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Home Loan Discounts For Lawyers

Legal professionals are great borrowers and the banks know it!

That’s why you may be eligible for special discounts on your home loan or flexible lending criteria when funding your legal practice.

What discounts are available?

Lawyers, solicitors and barristers can all qualify for special discounts on their home loan. Other legal professionals are considered on a case by case basis.

  • Negotiated interest rate discounts.
  • Waived Lenders Mortgage Insurance (LMI).
  • Higher exposure limits when purchasing multiple investment properties.
  • Flexible credit criteria when financing your legal practice.

Speak to our mortgage brokers by calling 1300 889 743 or fill in our free assessment form to find out if you can qualify for a professional discount.

Why do lawyers get special discounts?

Legal professionals such as barristers, lawyers and solicitors are known to be low risk borrowers with high incomes.

Newly-graduated legal professionals often have great career prospects and will soon be on higher incomes. In cases like this, we can sometimes get approval from one of our lenders for a discount now on the basis that you will likely be a long term client of the bank.

How large are the interest rate discounts?

The size of the discount that we can get you will depend on which industry associations you are a member of, your income and the size of your loan.

You’d be surprised what we can do.

How much can I save with waived LMI?

Normally if you borrow over 80% of the property value then the lender will charge you a fee known as LMI. This can be quite expensive and works out to be around $24,000 for a 90% loan on a $1,000,000 property.

But what if you could have it waived?

One of our lenders can consider waiving LMI for legal professionals if they meet certain criteria:

  • Your income must be over $150,000 (including rent income, some exceptions apply).
  • Your loan must not exceed 90% of the property value (90% LVR).
  • 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.

Speak to our mortgage brokers by calling 1300 889 743 or fill in our free assessment form to find out if you can qualify for a professional discount.

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.

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

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 in order to get access to special discounts.

Are government lawyers accepted?

Both state and federal government lawyers are eligible for the same discounts as lawyers that are privately employed or running their own business.

However many government lawyers do not meet the income requirement for no LMI loans. Please contact us for more information as you may still be eligible for an interest rate discount.

Apply for a mortgage

Do you qualify for a discounted interest rate or waived LMI?

Give us a call on 1300 889 743 or fill in our free assessment form to find out more.

  • Rachet

    I want to get a no LMI home loan and I do believe that I can qualify as per your requirements stated above, but I am in a weird situation right now so I need help.

  • Hi Rachet, we’ll need your full details to identify what exactly the banks would consider credit issues and how to present your application to the bank so you can get a no LMI home loan despite a possibly complex situation. Please call us on 1300 889 743 to discuss it with one of our expert mortgage brokers who specialise in waived LMI for lawyers.