What discounts are available?

You may be eligible for special discounts on your home loan or flexible lending criteria when funding your legal practice or barristers chambers.

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.
  • You must be earning a minimum of $120,000 – $150,000 per annum*
  • Your home loan can be in the name of a company or trust structure.

*This includes your taxable income and rental income. It doesn’t include your spouse’s income.

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.

Do you earn enough to get waived LMI?

Waived LMI 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 per annum in WA, SA, NT and TAS and a minimum of $150,000 per annum 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.

If you don’t meet this income requirement, then your total income (including you, your spouse and any rental income) must be at least $150,000 or more. This classes you as a high income earner.

In addition to this, you can only borrow up to four times the total income.

For example, if you’re a lawyer that earns $180,000 per year, you can borrow as much as you can afford and be eligible for waived LMI.

However, if you earn $110,000 and your non-accountant partner earns $60,000, the couple can still get waived LMI as long as the home loan doesn’t exceed $680,000 i.e. $170,000 x 4.

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 $120,000 or $150,000 depending on your state or territory (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.

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

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.

  • Joel

    Is it possible to get waived LMI at over 90% LTV?

  • In order to qualify for a no LMI home loan, banks require that the LVR to be 90% or less. So if you want to get waived LMI at over 90% of the property value then you’ll need to look for other alternatives such as a guarantor or by using equity to help get a 20% deposit.

  • Hugo

    I want to refinance a 10 ha Cat 2 location property. I want a better rate and cash out as well.

  • Hello Hugo,

    We can help you with this. We’ll also need to know if it’s smaller or larger than 10 ha as that can result in varying policies. Please call 1300 889 743 to discuss with an expert mortgage broker.

  • SPencer

    If I fix my home loan, what would happen when the fixed rate period comes to an end?

  • Hello Spencer,
    If you don’t re-fix the rate then the bank will usually put you on the Bank Standard Variable rate (BSV) and hope that you don’t notice. Although generally, the bank will mail you a letter a month before the expiry of your fixed rate and offer you the chance to re-lock your rate. This is a good time to contact your mortgage broker to make sure that the rate you are being offered is competitive.

  • J Long

    I seem to have too many enquirires on my credit file so do I need to wait a while to apply?

  • Hey J,
    Well no because even if have multiple enquiries on your credit file, there are still some lenders that can help. On the flip side, you’ll have to provide a good explanation as well as cheque account statements, in order to prove which loans proceeded and which didn’t.

  • Charlize

    I’m a government lawyer and I’m part of the Australian Bar Association (ABA). I just went to this page and found out that we are eligible for a discount but there’s income threshold requirements and, sadly, my income seems insufficient to land me a discount. However, I own 2 rental properties with my partner and with the rental income, my income is more than the required $150,000. I believe the co-ownership of the property with my partner won’t be an issue or do the lenders want those properties to be in my sole ownership?

  • Hi Charlize,
    No, there would be no such restriction on the co-ownership of your investment properties. If your combined income along with the rental income is greater than $150,000 then there are few lenders who may be willing to give you a waived LMI home loan when borrowing up to 90% of the property value. You can call us on 1300 889 743 or fill in our free assessment form https://www.homeloanexperts.com.au/free-quote/ to find out more.

  • Zac

    What Lenders offer an LMI waiver for Lawyers with a household combined income over $150,000 per annum? Are they larger like Westpac, NAB or are they small unknown lenders?

  • Hi Zac,
    On our panel of lenders, there are a couple of major lenders and one mid-tier bank that offer LMI waiver for lawyers for up to 90% of the property value. Apart from the income requirement, each lender has their own specific requirements you must meet to qualify such as max loan, accreditation with relevant industry association, practising certificate etc. Please give us a call on 1300 889 743 or fill in our online enquiry:https://www.homeloanexperts.com.au/free-quote/ to discuss your lender options.

  • Zac

    And the income requirement can be combined income involving spouse to get it over the $150k threshold?

  • Hi Zac,

    The $150,000 income requirement for waived LMI does not include your spouse’s income unless they are also an eligible legal professional. Rental income from jointly owned properties can however, be included.

    To be clear, if you and your spouse’s income (including rental) exceed $150,000, you’ll be classed as a high income earner. As such, you can still borrow up to 4 times your total annual income and get the LMI waived. So, you can borrow upto $600,000 and get the LMI waived.