its waiver is for medical practitioners only | Lender policies, 1 October 2026 |
| ING, AMP | No | No professional LMI waiver at all | Lender policies, 1 October 2026 |
None of the lenders whose policies we hold waives LMI for engineers as a profession. Two waive it by employer instead: Bankwest, for direct employees of named banks, technology firms and federal departments, and ANZ, for its own permanent staff and Suncorp Bank's. Both depend on who you work for, not your job.
Which engineers a lender means
No lender we hold a policy for has an engineering group.
So a degree, Engineers Australia membership, Chartered status or state registration doesn't change the LMI answer at those lenders.
A job title isn't enough.
"Engineer" covers trades as well as degrees. St.George lists aircraft maintenance engineers among its trades, for overtime, not for LMI.
Employed or on an ABN: two different applications
Employed on a salary.
Lenders read your payslips and contract. This is the straightforward case.
Contracting through an ABN or your own company.
Most lenders read this as self-employed income and ask for tax returns, usually two years of them.
What LMI costs at engineer loan sizes
LMI to buy a home to live in, on one lender's standard rates. This is what you'd pay without a waiver or a scheme.
| Purchase price | 10% deposit (loan at 90%) | 5% deposit (loan at 95%) |
|---|---|---|
| $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 |
LMI varies between lenders, so these are illustrations from one rate card, not a quote.
Other ways to buy without paying LMI
The 5% Deposit Scheme, for first home buyers.
The government guarantees part of your loan, so you can buy with a 5% deposit and no LMI, whatever your job. There's no income cap and no limit on places. Price caps apply by location.
A guarantor.
A family member offers equity in their home as extra security, so you borrow over 80% without LMI.
A 20% deposit.
At 80% of the value or less, no lender charges LMI.
What you'll need to provide
Proof of income. Payslips and a contract if you're employed; tax returns and financial statements if you're self-employed.
Your savings history. Bank statements showing how you've saved and how you spend.
The deposit and costs. Your deposit, plus stamp duty and fees.
Questions engineers ask us
Not for being an engineer. The professional LMI waivers at ANZ, NAB, CommBank, Bankwest and Westpac Group name medical, legal and accounting roles, Suncorp's names medical practitioners only, and ING and AMP have no professional waiver. Two lenders waive it by employer instead: Bankwest, if you've worked directly for a named bank or one of nine named technology firms for 6 months or more, or work in a federal ministerial department at APS6, EL1, EL2 or SES; and ANZ, if you're on its permanent staff or Suncorp Bank's, full-time or part-time, up to 90% of the value on loans up to $1.8 million (Money Brain, lender policies checked 1 October 2026).
An engineer looking at buying?
Tell me how you're paid, the price you're looking at, where, and what you've saved. I'll tell you whether the 5% Deposit Scheme, a guarantor or paying the LMI comes out ahead.
You'll hear back within the hour in business hours, and by 9am the next business day after hours.
Sources
- 1
Lender policies on professional LMI waivers: ANZ, NAB, CommBank, Bankwest, Suncorp, Westpac Group, ING, AMP. Checked 1 October 2026.
- 2
St.George, Home loan options for healthcare and trade professionals (no page date shown). Read 2 October 2026.
https://
www.stgeorge.com.au/ personal/ home-loans/ profession-home-loans - 3
Australian Government 5% Deposit Scheme (no page date shown). Read 26 August 2026.
- 4
LMI premiums: one lender's published rate card, owner-occupier standard rates. Checked 1 October 2026.
Updated 2 October 2026