Are you a lawyer and legal professional looking to buy a property?
Loanscope is a mortgage broking service for lawyers that can help you access exclusive home loan deals, enjoy low rates and borrow up to 90% of the property value with the Lenders Mortgage Insurance (LMI) waived.
The finance industry does treat lawyers as special – if you know what to look for and how to negotiate. Here are some mortgage-busting opportunities for legal professionals that we can offer advice on.
LMI waiver for lawyers
With some lenders, you may be able to borrow up to 90% of the property value (90% LVR) with no LMI.
Maximise borrowing capacity
As a legal professional, you might also be able to borrow unsecured funds and get a self-employed home loan for residential or commercial purposes.
Special discounts on interest rates
Other low risk borrower benefits are special discounts and low interest rates on legal home loans.
Special loan packages
Many lenders offer customised lawyer loan packages that cater to legal professionals' unique situations and needs.
How do home loans for legal professionals work?
The process of getting a home loan with the specific advantages that come with your profession starts with asking the right information.
Contact us for a free assessment of your situation. We will help you find out how much you can afford to borrow, what your monthly repayments would be and determine which lenders are a good fit for you.
We will organise your pre-approval when you are ready to buy. You will know your borrowing limits and can concentrate on finding a great place to live in. If you have time to prepare, check out how much you can borrow or what deposit you need with our affordability calculator.
Apply for a home loan. At this step you’ll seal the deal and get the doctors’ deals and special rates and discounts
Secure your property
What types of legal professionals have access to special home loans?
To qualify for special legal mortgage loan rates, you need to be working in one of these professions:
- Australian Government Solicitor
Your profession is so well known for your hard work and responsibility, that certain financial institutions consider you to be low risk borrowers – and are ready to make you some very special offers.
Do you need to be an association member to qualify for lawyer home loans?
Some lenders will require you to be a member, and some will only require evidence that you are practising. Common industry associations are:
- 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
LMI Waiver for Lawyers
Lawyers, barristers and solicitors are special people – and the finance industry knows it. Because of their low-risk and their high salary bracket, they all qualify for discounted rates and no LMI.
Many lenders offer Lenders Mortgage Insurance waivers for a home or investment loan of up to 90% LVR.
Other legal professionals’ applications are considered on a case-to-case basis. Your mortgage broker can help.
Trusted Mortgage Brokers Supporting Australians with Loans
How much could a lawyer save on LMI premiums?
For example, the LMI on a $900,000 loan for a $1 million property purchase is currently $25,072 with one of the big 4 banks! With no LMI for lawyers, you can save a lot of money.
|Property value||LMI premium saved||Deposit amount|
|$600,000||$10,140||$60,000 + Gov costs|
|$1,000,000||$21,265||$100,000 + Gov costs|
|$1,500,000||$$41,510||$150,000 + Gov costs|
|$2,000,000||$58,132||$200,000 + Gov costs|
How difficult is a home loan application for legal professionals?
The application for professional home loans for lawyers is very complex. Because each situation is unique, there are a lot of mortgage options and your income structure might be complicated.
Where do you find the time, energy and headspace to research “home loans for legal professionals” while you run a growing law practice? How would you even know to search for special deals such as Lenders Mortgage Insurance Waivers in the first place?
And do you have the time to develop the skills and specialist knowledge to understand which mortgages and finance options are best suited to the complex structures you use to protect your future in Trusts, SMSFs and other vehicles?
As a professional yourself, you know the value of real expertise and deep experience.
Loanscope can help with a lawyer mortgage
Choosing the right home loan for your financial future is all about detail and planning.
As a specialised mortgage broker for home loans for lawyers and legal professionals, at Loanscope we take the time to help you with expert advice tailored to your specific situation and goals and help you find the right property at the best deal.
- We offer after-hours, mobile, flexible appointments
- We know the industry
- We have a background in finance
- Have access to 30+ lenders (major banks, non-bank lenders and non-conforming lenders)
- We know which banks waive LMI for lawyers
- We can access special deals and tailor them accordingly
- Partners in law firms might have a complicated income structure and we are the right team to present it to lenders in the correct light
- We work for you, not the bank
Frequently Asked Questions
Why banks give lawyers special treatment when getting a home loan
Whether running their own practice or employed in public or private practice, lawyers get special treatment from banks and other lenders because they are considered low-risk borrowers.
But to get access to a special mortgage, lawyers should work with a broker specialising in legal home loans.
What is Lender’s Mortgage Insurance (LMI)?
LMI is a one-time fee paid to a lender. This fee protects the lender from any losses in the event of default. Usually, LMI is paid if the deposit is less than 20% of the property value.
Can banks waive LMI?
Yes, banks can waive LMI for a property loan.
Which banks waive LMI for lawyers?
Several banks offer no LMI for lawyers, including Auswide, Bank of Melbourne, St.George and Westpac.
However, when it comes to securing the best home loan for lawyers, there is no best bank. A specialist mortgage broker can help you find the right lender and mortgage for you.
What professions can have LMI waived?
Lenders may waive LMI for highly-qualified professionals, such as doctors, lawyers, accountants and engineers
Get in Touch
As your local Melbourne broker for Mortgage,
we can come to you during or after hours.
We also have an office conveniently located in St Kilda Road.
Speak directly to an experienced mortgage broker today.
Suite 721 (Lev7)
St Kilda Rd Towers
1 Queens Road
Melbourne Vic 3004
Loanscope Pty Ltd
Australian Credit License 541487
ACN 636 885 142 ABN 34 636 885 142