Eligibility requirements for a home loan as an engineer

The eligibility requirements for a home loan as an engineer will vary depending on the lender. However, most lenders will require that you have:

A regular income

A good credit score

A deposit of at least 5% of the purchase price of the property

Typically, lenders don鈥檛 make any distinction between different types of engineers. All professionals from the industry are eligible for discounts on their interest rate, depending on their mortgage size.

However, industry association membership requirement is usually mandated by lenders, and these include but not limited to:

Mining engineers: Should be a member of Engineers Australia

Surveyors: Should be a member of the Institution of Surveyors in the state where you work. Alternatively, you could be a member of the Surveying & Spatial Sciences Institute of Australia (SSSI)

Mine surveyors: Must be a member of the Australian Institute of Mine Surveyors (AIMS)

Quantity surveyors: Must be a member of the Australian Institute of Quantity Surveyors

Geologists: Should be a Fellow of the Australian Institute of Geoscientists (FAIG)

Geophysicists: Must be a Fellow of the Australian Institute of Geoscientists (FAIG)

How to compare home loans for engineers and find the best deal

The best way to compare home loans for engineers and find the best deal is to use a home loan broking platform such as loansHub to get your personalised loan options.