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.
