Which banks waive LMI for lawyers?

 

Home Loans for Lawyers

If you work in the legal industry, you may be entitled to lower interest rates, waived LMI, and higher borrowing capacity to build a property portfolio or finance your law firm.

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Why do lenders waive Lenders Mortgage Insurance for Lawyers?

LMI protects the bank against the borrower defaulting on their repayments.  Lawyers tend to have:

✅Low repayment default risk.

✅Steady employment with great industry demand trends.

How much can a lawyer save with waived LMI?

✅LMI is accrued when borrowing > 80% of the property value.

✅Example: Borrow 90% on a property worth $1,000,000.  LMI is $24,000.

 ✅Saving this LMI is how many legal professionals amass large property portfolios.

        - Waived LMI means they can continue to invest with lower savings.

        - Higher borrowing capacity for lawyers means they can buy more properties.

 Do I qualify for a Lawyers home loan?

You qualify for special rates and terms if you are a:

✅Lawyer

✅Barrister

✅Solicitor

✅Judge

        - Judges must provide evidence that their employment prohibits them from holding a 

           practicing certificate.

✅Members of a legal association must provide: membership card, annual payment receipt, written confirmation from the association, or a practicing certificate.

        - Law society NSW

        - Law council of Australia

        - Queensland Law Society

        - Law society of South Australia

        - Law institute of Victoria

        - Australian corporate lawyers association

        - Australian labour law association

        - Australian insurance law association

        - Commercial law association of Australia

Is there any difference to a normal home loan?

✅Lower interest rates.

✅Waived Lenders Mortgage Insurance up to 90% of property value.

✅Higher borrowing capacity when building an investment portfolio.

✅Good finance criteria when financing your law firm.

✅Can be in a company or trust name structure.

Borrowing criteria

✅Borrow < $2,700,000 for a single dwelling. 

        - That means you can purchase a property up to $3,000,000.

✅Income more than $120,000 for WA, NT, SA & TAS states.

✅Income more than $150,000 for NSW, QLD & VIC states.

        - Includes rental income.

        - Cannot include spouses or defacto income.

✅If you don't meet income criteria, then add spouses income to qualify.

        - This will qualify you for waived LMI.

        - Combined must be > $150,000.

        - The legal professional MUST have 50% or more interest in the property to qualify.

        - EG: Lawyer must own 50% & the accountant wife can own 50%.

✅Maximum total exposure limit is $7,000,000.

        - Funding your property portfolio is split between different lenders.

        - EG: Spouse 'may' own the property for tax reasons, but the loan must be in both names.

Why would I use a mortgage broker?

✅Lenders do not typically offer or advertise these benefits unless asked.  

✅Know which lenders to approach for waived LMI.

✅Tailored home loan packages negotiated by the broker.

I'm here if you need me.  
No fee service.

Enquire now

Matthew Stack

matthew@mortgagebrokerrevesby.com.au

www.mortgagebrokerrevesby.com.au

0423 237 242