Home Loan With Advantages to Lawyers, Barristers & Solicitors

As a lawyer, you may be eligible for exclusive discounts when applying for a home loan for lawyers. Lawyers are considered low-risk borrowers due to stable career prospects, high income, and a low default rate on mortgage loans for lawyers.

These factors make you eligible for a home loan for a lawyer with just a 10% deposit without needing to pay Lenders Mortgage Insurance (LMI) or requiring a parental guarantor.

Advantages exist for both owner-occupier and investment professional home loans for lawyers, with additional benefits such as fee waivers on your housing 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 on home mortgages of lawyer
Borrow up to $2.7 million against a single property.
Flexible credit criteria and potential to negotiate lower interest rates on mortgage loans for lawyers
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 their taxable income was a minimum of $120,000 last year and will need a copy of the practising 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 housing loan lawyer benefits like 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 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 for a lawyer 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 a deposit on an investment loan.
The home loan lawyer refinancing option lets you tap into surplus cash as a deposit for a new investment property. If the total amount of the combined properties is less than $2 million, you will qualify for an LMI waiver.
Our mortgage loans for lawyers specialists can swiftly calculate your position and advise you on how to maximise these opportunities for legal professionals.

Should I go directly to a Bank or via a Mortgage Broker?

While banks can offer home mortgage lawyer packages, mortgage brokers are specialists with access to a wider range of products tailored to home loan lawyer requirements. Brokers also understand the unique needs of legal professionals and can secure better deals than individual bank representatives.
Over 70% of lending in Australia happens through brokers, and lawyers benefit greatly from brokers' expertise in finding the right home loan for lawyers among a variety of 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?

Many lenders offering professional home loans for lawyers will require evidence of membership with organisations like:

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 an insurance fee lenders require from borrowers when borrowing more than 80% of the property's value.
For legal professionals, home loan lawyer deals often come with an LMI waiver, reducing overall loan costs significantly.
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 a considerable additional fee on your home loan, which is why the benefit to legal professionals is worth considering.

What legal professionals are eligible for an LMI waiver?

Be it a working barrister, lawyer, solicitor, or partner, your profession must be on the list of accepted professions to assist you with a home loan for lawyers and an LMI waiver.
Minor variations to these job titles are acceptable. As a general rule, if your position mandates a practising certificate, you may qualify for mortgage loans for lawyers that include an LMI waiver.
Under the Judiciary Act 1903, Australian Government Solicitor employees and judges do not require a practising certificate, so you can still be considered for a home loan for a lawyer with a waived LMI.

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 they may still be eligible for a professional home loan for lawyers with a waived LMI.
Judges and magistrates are also eligible for an LMI waiver if they can provide evidence that one of the conditions of their employment prohibits them from holding a practising certificate. However, they must also meet the minimum income requirements for a housing loan lawyer or home mortgage lawyer 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.

Location Details

Brisbane Home Loans

ADDRESS

20/357 Gympie Rd, Strathpine QLD 4500

PHONE

07 3889 9250

MAIL

connect@brisbanehl.com.au

APPOINTMENT

Monday - Friday