Home Loan For Lawyers

Waive LMI costs and save thousands on your home loan. By qualifying for Lenders Mortgage Insurance (LMI) waiver, you can avoid extra expenses and secure your dream home with a lower deposit.

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Updated: 18 Oct, 2024

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Key Points

Why do lawyers get special discounts?

Lawyers are known to be low-risk borrowers who rarely default on their home loan. Their income is usually high, and they have a long term career prospect.

How much can I borrow?

Up to 100% of the property value if you have a guarantor.

Up to 95% of the property value with waived LMI. That means you can buy a property with a 5% deposit without paying Lenders Mortgage Insurance.

Up to 90% of the property value with waived LMI.That means you can buy a property with a 10% deposit without paying Lenders Mortgage Insurance.

What benefits do lawyers get on their home loan?

No LMI if borrowing up to 95% of the property value

Negotiated interest rates

Flexible credit when financing your legal practice

Higher exposure limits when purchasing multiple investment properties

Purchases and refinances are acceptable

Your home loan can be in the name of a company or trust structure

Will I get approved?

Your legal profession must be on the lender's list of acceptable professionals.

You are currently practising.

You may be required to give evidence of your degree and industry membership.

There is no minimum income required with one of our lenders. Generally, you must be earning between $100,000 to $150,000*

Your credit history, employment and asset position must be within standard bank policy.

The maximum loan size against a single security is $3.6 million.

*This includes your taxable income and rental income. It doesn't include your spouse's income.

What interest rates are available?

Competitive interest rates are available. Please contact us to learn more.

Discover if you qualify:

We can help you buy or refinance property anywhere in Australia.

How Much Can I Save With Waived LMI?

Typically, if you borrow more than 80% of the property value, the lender will charge Lenders Mortgage Insurance (LMI). This can be costly, amounting to around $24,000 for a 90% loan on a $1,000,000 property.

But what if you could have it waived?

As a legal professional, lenders will waive Lenders Mortgage Insurance if you’re borrowing up to 90% of the property value.

Speak to our mortgage brokers by calling 0862430351 or complete our free online assessment form to find out if you can qualify for a professional discount.

95% Home Loans, No LMI

A lender on our panel is offering waived LMI on a 95% home loan for legal professionals.

There is no minimum income requirement.

To qualify for no LMI on a 95% home loan:

Buy a residential property (only Category 1 and 2 locations accepted)

Hold a university degree from Australia or overseas.

Be an Australian citizen or permanent resident living and working in Australia.

Be employed as a legal professional and not on probation.

Have PAYG income in the industry for at least the last three years; doesn’t all have to be with the same employer but you must be past your probation period.

Minimum credit score required.

If self-employed, you need a minimum of two years’ tax returns and full financials; ABN must be registered for at least two years and you must provide evidence of reported profit each year.

The maximum loan amount is $1 million.

What is the minimum income requirement for waived LMI?

We have a lender on our panel that does not have a minimum income requirement. For other lenders on our panel, a minimum income between $100,000 to $120,000 is required.

No Minimum Income Required

A significant portion of legal professionals earn below the minimum income threshold and cannot qualify for waived LMI.

One of our major lenders is offering a home loan with waived LMI for legal professionals with no minimum income requirement.

In addition to no minimum income requirement:

The maximum loan size for a single property is $3.6 million, ergo you can purchase or refinance a property worth up to $4 million.

The maximum exposure limit per borrower has increased to $7 million from $5 million.

Which Lenders Offer LMI Waivers?

Discover how many banks offer waived LMI for professionals like yourself using the assessment tool. Determine the exact LMI savings tailored to your situation.

Tips and Suggestions

Judges & Magistrates can get an LMI waiver without a practising certificate.

In case of Judge & Magistrates, if your employment conditions prohibit you from holding a practicing certificate, don't worry. You're still eligible for an LMI waiver.

You're also eligible for a substantial rate discount.

Lenders might have stricter rules for properties located in high-risk areas.

Subject to limits on loan amounts.

What Legal Professionals Are Eligible For LMI waiver?

You should be currently working as a lawyer, solicitor, barrister or a partner.

Minor variations to this list are acceptable as job titles do not always match the occupation.

For example, an applicant with a job title ‘Associate’ or ‘Legal Counsel’ is usually accepted.

Under Judiciary Act 1903, Australian Government Solicitor employees and judges don’t require a Practising Certificate so you can still be considered for waived LMI without this certificate.

Are Judges and Magistrates eligible for waived LMI?

Judges and Magistrates are also eligible for the LMI waiver if you can provide evidence that one of the conditions of your employment is that you are prohibited to hold a Practicing Certificate.

We have a lender on our panel that does not have a minimum income requirement.

Are government lawyers accepted?

Both state and federal government lawyers are eligible for the same discounts as lawyers that are privately employed or running their own business.

We have a lender on our panel that does not have a minimum income requirement.

Please contact us for more information as you may still be eligible for an interest rate discount.

Do I Need To Be A Member Of An Industry Association?

Some lenders will require you to be a member of:

Law Council of Australia

Law Society of NSW

Law Society of South Australia

Queensland Law Society

The Australian Bar Association

Law Institute of Victoria

Australian Labour Law Association

Australian Corporate Lawyers Association

The Commercial Law Association of Australia

Australian Insurance Law Association

Some other industry bodies are accepted on a case-by-case basis. Several of our lenders do not require evidence of your membership; however, they will require a copy of your degree or evidence that you are currently practising in order to get access to special discounts.

What’s An Acceptable Form Of Evidence Of Membership?

An acceptable form of evidence is either a:

Receipt for payment of annual membership.

Current valid membership card.

Written confirmation from the listed association.

Practising Certificate.

Are You Looking For A Home Loan?

As a legal professional, you could qualify for a home loan with waived LMI and discounted interest rates.

Give us a call on 0862430351 or complete our free online assessment form to find out more.

FAQs

What If My Spouse Owns My Properties?

It's common for legal professionals to own their assets in the name of their husband or wife to avoid putting them at risk if they are sued or their business is liquidated.

Our lenders can consider approving your loan if your home is owned by your spouse and the home loan is in both of your names. Investment properties are also considered on a case by case basis.

If I borrow less than 80%, do I get any special benefits?

Since you’re in a strong financial position, our mortgage brokers can negotiate a lower interest rate and discounts on your home loan.

Is LMI waived When Refinancing?

Yes, you can refinance up to 90% of the property value with no LMI, allowing you to access more equity to build a property portfolio.

Can A Permanent Resident Get Waived LMI?

Yes, a permanent resident can get waived LMI if they hold a 457 or 482 visa and their occupation is listed on the Medium and Long Term Strategic Skills List (MLTSSL).

The borrower must fulfil the other requirements to be eligible for an LMI waiver.

Still need answers? We're here to help!

Our team of mortgage experts will assist you within 24 hours.

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