IP2 Purchase - Cash Buffer vs LMI??

I am a young engineer currently considering to buy my first property, also an IP. I wasn't aware of the LMI waive. So as long as I manage to put down 10% cash, I can waive the LMI?

What is the approval rate for the waiving? Does it depend on your wage as well? This is only the second year I'm in the job, but I experienced a jump in salary (25% increase) this year.
 
I am a young engineer currently considering to buy my first property, also an IP. I wasn't aware of the LMI waive. So as long as I manage to put down 10% cash, I can waive the LMI?

What is the approval rate for the waiving? Does it depend on your wage as well? This is only the second year I'm in the job, but I experienced a jump in salary (25% increase) this year.

become a chatered member of engineering australia. There are minimum income requirements, but these seem to be flexible.
 
Got motivation to complete my chartered status now. Will be asking my broker to investigate this for my next loan.

Always something new to learn from this site!!!
 
Got motivation to complete my chartered status now. Will be asking my broker to investigate this for my next loan.

Always something new to learn from this site!!!

I've never looked into it, but is it difficult to get chartered status? I just had one engineer client tell me they didn't qualify.
 
It's quite easy. You just need a formal qualification and need to complete a few modules, about 15 modules. These modules deal with how you managed risk, environmental issues, assessed projects and designs etc. You also need to submit your resume, have someone verify all the modules you have completed, so either your boss or someone that you did the project for can verify (this is the hard part, because they need to be Engineers Australia member).

After all that, you then need to attend an interview with one of Engineers Australia chartered professional, usually some old guy with fellow status.

Writing the modules is the difficult part, sort of like writing reports while you were at uni.

Ohh... You also need to be a member of engineers Australia.
 
It's quite easy. You just need a formal qualification and need to complete a few modules, about 15 modules. These modules deal with how you managed risk, environmental issues, assessed projects and designs etc. You also need to submit your resume, have someone verify all the modules you have completed, so either your boss or someone that you did the project for can verify (this is the hard part, because they need to be Engineers Australia member).

After all that, you then need to attend an interview with one of Engineers Australia chartered professional, usually some old guy with fellow status.

Writing the modules is the difficult part, sort of like writing reports while you were at uni.

Ohh... You also need to be a member of engineers Australia.

Thanks - doesn't sound that quick and easy though. I have another engineer who is going to join up soon (for the no LMI loan) but it could take a while to get this qualification.
 
Thanks - doesn't sound that quick and easy though. I have another engineer who is going to join up soon (for the no LMI loan) but it could take a while to get this qualification.

It isn't easy at all really.. especially when working at smaller companies who doesn't require chartered status. Bigger companies spend resources to help their engineers to reach that status, while smaller companies just say the time and money is better spent elsewhere, raking in money.
 
Thanks - doesn't sound that quick and easy though. I have another engineer who is going to join up soon (for the no LMI loan) but it could take a while to get this qualification.

It is not quick. It is supposed to be from the experience you gain while working. It is expected to take 1 year to 3 years to complete.
 
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