Home Loans for Lawyers
When it comes to securing a home loan in Australia, lawyers often have access to unique benefits, including Lenders Mortgage Insurance (LMI) waivers. LMI is typically required for buyers who are borrowing more than 80% of the property's value, but many lenders offer LMI waivers to professionals like lawyers due to their stable income, low default risk, and high earning potential. This means that qualified lawyers may be able to borrow up to 95% of a property's value without needing to pay for LMI, making homeownership more accessible and cost-effective. This article will explore the options available for lawyers seeking home loans in Australia, highlighting the advantages that come with their profession.
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Get Your Mortgage Approved
To get started on your journey of securing a home loan, fill in the form below, and an experienced mortgage broker will contact you about your personal situation. You can also call us directly on (02) 9188 9398.
Which Lenders Offer LMI Waivers for Lawyers?
Bank / Lender with LMI Waiver | Maximum LVR | Eligibility Criteria |
|---|---|---|
90% | ||
90% |
| |
90% |
| |
90% |
| |
95% |
| |
90% |
| |
90% |
| |
90% |
|
How Much Can Lawyers Borrow?
There are several options that you can choose from, which we explain below. Consider which is right for you depending on your personal situation.
Borrow up to 95% of the property value with NO LMI
One of our lenders can offer loans of up to 95% LVR without LMI, which is a very attractive option for lawyers. However, you can only borrow a maximum of $1 million, and there are strict eligibility requirements, as follows:
- Property must be a residential property in a Category 1 (metropolitan) or Category 2 (regional centre) location
- You need to have completed a university degree (can be from Australia or overseas)
- You need to be employed as a legal professional and cannot be on probation
- You need to show evidence of income for the last three years
- If you are self-employed, you need 2 years' of tax returns and full financials, including evidence of profit, and the ABN must be registered for a minimum of 2 years.
If you do not satisfy the criteria, or if you are otherwise not eligible for the 95% loan, you can consider borrowing 90% LVR from other lenders, as explained below.
Borrow up to 90% of the property value with NO LMI
This is one of the most popular options, as there are several lenders that can offer 90% LVR with LMI waived. As each lender has different criteria, the best way to check if you're eligible is to contact us, and we will assess your situation and provide you with the best loan choices for you.
In general, lenders require annual income of at least $120,000 (although we have one lender without a minimum requirement), evidence of your degree and industry membership, be currently practising in the legal profession, and satisfy the credit score requirements.
Borrow up to 105% of the property value
Using a guarantor on your mortgage allows you to borrow up to 105% of the value of your property, covering not only the property price but also associated costs like stamp duty and solicitor fees. This strategy is particularly beneficial for those who don't have a large deposit saved, as it enables you to get into the market without waiting years to save a deposit, as well as avoiding Lenders Mortgage Insurance (LMI).
However, while this option is appealing, it comes with significant risks, especially for the guarantor. If you default on the mortgage, your guarantor, typically your parents, could be held financially responsible for the loan, and their own property may be at risk if they cannot cover the repayments. It’s crucial to fully understand the responsibilities and risks before entering into a guarantor arrangement, ensuring that both you and your guarantor are financially secure and protected.
Which Lawyers are Eligible?
The following legal professionals are eligible for lawyer home loans:
- Solicitors
- Barristers
- Judges
- Magistrates
- Partners
If you are unsure whether you are eligible, contact us and we can help you with your situation. Even if you do not qualify for a lawyer home loan, we can help you find the best mortgage for your needs.
Important Info about
Home Loans for Lawyers
How Much Money Do I Save?
By waiving your LMI, you save tens of thousands of dollars, but the exact amount will depend on various factors including your loan amount and the LVR. We have found that most lawyers secure loans with 95% LVR, so we have included a table below with the estimated LMI savings based on different property values and 95% LVR.
Property Value | Loan Amount (95% LVR) | Lenders Mortgage Insurance Saved LMI Saved |
|---|---|---|
$500,000 | $475,000 | $15,752 |
$750,000 | $712,500 | $30,394 |
$1,000,000 | $950,000 | $38,739 |
$1,250,000 | $1,187,500 | $52,985 |
$1,500,000 | $1,425,000 | $63,724 |
$1,750,000 | $1,662,500 | $81,249 |
$2,000,000 | $1,900,000 | $92,967 |
$2,250,000 | $2,137,500 | $109,976 |
$2,500,000 | $2,375,000 | $122,286 |
$2,750,000 | $2,612,500 | $134,596 |
$3,000,000 | $2,850,000 | $146,906 |
$3,500,000 | $3,325,000 | $171,483 |
$4,000,000 | $3,800,000 | $195,980 |
$4,500,000 | $4,275,000 | $220,478 |
$5,000,000 | $4,750,000 | $244,975 |
We Help Lawyers with their
Home Loans
At Eden Emerald Mortgages, we deliver a superior lending experience by combining deep industry knowledge, effective communication, and genuine care, while helping lawyers buy property.
With over 40 years of collective expertise, our team offers competitive rates and a broad array of No LMI loan products through a strategic network of over 40+ lending partners for residential borrowers.
What We Offer
Why Choose
EE Mortgages?
Eden Emerald Mortgages is the #1 mortgage broker in Sydney, as rated by the Canberra Times. Our team specialises in mortgages for lawyers and we have particular expertise with high LVR loans with No LMI. We have been in business since 2007 and secured hundreds of loans for lawyers. We offer our friendly, personalised services and advice at no cost at all, with no obligation to continue with us.
Get in touch, and an expert will call you back
- We partner with over 40+ lenders to find you the best rates on your home loan, with up to 100% LVR and No LMI
- Receive free friendly and personalised support from our experienced team, with no obligation
- We have been in business for over 17 years and we know lawyer home loans better than anyone else
- 100% free service for clients with no hidden fees (we are paid a commission by the lender)
What Our Customers Say
Since Eden Emerald Mortgages began operations in 2007 we have helped thousands of Australians secure a mortgage. See what some of our satisfied customers say about us below.
Useful Calculators
Everyone's financial circumstances are different, which is why it is hard to know how much you can borrow or what price range to start house hunting. At Eden Emerald Mortgages, we offer free calculators that can assist you whether you are buying a new home or refinancing an existing property. Our most popular calculators are listed below, and you can see the full range of calculators here.
Frequently Asked Questions
Eden Emerald Mortgages does not charge any fees to you for using our services. We are paid a commission by the lender so that you don't have to pay anything. From your first call to the settlement date of your property, there are no costs involved!
If you would like to book a free appointment with us, simply call us on (02) 9188 9398 or leave us a message via the Contact Form.
Eden Emerald Mortgages has embraced technology, making it much more convenient for you to speak with us. We can communicate via phone, email and video call to eliminate the need for you to meet in person. If it is more convenient for you, we can complete the whole home loan process online.
EE Mortgages has access to more than 40+ lenders including the big 4 banks and various 2nd tier lenders. We have close relationships with our partners which enables us to negotiate the best rates for your home loan.
We pride ourselves on being efficient and quick with our services, and pre-approval can be received in 24 hours depending on the lender of choice. This is also dependant on whether you have all your documents in order. It is a good idea to allow up to 5 business days for pre-approval of your home loan.
We can help you determine your borrowing capacity after we ask you some questions and receive financial documents. In the meantime, you can estimate the amount you can borrow using our borrowing power calculator.
Speak to an Expert and
Get Your Mortgage Approved
To get started on your journey of securing a home loan, fill in the form below, and an experienced mortgage broker will contact you about your personal situation.
Contact Info
Address: Level 5, 20 Bond Street, Sydney, NSW, 2000, Australia
Phone: 02 9188 9398
Email: [email protected]
Shaun Bettman is an authorised credit representative (CRN 399434) of BLSSA Pty Ltd (Australian Credit License No. 391237)
Shaun Bettman is an authorised credit representative (CRN 399434) of BLSSA Pty Ltd (Australian Credit License No. 391237)
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