What are the benefits of home loans for lawyers?
Lawyers, barristers and solicitors can qualify for the following discounts on their home loan:
- Waived LMI when borrowing up to 90 per cent of the property value
- Higher exposure limit when building an investment property portfolio
- Increased loan limit of $2.7 million against a single property
- Flexible lending criteria and negotiable interest rate discounts
- Ability to take out the loan in the name of a company or trust structure
Which banks offer discounted home loans to lawyers?
There are several lenders in Australia, including the Big 4, that offer home loans to lawyers. Specialist firms like Legal Home Loans also provide tailored financial solutions for law professionals such as investment and owner-occupied home loans as well as deals when refinancing.
Will I have access to any special benefits if I borrow less than 80 per cent?
You won’t be required to pay an LMI premium if you borrow less than 80 per cent of the property price. In such cases, you may be able to use your strong financial position to negotiate a lower interest rate and other discounts on your home loan. You can contact lenders directly or seek help from a mortgage broker to negotiate a competitive deal on your behalf.
Do lawyers also get special rates when refinancing?
It’s always good to revisit your home loan regularly to check how your interest rate stacks up against the market average. Suppose you meet the eligibility criteria for special home loans for lawyers.
In that case, you can refinance your home loan to a potentially lower rate or leverage your equity to undertake those pending renovations you’ve wanted to do. As a law professional, you can refinance up to 90 per cent of your property’s value and access an LMI waiver to use more of your equity.
Are judges and magistrates eligible for an LMI waiver?
In addition to lawyers, solicitors and barristers, judges and magistrates are also eligible for an LMI waiver with the same income requirements as laid down for other legal professionals. They must also provide evidence that their employment conditions prohibit them from holding a practising certificate.
Can lawyers working with the government apply for an LMI waiver?
Lawyers working for the federal or state government are eligible for the same benefits as private or self-employed lawyers. They are just required to meet the minimum income requirement of $120,000 per annum in WA, SA, NT and TAS and $150,000 per annum in NSW, ACT, VIC and QLD as well as other eligibility criteria.
Do I need a mortgage broker when applying for a home loan as a lawyer?
There is no requirement for you to work with a mortgage broker when getting a home loan unless you want to. Yet, if you do decide to work with a mortgage broker, you’ll simplify your home loan journey to a great extent through expert assistance from start to finish.
At the beginning of your home loan search, you might notice that lenders often don’t advertise the benefits offered to various professionals. A mortgage broker works with multiple lenders and is aware of the ongoing offers and deals. This knowledge can help you understand what you may be eligible for based on your profession and the state of your finances.
Besides LMI waivers and interest rate discounts, some lenders offer several other inclusions in professional home loan packages for legal professionals. These additional inclusions can increase savings you can make over the life of your home loan. A broker will help you understand these extras better and negotiate with lenders on your behalf for competitive home deals that meet your specific requirements. A broker will also arrange to meet with you at a time and place that is convenient for you. Which will save you the time and hassle of worrying about contacting individual lenders during work hours.
Ultimately, the decision to use a broker or apply for a home loan on your own, if you feel confident about the process, is up to you. If you want to work with a broker, fill out our short form to find a verified mortgage broker near you.
Talk to a broker about home loans for legal professionals