If You’re A Legal Professional,

You are eligible for some fantastic benefits on your next mortgage. 

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What’s on offer? 

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Avoid Lenders Mortgage Insurance (LMI)  

You can borrow at a higher loan-to-value ratio than the general public without having to pay LMI. While most people can only borrow 80% of the property value, legal professionals can borrow 90%. Avoiding LMI means you can save tens of thousands of dollars.  

 

Discounted Interest Rates 

As we know, lenders add a premium to interest rates for risky borrowers. Legal professionals are known for their reliability, job security and are generally less risky to lend to. Because of this, we can negotiate a discount on your interest rate for the life of the loan.  

 

Fee-Free Mortgage 

For home loans above $500,000, you could qualify for an annual fee waiver. This knocks the comparison rate down and could save you a significant amount over the life of the mortgage.  

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Cashback 

When you refinance or take out a new mortgage, you could be eligible to receive up to $3,000 cashback (and up to $6,000 with two properties). That’s cash straight in your bank account for you to spend as you please.  

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How do I qualify? 

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Hold Appropriate Job Title  

First and foremost, you must be working as a legal professional. While this list is not exhaustive or exact, your job title should be closely aligned to the following: 

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• Lawyer 

• Solicitor 

• Barrister 

• Partner 

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Don’t worry if your job title varies to this list; we can present your situation to the lender to check if you qualify.

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Provide Practising Certificate : 

You’ll need to provide a current practicing certificate, proving you are permitted to practice in your jurisdiction. 

  

If you are a lawyer or solicitor, you must hold a current practicing certificate from one of the following: 

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• Victorian Legal Services Board 

• Law Society of the Australian Capital Territory 

• Law Society of New South Wales 

• Law Society of Northern Territory 

• Law Society of Queensland 

• Law Society of South Australia 

• Law Society of Tasmania 

• Legal Practice Board of Western Australia 

 

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If you are a barrister, you must hold a current practicing certificate from one of the following: 

  

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• Victorian Bar 

• ACT Bar Association 

• New South Wales Bar Association 

• Northern Territory Bar Association 

• Bar Association of Queensland 

• South Australian Bar Association 

• Tasmanian Bar Association 

• Western Australian Bar Association 

  

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Income and Financial Requirements :

To qualify for the LMI waiver, if you’re a PAYG employee your income must be enough to service the mortgage — this amount can include rental income and your spouse’s income.  

 

If you are self-employed, you only need financial statements for one year rather than using your last two years of income tax returns. This is especially important for legal professionals who have recently gone out on their own or had a less profitable year of business due to COVID-19 or other factors.  

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Majority Ownership:

If you are purchasing or refinancing a jointly owned property (commonly with a spouse), you must have at least equal property ownership to qualify. When buying with a spouse, the ownership split is commonly 50% each. Equal ownership meets the eligibility criteria for the LMI waiver. If you are purchasing or refinancing a property with more than one other person, you must hold the largest share or equal largest share.  

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Identify Savings Opportunities: 

As you would be well aware, an interest rate discount or LMI waiver could significantly boost your financial position.  

 

Current Mortgage 

If you currently have a home loan, we’d love to help you identify savings opportunities. If you’re looking to access a large amount of equity or reduce your repayment amount, we can help! Contact us to discover your personalized rate discount or discuss releasing equity while avoiding LMI.  

 

New Mortgage 

If purchasing a home or investment property is on the radar for you, we can help you save significantly with these home loan offers for legal professionals.  

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These exclusive mortgage deals for legal professionals, paired with an optimally structured finance solution, have the potential to make a massive difference to your lifestyle. Let’s crunch the numbers together and discover what impact these deals can make on your situation. 

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