Home Loan For Lawyers

Lawyers and other eligible legal professionals may qualify for a home loan of up to 90% of the property value without paying Lenders Mortgage Insurance (LMI).

The savings become substantial on higher-value properties. For example, the current page estimate puts LMI at about $24,000 on a $1 million property with a 90% loan. Eligibility matters as much as your profession.

Lenders assess your occupation, employment history, income, credit profile and, in some cases, professional membership before granting the waiver.

What Is The Minimum Income Required For Waived LMI For Lawyers?

The minimum income depends on the lender. One lender on our panel has no minimum income requirement for eligible legal professionals. Other lenders on our panel require annual income of about $100,000 to $120,000.This distinction matters for lawyers who meet the occupation requirements but fall below another lender’s professional-package income threshold. A lower income does not automatically rule out an LMI waiver if a lender with different eligibility rules accepts the application.

No Minimum Income Required

A lender on our panel offers an LMI waiver for eligible legal professionals without setting a minimum income threshold. Under the policy described on this page:

• The maximum loan size for a single property is $3.6 million, allowing a purchase or refinance of a property worth up to $4 million at 90% LVR.
• The maximum exposure per borrower is $7 million, increased from $5 million.

The absence of a minimum income requirement does not remove the lender’s serviceability assessment. Your accepted income still needs to support the requested loan after the lender accounts for debts, expenses and its assessment criteria.

Which Lenders Offer LMI Waivers For Legal Professionals?

LMI-waiver policies for lawyers differ between lenders. The differences include maximum LVR, income requirements, eligible occupations, professional-membership requirements, property restrictions and maximum loan size.

For this reason, comparing only the headline “no LMI” offer does not give you the full picture. A policy offering a higher LVR may have tighter employment or property rules, while another lender may accept a broader range of applicants at a lower LVR.

Our assessment tool helps identify lender options that match your circumstances and estimate the LMI saving attached to your proposed loan.

What Legal Professionals Are Eligible For LMI Waiver?

Eligible occupations commonly include:

• Lawyers
• Solicitors
• Barristers
• Partners in legal practices

Job titles do not always match a lender’s occupation list exactly. Titles such as Associate or Legal Counsel are usually considered where the applicant’s duties and qualifications establish that they work as a legal professional. This is an area where the wording on an employment contract or payslip matters. A lender may need evidence of your actual legal role rather than relying on the job title alone.

Australian Government Solicitor employees and judges do not require a Practising Certificate under the Judiciary Act 1903. They may still be considered for a legal-professional LMI waiver without providing one.

Are Judges And Magistrates Eligible For Waived LMI?

Judges and magistrates may qualify for an LMI waiver where they provide evidence that the conditions of their employment prohibit them from holding a Practising Certificate. A lender on our panel also offers a legal-professional LMI waiver without a minimum income requirement.The documentation requirement is important here. A missing Practising Certificate does not necessarily make the occupation ineligible if the lender accepts alternative evidence explaining why the applicant does not hold one.

Are Government Lawyers Accepted?

Yes. State and federal government lawyers are eligible for professional home-loan discounts under the lender policies described on this page. They may receive the same LMI-waiver treatment as lawyers working in private practice or operating their own legal business, subject to the lender’s other lending criteria. A lender on our panel has no minimum income requirement for eligible government lawyers.

Do Lawyers Need To Be Members Of A Legal Association To Get Waived LMI?

Some lenders require professional association membership before granting an LMI waiver. Others accept evidence of your legal qualifications or current practice instead. Associations accepted by some lenders include:

• Law Society of NSW
• Law Institute of Victoria
• Law Council of Australia
• Queensland Law Society
• Australian Bar Association
• Law Society of South Australia
• Australian Labour Law Association
• Australian Insurance Law Association
• Commercial Law Association of Australia
• Australian Corporate Lawyers Association

Other professional bodies are assessed case by case. Several lenders on our panel do not require proof of association membership. They instead require evidence such as your degree or proof that you currently practise as a legal professional.This difference is worth checking before applying. A lawyer who fails one lender’s membership requirement may fit another lender’s professional policy using different evidence.

What Documents Count As Proof Of Legal Association Membership?

Depending on the lender, acceptable evidence includes:

• A current membership card.
• A current Practising Certificate.
• Written confirmation from the relevant association.
• A receipt showing payment of your annual membership fee.

The document must satisfy the lender’s professional-eligibility requirements at the time of application.

Are You Looking For A Home Loan?

Eligible legal professionals may qualify for waived LMI, higher-LVR lending and professional interest-rate discounts. The policy that suits you depends on more than your job title. Loan size, income, employment history, property location, credit profile and professional evidence all affect which lender options are available.

Call Home Loan Experts on 1300 889 743 or complete our free assessment form to find out which legal-professional home-loan policies fit your application.