Which Banks Waive LMI for Engineers in Australia? (2026 Comparison)

Engineers are among the professions most widely recognised by Australian lenders for Lenders Mortgage Insurance (LMI) waivers. If you’re a qualified engineer, you could save $14,000 to $30,000 or more by avoiding LMI on your home purchase — even with a deposit well below 20%.

But the engineering disciplines covered, income thresholds, maximum LVR, and professional registration requirements differ significantly between lenders. This guide compares the major banks and lenders offering LMI waivers to engineers so you can identify the best option for your specific discipline and situation.

For a comprehensive overview of engineer-specific waiver policies, see our engineer LMI waiver page.

Which Banks Offer LMI Waivers for Engineers?

The good news for engineers is that LMI waivers are available across a broad range of lenders — from the big four banks to specialist and non-bank lenders. Here’s the current landscape.

Commonwealth Bank (CBA)

CBA is one of the more accessible major banks for engineer LMI waivers, offering their Professional Home Loan package with LMI waiver benefits.

Key details:

• Maximum LVR: Up to 90% (10% minimum deposit)
• Income requirement: Typically $150,000+ individual income
• Eligible disciplines: Civil, structural, mechanical, electrical, chemical, mining, environmental, and other recognised engineering disciplines
• Professional registration: Membership of Engineers Australia or equivalent recognised body preferred
• Qualifications: Bachelor’s degree in engineering (or higher) from a recognised institution
• Property types: Owner-occupied; investment property eligibility varies
• Notable advantage: CBA’s broad branch network and established professional packages make the application process straightforward

NAB

NAB offers LMI waivers for engineers through their professional lending packages, with competitive terms for higher-income engineers.

Key details:

• Maximum LVR: Up to 90%
• Income requirement: Typically $150,000+ individual or household income
• Eligible disciplines: Broad coverage — civil, mechanical, electrical, mining, structural, chemical, and others
• Professional registration: Engineers Australia membership or equivalent preferred
• Qualifications: Recognised engineering degree
• Property types: Owner-occupied and potentially investment (case-by-case)
• Notable advantage: NAB has historically been competitive on interest rates for professional packages, and their income assessment for FIFO engineers (common in mining engineering) can be more flexible

ANZ

ANZ provides LMI waiver options for engineers, though their specific terms tend to be slightly more conservative than CBA or NAB.

Key details:

• Maximum LVR: Up to 85%–90%
• Income requirement: Typically $150,000+ individual income
• Eligible disciplines: Core engineering disciplines — civil, mechanical, electrical, structural, mining
• Professional registration: Required — Engineers Australia membership or state registration
• Qualifications: Recognised engineering degree
• Property types: Owner-occupied primarily
• Notable consideration: ANZ may require more documentation around engineering qualifications and employment status compared to other major banks

Westpac

Westpac includes engineers in their professional LMI waiver policies, with eligibility broadly similar to other major banks.

Key details:

• Maximum LVR: Up to 85%–90%
• Income requirement: $150,000+ individual or household income
• Eligible disciplines: Civil, mechanical, electrical, mining, structural, and other recognised disciplines
• Professional registration: Engineers Australia membership preferred
• Qualifications: Recognised engineering degree
• Property types: Owner-occupied primarily; investment case-by-case
• Notable advantage: Westpac’s professional packages often include discounted banking features alongside the LMI waiver

Macquarie Bank

Macquarie Bank is known for competitive professional lending packages and includes engineers in their LMI waiver eligibility.

Key details:

• Maximum LVR: Up to 90%
• Income requirement: Typically $150,000+ individual income
• Eligible disciplines: Broad engineering coverage
• Professional registration: Required
• Qualifications: Recognised engineering degree
• Property types: Owner-occupied and investment (with some lenders within the Macquarie group)
• Notable advantage: Macquarie often offers competitive rates for professionals and may have more flexibility on loan size limits for high-income borrowers

Non-Bank and Specialist Lenders

Several non-bank lenders also offer engineer LMI waivers. These include:

• Granite Home Loans — competitive LMI waiver terms for engineers, including potential investment property coverage
• Other specialist lenders — various non-bank lenders have professional packages that include engineers, often with competitive rates and more flexible assessment

Non-bank lenders can be particularly useful if your situation doesn’t fit neatly into a major bank’s criteria — for example, if you’re a contractor, self-employed consulting engineer, or working under a non-standard employment arrangement.

Bank-by-Bank Comparison Table

Feature	CBA	NAB	ANZ	Westpac	Macquarie	Granite
Max LVR	90%	90%	85–90%	85–90%	90%	90%
Min deposit	10%	10%	10–15%	10–15%	10%	10%
Income threshold	~$150K	~$150K	~$150K	~$150K	~$150K	~$150K
Civil engineers	Yes	Yes	Yes	Yes	Yes	Yes
Mechanical engineers	Yes	Yes	Yes	Yes	Yes	Yes
Electrical engineers	Yes	Yes	Yes	Yes	Yes	Yes
Mining engineers	Yes	Yes	Yes	Yes	Yes	Yes
Software engineers	Case-by-case	Case-by-case	Unlikely	Case-by-case	Case-by-case	Case-by-case
Investment property	Case-by-case	Case-by-case	Unlikely	Case-by-case	Possible	Possible
Engineers Aust. required	Preferred	Preferred	Required	Preferred	Required	Preferred

Policies change regularly. Always confirm current eligibility with the lender or a specialist broker.

Which Engineering Disciplines Qualify?

This is where lender policies diverge most. Traditional engineering disciplines are widely accepted, while newer or less traditional specialisations face more scrutiny.

Widely Accepted by Most Lenders

These disciplines are recognised as qualifying engineering roles by virtually all lenders that offer engineer LMI waivers:

• Civil engineering — infrastructure, roads, water, structural design
• Structural engineering — building and structural analysis
• Mechanical engineering — manufacturing, automotive, HVAC, machinery
• Electrical engineering — power systems, electrical infrastructure
• Mining engineering — resource extraction, mine planning, FIFO roles
• Chemical engineering — process engineering, manufacturing, resources
• Environmental engineering — environmental management, remediation

Accepted by Most Lenders (May Require Additional Documentation)

• Geotechnical engineering — soil mechanics, foundation engineering
• Aerospace engineering — aircraft, defence, and space-related roles
• Biomedical engineering — medical device and biotechnology roles
• Industrial engineering — process optimisation, systems engineering
• Telecommunications engineering — network infrastructure and design
• Materials engineering — metallurgy, materials science

Variable Acceptance (Lender-Dependent)

These disciplines are where eligibility becomes less certain and more lender-specific:

• Software engineering — this is the most contentious. Some lenders classify software engineers under “IT professionals” rather than “engineers,” which may come with different waiver terms or thresholds. Others accept it under the engineering banner if the borrower holds a Bachelor of Engineering (Software). The key distinction is often the qualification, not just the job title.

• Systems engineering — accepted by some lenders, particularly when the role involves traditional engineering principles

• Project engineering / engineering management — typically accepted if the borrower holds engineering qualifications, even if the current role is management-focused

• Mechatronics — increasingly accepted as the discipline matures, but not universally recognised by all waiver policies

Roles That Typically Don’t Qualify

• Engineering technicians — without a full engineering degree
• Drafters and CAD operators — design support roles
• Trade-qualified roles — electricians, fitters, mechanics (even with “engineering” in the job title)
• Engineering students — must have completed the degree
• Unqualified “engineers” — job titles alone are insufficient; formal qualifications are required

Professional Registration: Engineers Australia and Beyond

Most lenders require or prefer membership with Engineers Australia (the national professional body) as evidence of engineering credentials. Here’s what you need to know.

Engineers Australia Membership Levels

Membership Level	Who It’s For	Waiver Eligibility
Chartered Professional Engineer (CPEng)	Experienced engineers with advanced competencies	Strongest — universally accepted
Member (MIEAust)	Graduate engineers with professional experience	Accepted by most lenders
Graduate Member	Recent graduates	Accepted by most lenders
Student Member	Current students	Not eligible
Engineering Technologist (EngTech)	Technologists with applied engineering skills	Lender-dependent — some accept, others don’t
Engineering Associate	Diploma-qualified engineers	Less likely to qualify

What If You’re Not a Member of Engineers Australia?

Not all engineers hold Engineers Australia membership, and not all lenders require it. Some lenders accept alternative evidence:

• Engineering degree from a recognised Australian university — most lenders accept this as primary evidence
• Washington Accord equivalent — degrees from signatory countries (US, UK, Canada, etc.) are generally recognised
• State registration — some states require engineering registration for certain practice areas (e.g., registered professional engineers in Queensland under RPEQ)
• Overseas qualifications — may need assessment through Engineers Australia’s migration skills assessment or equivalent body

If you don’t hold Engineers Australia membership, a specialist broker can identify lenders that accept your specific qualification and registration status.

Income Thresholds for Engineer LMI Waivers

Most lenders set the income threshold at approximately $150,000 for individual or household income. Here’s how different engineering income scenarios stack up.

Typical Engineer Salaries in Australia (2026)

Engineering Discipline	Typical Salary Range	Meets $150K Threshold?
Mining engineer	$130,000–$250,000+	Usually yes
Civil engineer (senior)	$120,000–$180,000	Often yes
Mechanical engineer (senior)	$110,000–$170,000	Often yes
Electrical engineer (senior)	$110,000–$170,000	Often yes
Software engineer (senior)	$130,000–$220,000+	Usually yes
Chemical engineer	$100,000–$160,000	At senior levels
Structural engineer	$100,000–$160,000	At senior levels
Graduate engineer (any discipline)	$65,000–$85,000	Unlikely individually

Income Boosters That Can Help You Qualify

If your base salary falls below $150,000, consider these factors:

• Overtime and allowances: FIFO allowances, site allowances, and overtime are often assessable income. Mining engineers on FIFO rosters frequently earn $30,000–$80,000+ above base salary in allowances.
• Bonuses: Some lenders include regular bonuses in income assessment, particularly if there’s a consistent history.
• Household income: Several lenders assess combined household income. An engineer earning $120,000 with a partner earning $50,000 (combined $170,000) could qualify.
• Rental income: If you already own an investment property, the rental income may contribute to your assessed income.
• Consulting / contracting rates: Contract engineers often earn higher hourly rates. Some lenders will assess contract income if there’s sufficient history (usually 2+ years).

Deposit Requirements for Engineers

The maximum LVR under the waiver determines your minimum deposit:

Max LVR	Minimum Deposit	Deposit on $750K Property	Deposit on $1M Property	Deposit on $1.5M Property
95%	5%	$37,500	$50,000	$75,000
90%	10%	$75,000	$100,000	$150,000
85%	15%	$112,500	$150,000	$225,000

Some lenders that offer engineer LMI waivers allow borrowing up to 95% LVR — meaning you can buy with just a 5% deposit and no LMI. This is particularly valuable for engineers early in their career who have high income but haven’t yet accumulated a large deposit.

Use the LMI calculator to see exactly what you’d save at your property price and deposit level.

How Much Can Engineers Save?

Engineering LMI waivers can save significant amounts, particularly at higher property prices and lower deposits:

Property Price	Deposit (10%)	LMI Without Waiver	Savings
$600,000	$60,000	~$10,400	$10,400
$750,000	$75,000	~$14,400	$14,400
$1,000,000	$100,000	~$20,100	$20,100
$1,500,000	$150,000	~$30,000	$30,000

At the 5% deposit level (95% LVR), the savings are even more dramatic:

Property Price	Deposit (5%)	LMI Without Waiver	Savings
$750,000	$37,500	~$32,000	$32,000
$1,000,000	$50,000	~$45,000	$45,000

For a mining engineer purchasing a $1 million property with a 5% deposit, the LMI waiver saves approximately $45,000. If that LMI were capitalised onto the loan, the true cost over 30 years would exceed $65,000 in premiums plus interest — all avoided with the waiver.

Which Bank Is Best for Different Engineering Disciplines?

Civil, Structural, and Mechanical Engineers

Best options: CBA, NAB, Macquarie, or Granite. These are the most straightforward disciplines for LMI waivers — universally accepted, well-understood by lenders. Focus on comparing interest rates, loan features, and total cost rather than waiver eligibility (which should be straightforward).

Mining Engineers

Best options: NAB or CBA. Mining engineers often work FIFO rosters with complex income structures (base + allowances + overtime). NAB has historically been more accommodating of FIFO income assessment. The higher total income of mining roles ($150,000–$250,000+) typically makes qualification straightforward.

Key consideration: Some lenders are cautious about mining sector employment during commodity downturns. A lender familiar with the resources sector will assess your application more favourably.

Electrical and Electronic Engineers

Best options: Any major bank or specialist lender. Widely accepted discipline with strong demand. If you work in telecommunications or power infrastructure, your income and employment stability are well understood by lenders.

Software Engineers

Best options: Check specific lender policies. This is where it gets complicated. The term “software engineer” is used broadly in the tech industry, and lenders have varying interpretations:

• If you hold a Bachelor of Engineering (Software or Computer Systems): Most lenders will classify you as an engineer for waiver purposes. CBA and NAB are generally more accepting.
• If you hold a Computer Science degree (not engineering): Some lenders may classify you as an “IT professional” instead, which could come with a different waiver structure (often requiring higher income or offering lower max LVR).
• If you have no formal degree: Most lenders won’t offer an engineering waiver, regardless of job title or income.

A specialist broker can clarify which lenders accept your specific qualifications. See the full list of eligible professions for how IT professionals are treated separately.

Environmental and Chemical Engineers

Best options: CBA, NAB, or Granite. Recognised disciplines, though less common than civil or mechanical. Ensure the lender specifically includes your discipline in their waiver criteria — some have narrower lists than others.

Consulting Engineers and Contractors

Best option: Non-bank lenders or flexible major banks. If you’re self-employed or contracting, your income assessment is more complex. Lenders typically want 2+ years of tax returns and BAS statements. Non-bank lenders (including Granite) may offer more flexible assessment of contract income while still providing the LMI waiver.

Frequently Asked Questions

Do all banks waive LMI for engineers?

No. LMI waivers for engineers are offered by select lenders, including most major banks and several non-bank lenders. The eligibility criteria, income thresholds, and accepted disciplines vary by lender. Not all engineering roles qualify at all lenders.

What qualifications do I need for an engineer LMI waiver?

Most lenders require a Bachelor of Engineering (or higher) from a recognised Australian university or a Washington Accord equivalent. Engineers Australia membership (particularly CPEng or MIEAust) strengthens your application. A job title alone is not sufficient — formal engineering qualifications are required.

Can software engineers get LMI waivers?

It depends on the lender and your qualifications. Software engineers with a formal engineering degree (Bachelor of Engineering in Software, Computer Systems, or similar) are accepted by several lenders. Those with Computer Science degrees may be classified under “IT professional” waiver policies instead, which have different terms. Check your specific eligibility.

Do FIFO engineers qualify for LMI waivers?

Yes. FIFO work arrangements don’t disqualify you from an LMI waiver. However, income assessment for FIFO engineers can be complex (base + allowances + overtime), so choosing a lender familiar with FIFO income structures is important. NAB has historically been strong in this area.

Can I get an LMI waiver on an investment property as an engineer?

With certain lenders, yes. Not all lenders extend their engineer LMI waivers to investment property purchases, but some do — including select non-bank lenders. This is a significant advantage for engineers building a property portfolio. A specialist broker can identify which lenders offer investment property waivers for engineers.

What income do I need as an engineer to get an LMI waiver?

Most lenders require approximately $150,000 in individual or household income. Senior engineers, mining engineers, and those in leadership roles typically meet this threshold. Junior and mid-level engineers may qualify through household income (combined with a partner’s income).

Is Engineers Australia membership mandatory?

Not always, but it’s preferred by most lenders and strengthens your application. Some lenders accept an engineering degree from a recognised institution as sufficient evidence. Others specifically require Engineers Australia membership or equivalent registration. If in doubt, check your eligibility with a specialist.

Next Steps

Finding the right lender for your engineering discipline and income level is the key to maximising your LMI savings. Here’s how to get started:

1. Check your LMI waiver eligibility — free, 60 seconds, no credit check
2. Learn about engineer LMI waivers — detailed eligibility and savings information for your discipline
3. Estimate your LMI savings based on your property price and deposit
4. See all eligible professions — your partner’s profession may also qualify, expanding your lender options
5. Understand how LMI works to make informed decisions about your home loan