Do I qualify?
You can qualify for home loan benefits as a legal professional if:
- You are currently practicing as a lawyer, solicitor, barrister or partner.
- Your profession is on the lender’s list of acceptable professionals.
- You can provide evidence of your degree and industry membership.
You are earning between $100,000 and $150,000*.
(This includes your taxable income and rental income. It doesn’t include your spouse’s income.)
Note: there is no minimum income required with one of our lenders.
- Your credit history, employment and asset position are within standard bank policy.
- The maximum loan size against a single security is $3.6 million.
Are government lawyers accepted?
Both state and federal government lawyers are eligible for the same discounts as privately employed lawyers or running their own businesses. The only condition is that the minimum income threshold is met.
Do I need to be a member of an industry association?
Some lenders will require you to be a member of:
- 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
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Some other industry bodies are accepted on a case-by-case basis. Several of our lenders do not require evidence of your membership; however, they will require a copy of your degree or evidence that you are currently practising for access to special discounts.
What’s an acceptable form of evidence of membership?
An acceptable form of evidence is either a:
- Receipt for payment of annual membership
- Current valid membership card
- Written confirmation from the listed association
- Practicing certificate
Frequently Asked Questions
What if my spouse owns my properties?
It’s common for legal professionals to own their assets in the name of their husband or wife to avoid putting them at risk if they are sued, or their business is liquidated. Our lenders can consider approving your loan if your home is owned by your spouse and the home loan is in both of your names. Investment properties are also considered on a case-by-case basis.
If I borrow less than 80%, do I get any special benefits?
Since you’re in a strong financial position, our mortgage brokers may be able to negotiate a more competitive interest rate and discounts on your home loan.
Is LMI waived when refinancing?
Yes, you can refinance up to 90% of the property value with no LMI, allowing you to access more equity to build a property portfolio.
Can a permanent resident get waived LMI?
Yes, a permanent resident can get waived LMI if they hold a 457 or 482 visa and their occupation is listed on the Medium and Long Term Strategic Skills List (MLTSSL). The borrower must fulfil the other requirements to be eligible for an LMI waiver.
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