Home loans for lawyers

Going through the home loan application process as a legal professional will generally be the same as it is for other professions. You’ll go through the same steps and process when applying for a home loan that any other applicant would.

That being said, as a legal professional, Our team of expert mortgage brokers can work with you to check your eligibility for certain lender deals and discounts, and find a lender that can help you maximise your borrowing capacity so you can buy a property.

As a lawyer or attorney you’ll have the same types of home loans available to apply for as any other eligible borrower, including:

• Fixed rate loans
• Variable rate loans
• Split rate loans
• Investment loans
• Construction loans.

Your eligibility for any given home loan product and the likelihood of receiving pre-approval (and final loan approval) will be largely determined by factors including:

• Your annual income and borrowing power
• Your desired loan amount and loan term
• Your credit history and employment status
• Your ability to show a history of genuine savings.

Lawyers and attorneys with a saved deposit of as little as 5-10% may be eligible for reduced home loan interest rates or waived LMI. However, this will depend on the lender and home loan product in question, along with the borrower’s financial situation.

Legal professionals looking for professional home loan benefits such as an LMI waiver or interest rate reduction will need to prove that they’re a qualified and practicing legal professional.

You’ll typically do this by showing evidence of membership in a relevant legal practice, law society or the Law Council of Australia. You could also be required to show a practicing certificate if you’re a self-employed legal professional.

If you’re a lawyer or attorney with a saved home loan deposit of 5% or more, certain lenders may offer to waive the LMI on your new home loan. This means you could avoid paying LMI with a loan-to-value ratio (LVR) of 95% or less.

Something worth keeping in mind, however, is that the larger your home loan deposit is, the smaller your home loan size will be. Subsequently, the larger your home loan deposit is, the smaller your weekly, fortnightly or monthly home loan repayments will be.

Even a small reduction to your regular repayments could save you a significant amount of money over the term of your home loan.

Qualified and practicing legal professionals may be eligible for an LMI-free home loan with a saved home loan deposit as small as 5-10%, and subsequently an LVR of as much as 90%.

If you’re a lawyer or attorney who ends up having to pay LMI as part of your home loan, it’s worth knowing how much you might stand to pay in LMI. Below are the LMI amounts you may pay as a first home buyer based on different property values and deposit amounts, regardless of your profession: