Specialist Legal Industry Home Loans

RECOGNISING THE EXPERTISE OF SOLICITORS & LEGAL PROFESSIONALS
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Legal Professionals May Be Able to Borrow up to 90% of a Purchase Price with No LMI.

Selected legal professionals are considered low risk by lenders, and they’re anxious to support your needs into the future. As such, they provide significnat industry discounts (without LMI) at very competitive rates.

Home Loans for Legal Professionals

If you want to buy a house and are looking for a home loan, you might want to consider Legal Professional home loans. A Legal Professional home loan is a special type of home loan that was designed specifically for lawyers and barristers. 

Legal professionals are in high demand, and they earn a good income. Therefore, they make a good candidate for a home loan, and banks trust that they will repay the loan fully and on time. Because of this, some banks offer special interest rates and discounts on legal professionals home loans. 

What are the benefits of  Legal Professionals home loan?

Home loans for Lawyers have two important benefits:

  1. Lenders Mortgage Insurance (LMI) waiver: since lawyers are typically low-risk borrowers, they can get an LMI waiver which can save them as much as $24,000 on a Lawyer home loan of $1 million.
  2. Special benefits: Lawyers & Barristers get special rates of interest and other discounts that other borrowers don’t get.

Why is the LMI waiver important?

LMI is a one-time fee that you have to pay upfront while buying a house if you cannot pay a 20% deposit. This can easily cost tens of thousands of dollars, depending on the price of the property you’re purchasing.

Some banks offer a 100% LMI waiver for lawyers and barristers and several lawyers make use of this feature to invest in multiple properties. They can build a large portfolio of investment properties by doing this since the deposit you have to pay for each property is reduced drastically.

This corresponds to a savings of $10,000 to $40,000, according to the price of the house you’re buying. Fetch Loans is among a small group of mortgage brokers authorized to provide this sort of loan to accounting professionals and other financial industry professionals.

Eligibility criteria for LMI waiver

The following are the key qualifying criteria for LMI waiver: 

  • Both buying and mortgage refinancing are permitted. 
  • You must make between $120,000 and $150,000 per year, including taxable and rental income. 
  • The maximum loan amount per collateral is $2.7 million (that is, the property price cannot exceed $3 million). This is usually restricted to $2 million for each asset. 
  • When acquiring several investment properties, the exposure limit is increased. 
  • Applicants must be lawyers, barristers or judges to qualify. 
  • It’s possible that proof of your qualification or industry affiliation will be requested
  • You must fulfil all of the usual loan requirements.

Professional eligibility criteria

As an Auditor, Finance Manager, or Actuary, you must be a member of one of these institutions to qualify for a 10% (only) deposit loan with no LMI fees: 

  • 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

Membership in one of these institutions shows lenders that you are a well-known professional in your industry.

What is the minimum income required for an LMI waiver?

To be eligible for an LMI waiver, you must earn a minimum income of $120,000 in WA, SA, NT, and TAS, and a minimum income of $150,000 in NSW, ACT, VIC, and QLD. This includes your rental income, but not your spouse’s income unless they are also a qualifying legal professional. 

If you don’t satisfy this income criterion, your total income must be at least $150,000 (including you, your spouse, and any rental income). This places you in the category of a high-income earner. 

LMI waiver without minimum income requirement

Because of the minimum income limit for a waived LMI mortgage for professionals, a large number of competent lawyers were unable to apply because their income fell below this level. 

One of our main lenders has removed the need for legal processionals to earn a certain amount of money to be eligible for an LMI waiver. 

As a legal professional, you must meet the following criteria to be eligible for no income-based LMI: 

  • No set amount of money must be earned to qualify. 
  • A single security can only be used to secure a loan of $2.7 million. You can buy or refinance a home worth up to $3 million.
  • You should own at least 50% of the house; for example, if there are two applicants, one of them is a legal professional and the other works in a different profession, the legal professional must own 50% of the mortgaged property.

Which professionals are eligible for an LMI waiver?

  • Barristers
  • Lawyers
  • Judges/Magistrates 

 

You must show proof of your degree or membership/fellowship in relevant institutions (e.g. Law Council of Australia). 

Is your field of work not listed? To find out if you qualify, speak with one of our specialists today.

What is accepted as proof of membership of qualifying institutions?

  • Any of the following types of proof are acceptable: 

    • Receipt for yearly membership payment 
    • A valid membership card 
    • The specified organization’s written confirmation 
    • Certificate of Practicing 

    An invoice and confirmation of payment from the appropriate governing organization, an online printout verifying current membership, or a current year’s certificate certifying current membership are all acceptable too.

Special benefits

  • You may not require an LMI waiver if you’re borrowing less than 80% of the total price of the property, or you may not qualify for an LMI waiver for another reason. In any case, we can offer you special benefits such as a reduced rate of interest on your loan amount.

    The discount will be determined by the following factors: 

    • The total amount of your loan. 
    • The amount you’re borrowing in proportion to the property’s value. 
    • Your membership in the profession, as well as your educational background. 

    All these discounts on a mortgage for professionals are evaluated on a case-to-case basis, and the exact nature of the discount or the rate of interest will vary.

How to apply for a professional home loan?

  • Wondering what home loans are available for legal professionals? Fill out an inquiry form or contact us at [insert number or email] to understand all the options available. 

    Our process is fairly simple and has only three steps! 

    All you have to do is get in touch with us and help us understand your situation and what you’re looking for. We will ask you for more details if needed. Then, you can relax while we find the most suitable loan options for you and work out all the details!

    Keep in mind that very few companies are authorized to offer LMI waivers. To ensure you get the best possible offer, including an LMI waiver and special benefits, get in touch with us now!

 

Download our 40-page First Home Buyer Guide to assist with your purchase journey.

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Frequently Asked Questions

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Various Home Loan Products

Your Mortgage Adviser will facilitate all finance arrangements. Listed are just a few of the
hundreds of mortgage products that will be made available to you.

Variable, P & I, Owner Occupied
Interest*
2.51%
Comparison*
2.53%
   
2.64%
2.65%
   
2.64%
2.68%
   
2.64%
2.69%
   
Fixed, P & I, Owner Occupied
Interest*
2.99%
Comparison*
2.64%
   
5.25%
3.05%
   
3.74%
3.24%
   
4.42%
3.34%
   
Variable, Interest Only, Owner Occupied
Interest*
3.04%
Comparison*
2.82%
   
3.29%
2.94%
   
3.24%
3.24%
   
3.29%
3.24%