Last Updated: 21st January, 2018

Why Should Lawyers Use A Mortgage Broker?

Published by Otto Dargan on July 22, 2015

As a lawyer, do you know much about what mortgage brokers do? You should!

They’re professionals that know how to save lawyers, solicitors and barristers thousands of dollars on their home loan.

The reason is that banks consider legal professionals to be low risk borrowers because they tend to have good incomes and have a strong track record of paying their loans on time.

What it means for people in the legal industry is:

  • Heavily reduced interest rates that are way below the bank’s standard variable rate.
  • Increased borrowing power so you can buy the property you really want.
  • Waived Lenders Mortgage Insurance (LMI), a one off fee usually charged when borrowing more than 80% of the property’s purchase price.

These offers aren’t generally advertised by banks so this is where mortgage brokers come in.

They understand credit policy and know how to build a strong case so they can get you the maximum discount based on your situation.

How much can you save by avoiding LMI?

LMI can amount to more than $20,000 for a million dollar property, so you could actually save thousands of dollars.

Is there a property that you already have your eye on? Try the LMI Calculator to see how much in LMI you could potentially save with these exclusive discounts.

What else can you get?

Apart from these discounts, a specialist mortgage broker with good relationships with lenders can get you:

  • A competitive commercial loan so you can purchase and fit-out your own solicitors or barristers chambers.
  • Higher exposure limits meaning you can borrow more to purchase multiple investment properties.

What do you need to do?

As long as you’re a qualified lawyer, barrister and solicitor, and you’re a member of one of the following associations, you should be in with a good chance to qualify for reduced interest rates and waived LMI:

  • 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.

Get in touch with one of our mortgage brokers and we can tell you what you need to do to qualify for these home loan discounts.

Call 1300 889 743 or complete our free assessment form today.