Do solicitors qualify for waived LMI home loans?

Any general questions you might have in regards to loans and finance.
Charlie Day
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Joined: Thu Feb 28, 2019 11:44 am

Do solicitors qualify for waived LMI home loans?

Postby Charlie Day » Thu Feb 28, 2019 11:46 am

Hi, I’m a solicitor with a regional law firm here in Brisbane QLD. How much does one have to earn to qualify for waived LMI home loans?

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Otto Dargan
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Re: Do solicitors qualify for waived LMI home loans?

Postby Otto Dargan » Thu Feb 28, 2019 12:52 pm

Hello Charlie Day. Welcome to the forums.

Waived LMI home loan for lawyers, barristers and other select legal professionals is only offered by a few lenders, each with their own strict income requirements.

Generally speaking, you must be earning a minimum of $120,000 p.a in WA, SA, NT and TAS and a minimum of $150,000 p.a in NSW, ACT, VIC and QLD in order to qualify.

This can include your rental income but cannot include the income of your spouse unless they are also an eligible legal professional.

Bear in mind, these eligibility requirements change infrequently so it's best to act fast if you're looking to purchase a property.

Speak with one of our specialist mortgage brokers today by calling 1300 889 743 or fill in our free assessment form to find out for sure if you qualify for a no LMI home loan.

Cheers,
Otto Dargan
Mortgage Broker
P | 1300 889 743
Home Loan Experts

Charlie Day
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Joined: Thu Feb 28, 2019 11:44 am

Re: Do solicitors qualify for waived LMI home loans?

Postby Charlie Day » Thu Feb 28, 2019 3:04 pm

How much can I save with waived LMI? How do I calculate LMI?

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Otto Dargan
Mortgage Specialist
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Joined: Sat Sep 06, 2008 5:55 pm
Location: Sydney, Australia
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Re: Do solicitors qualify for waived LMI home loans?

Postby Otto Dargan » Thu Feb 28, 2019 3:49 pm

Hi Charlie Day,

Lenders Mortgage Insurance (LMI) is generally charged when borrowing over 80% of the property value. They can be quite expensive i.e for a 90% loan on a $ 1 million dollar property LMI will be around $24,000.

Please use our LMI calculator to work out exactly how much you can save by avoiding LMI altogether.

Cheers,
Otto Dargan
Mortgage Broker
P | 1300 889 743
Home Loan Experts

Charlie Day
Posts: 3
Joined: Thu Feb 28, 2019 11:44 am

Re: Do solicitors qualify for waived LMI home loans?

Postby Charlie Day » Thu Feb 28, 2019 5:05 pm

While I’m aware of discounts and waived LMI home loans available for legal professionals, I’m not quite sure if I qualify.
What’s the fine print here? What are the qualifying criteria?

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Otto Dargan
Mortgage Specialist
Posts: 7391
Joined: Sat Sep 06, 2008 5:55 pm
Location: Sydney, Australia
Contact:

Re: Do solicitors qualify for waived LMI home loans?

Postby Otto Dargan » Thu Feb 28, 2019 6:21 pm

Hi Charlie Day,

Different lenders have different criteria for no LMI home loans for legal professionals but generally:

  • Your income must be $120,000 or $150,000 depending on your state or territory (including rental income, some exceptions apply).
  • Your loan must not exceed 90% of the property value (90% Loan to Value Ratio).
  • You must provide a current Practising Certificate for your state or territory.
  • Your credit history, employment and asset position must be within standard bank policy.

Australian Government solicitor employees and judges don’t require a Practising Certificate under the Judiciary Act 1903 so you can still be considered for waived LMI without this certificate.

We are waived LMI home loan specialists.
Give us a call on 1300 889 743 or fill in our free assessment form to find out if you qualify for a professional discount.

Cheers,
Otto Dargan
Mortgage Broker
P | 1300 889 743
Home Loan Experts


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