Home Loans For Lawyers: Get LMI Waived

Home Loan With Advantages to Lawyers, Barristers & Solicitors

As a lawyer, you may be eligible for discounts when applying for a home loan. Lawyers are low-risk borrowers due to great long term career prospects, high income and because they rarely default on their home loans.

These lower risk factors make you eligible for a home loan with only a 10% deposit of the property value without needing to pay Lenders Mortgage Insurance (LMI) and without the need for parental guarantor.

Advantages exist for owner occupier and investment.

Added benefit of fee waivers on your home loan.

What We’re Offering

Benefits Available to Lawyers, Barristers & Solicitors

Waived Lenders Mortgage Insurance (LMI) for up to 90% of the property value, one lender will consider up to 95%
Lower, discounted interest rates
Borrow up to $2.7 million against a single property
Flexible credit criteria and potential to negotiate lower interest rate
Potential to establish the loan in the name of a trust or company

What is the Eligibility to Qualify

Individuals no an annual income of $120,000 depending on the State you live in. If needed, rental income or income from professional partner can be used to contribute to your annual income
You will need to be a part of an industry association like the Law Council of Australia or the Law Society of NSW. Some lenders require no evidence but will still require qualification/degree or proof that you are still practising law
Self-employed lawyers, will need to provide evidence that last year’s taxable income was a minimum of $120,000 and will need a copy of practicing certificate
As per the Judiciary Act 1903, Judges and Australian Government Solicitors do not require a practising certificate which means that you may still be considered for an LMI waiver without the certificate
Australian residency or citizenship
You must be a current practising law professional
Good credit rating
Not on probation
You may be asked to provide evidence of your degree and industry membership.
Can purchase either owner occupied or for investment property and Maximum loan of $2 million..

How you can refinance your home & get access to cash and a deposit for an Investment Home

Depending on the value of your existing home loan versus the balance of your mortgage, this type of loan allows you to refinance your existing home loan up to 85% without paying LMI. This allows you to release equity from your property and turn it into cash, which can be used as deposit on an investment loan.
Surplus cash can be used as a deposit for an investment property. You will qualify for a LMI waiver providing the total amount of the combined properties is less than $2 million.
Our Mortgage Brokers can quickly calculate your position and advise you on all other benefits available to legal professionals.

Should I go direct to a Bank or via a Mortgage Broker

Mortgage Brokers are full time dedicated professionals with a manageable number of clients. Lenders representatives are often managing large number of clients and are not trained in lending for specialist fields like the legal professional.
With over 70% of lending through Mortgage Brokers in Australia, it has become evident that clients are looking for a good deal, but also require professional service and experienced individuals to guide them through the maze of complex loan opportunities across many lenders.
Individual bankers only have access to loans available through their bank. Mortgage Brokers have access to all loans available through most of the lenders in the market which allows them to offer you choices depending on your specific situation.

Brisbane Home LoansHome Loan For Lawyers

Do I need to be a member of an industry association?

Most lenders will require evidence of one of the following memberships:

Queensland Law Society
Law Council of Australia
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
Law Society of NSW
Law Society of South Australia

Some lenders will require copies of degree and evidence that you are currently practicing.

What is Lenders Mortgage Insurance (LMI)

Lenders Mortgage Insurance (LMI) is a one-off insurance fee that lenders require from borrowers that borrow more than 80% of the property value.
LMI provides lenders, insurance against individuals failing on their mortgage.
Because LMI is added to the value of the loan and the cost is dependent on the value of the property, it can result in considerable additional cost to your home loan, which is why the benefit to legal professionals is worth considering.

What legal professionals are eligible for a LMI waiver?

Working barrister, lawyer, solicitor, or partner. Your profession must be on the list of accepted professions, we can assist you with this
Minor variations to the job titles above are acceptable As a general rule if you position mandates a practicing certificate you may qualify
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?

As per the Judiciary Act 1903, Judges and Australian Government Solicitors do not require a practising certificate which means that you may still be considered for an LMI waiver without the certificate.
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. However, you must also meet the minimum income requirement outlined above.

Checklist for lawyers or legal professionals looking for a mortgage

Waived Lenders Mortgage Insurance (LMI) for up to 90% of the property value, one lender will consider up to 95%

Lower, discounted interest rates

Borrow up to $2.7 million against a single property

Flexible credit criteria and potential to negotiate lower interest rate

Potential to establish the loan in the name of a trust or company

Income of $120,000 gross per year with ability to use rental income

Available to Lawyers, Barristers and Solicitors

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Are government lawyers accepted?

As per the Judiciary Act 1903, Judges and Australian Government Solicitors do not require a practising certificate which means that you may still be considered for an LMI waiver without the certificate.

What if I need to borrow less than 80% of the property value

Strong financial position that allows less than 80% of the property value can result in discounted interest rates and reduced fees. Depending on all circumstances, the saving in interest rates could be considerable. Our Mortgage Brokers can guide you on the potential benefits.

Why are some lenders waiving LMI for Lawyers?

As a respected legal professional, the risk of default on the loan has been very low based on historical information. Lenders Mortgage Insurance (LMI) as the name suggests, is predominantly required by the Lender to protect against mortgage default, hence why lenders are prepared to waive this for legal professionals.

What if I am purchasing a property with another person

Different lenders offer different discounts, and lawyers must meet the lending criteria. If you are purchasing a property with one or more other borrowers, you will need to hold at least 50% interest in the mortgaged property.

What lenders offer for lawyers and legal professionals

All major lenders offer specialised loans specifically for Lawyers, Barristers, Solicitors and other legal professionals.

Most other second and third tier lenders also offer similar products with varying levels of benefits that appeal individual clients based on their specific requirements.

Brisbane Home Loans Mortgage Brokers are professionally trained to find the right loan specific for your your needs.