Home Loans for lawyers
So, you’re a lawyer in Australia eyeing a new home, planning to refinance your existing property or looking to expand your portfolio?
We know the effort it takes to build a successful legal career, and as a lawyer, you’re in a great position to access home loan options designed specifically for your profession.
These loans cater specifically to legal professionals for various needs, including:
- Purchasing a home or investment property
- Refinancing
- Construction
- Renovations
- Accessing equity for other lifestyle or financial goals
Partnering with an expert mortgage broker ensures you receive the right advice for your financial and lending situation while accessing products specifically tailored to your needs.
Let us help you unlock the benefits your profession offers and secure the loan that’s right for you on your journey of wealth creation!
Are you interested to learn more? Read on below or book a personalised strategic mortgage broking review with our team today.
Specialised Home Loan Options for Legal Professionals
These tailored options are designed to accommodate the unique needs of legal practitioners, recognising the stability and earning potential that comes with your career. Banks and lenders appreciate the financial stability that lawyers typically bring, translating this into more favourable mortgage terms and conditions.
Many banks offer special home loan packages exclusively for lawyers.
The reason? Legal professionals are seen as low-risk borrowers due to their stable income and career longevity. This perception allows lenders to extend more attractive offers, knowing that the risk of default is minimal.
What are the Benefits of Lawyer Home Loans?
Competitive interest rates: Legal professionals often enjoy access to highly favourable rates not available to the public, leading to significant savings over the lifetime of the loan.
Flexible loan terms: Tailored repayment options designed to suit the unique financial situations and long-term goals of lawyers and legal professionals.
Higher borrowing limits: Lenders recognise the earning stability and growth potential of lawyers, offering higher loan amounts to support the purchase of substantial properties or investments.
Lenders mortgage insurance (LMI) waiver: Many banks waive LMI, reducing upfront costs and making the loan process more affordable.
Lower deposit requirements: Legal professionals can often enter the property market sooner, thanks to reduced deposit thresholds.
Purchase a home sooner: Take advantage of specialist mortgage solutions designed for lawyers to fast-track your homeownership journey.
Access equity to start or expand your portfolio: Unlock the value in your existing property to invest in new opportunities and grow your wealth.
Overall, the benefits of lawyer home loans are designed to complement your professional standing and financial capacity, making them a smart choice for those in the legal field.
Find out if you qualify for these benefits today!
Book a free personalised strategic mortgage broking consultation with a member of our team today.
Reduce Your Deposit and Avoid Paying Lenders Mortgage Insurance (LMI)
Borrow Up to 90% of the Property Value with Waived LMI
Several lenders allow specialist home loans with a reduced deposit requirement of only 10% for lawyers, enabling you to borrow 90% of the property value and step into the property market sooner than you might have expected.
We assist legal professionals in purchasing a home with a low deposit while avoiding LMI.
Lenders often extend this waiver to lawyers, saving you a significant upfront cost.
LMI can typically add thousands to your initial purchase expenses, so avoiding it can lead to substantial savings.
Borrow Up to 95% of the Property Value with Waived LMI
In certain cases, lenders may be willing to lend up to 95% of the property’s value to borrowers who are considered low-risk. However, specific criteria and exclusions apply.
Eligibility Requirements:
- The property must be classified as standard residential security.
- It must be located in one of the approved Low Risk LMI Waiver Policy locations.
- The security value for houses, townhouses, and duplexes must not exceed the specified limits.
Loans not eligible for 95% waived LMI:
- Construction loans or loans with progressive drawdowns.
- Loans secured against vacant land.
- Loans or securities held in a company name or involving a trust.
- Loans involving a servicing or security guarantor.
- Bridging loans, whether for peak bridging debt or the residual loan.
Are you interested to learn more? Read on below or book a personalised strategic mortgage broking review with our team today.
Who Is Eligible for an LMI Waiver as a Legal Professional?
Several legal professionals qualify for home loans with lenders mortgage insurance (LMI) waivers, including:
- Solicitors
- Barristers
- Judges
- Magistrates
- Partners
Job titles may vary slightly, so minor differences are generally accepted. For instance, you may work under titles like “Associate” or “Legal Counsel” and still qualify for a lawyer home loan.
Other Eligibility Criteria
Industry body membership: Some lenders may require proof of membership in a recognised legal industry body.
Practising certificate: A current practicing certificate may be required, although employees and judges within the Australian Government Solicitor are often exempt.
Minimum income: Some lenders require a minimum annual income of $100,000 to $150,000, which may include rental income from investment properties.
Employment status: You must currently be employed as a legal professional or qualified lawyer to qualify.
What Documents do I Need to Provide for a Lawyer Home Loan?
Applying for a lawyer home loan requires specific documentation to verify your financial and professional status.
- Evidence of industry body membership.
- A current practicing certificate – Employees and judges within the Australian Government Solicitor don’t need to provide this.
- Personal identification documents like your driver’s licence or passport.
- Payslips from the last three months.
- A payment summary from your employer.
- ABN and tax assessments from the last two years (if self-employed).
- Signed lease and rental statements if you are receiving rental income.
- Information detailing your existing loans and liabilities.
Being prepared with the necessary documents streamlines the home loan application process, making it easier for you to secure the financing you need.
Ready to take the first step? Book a complimentary meeting with a strategic mortgage broker today.
Book a free personalised strategic mortgage broking consultation with a member of our team today.
Why Choose Property Planning Australia?
Partner with mortgage broker specialists who put your interests first, we’re here to help you navigate the complex world of home loans for doctors.
At Property Planning Australia, we’re committed to offering:
Tailored Solutions: Every client’s situation is unique, so we take the time to understand your needs and provide personalised advice.
Extensive Lender Network: We work with over 50 lenders, ensuring you have access to the most competitive loan products and interest rates on the market.
Expert Guidance: With years of experience in the industry, we simplify the loan application process and handle all the heavy lifting, from comparing loans to finalising the paperwork.
Ongoing Support: Our relationship doesn’t end when your loan settles. We continue to provide support and advice as your financial needs evolve, ensuring you always have the best loan for your situation.
Ready to Explore Your Home Loan Options?
Contact us today to take the first step toward a more secure financial future.
advice for accumulating
your largest financial asset.
Book a free personalised strategic mortgage broking consultation with a member of our team today.
Frequently asked questions
How do I access equity to fund my next purchase?
Learn how to unlock the equity in your property to fund your next purchase, including the steps involved and financing options available.
What is the best loan structure for investment loans?
Mortgage strategy is vital to financial success, check out our article on investment lending to learn more about how to structure investment loans to maximise growth potential.
How do I calculate an appropriate amount for my home loan?
It’s not just about borrowing power! We take you through how to identify a realistic purchase price and loan amount that aligns with your cash flow goals, ensuring your investment remains financially sustainable.
What will my loan repayments be?
Use our home loan repayment calculator to understand how your loan repayments are calculated, including factors like interest rates, loan terms, and borrowing amounts, to help you plan your budget.
Hear from our clients
I have arranged a number of Mortgages through Ryan Bain and his Team at Property Planning Australia. The team communication is excellent in keeping you informed throughout the process which would be arduous without assistance. I would highly recommend Ryan and the team at Property Planning Australia if considering a new Mortgage or looking to refinance!
Steve
We came to know about Property Planning Australia and the benefits of mortgage strategy from listening to David on the Property Planner, Buyer and Professor podcast. From the moment we reached out, the service from the team has been excellent. They have helped us refinance, provide mortgage strategy for our next investment purchase and manage risks through our mortgages. Couldn’t be happier, highly recommend!
Adele
We have been working with Ryan and the PPA team since 2009. Throughout this time, PPA have helped us through a home purchase, multiple refinances and proactively reduced the interest rates on our lending. We couldn’t be happier with the service provided, which has always been first class. Highly recommend!
Georgina
I’ve been working with Property Planning Australia since 2013, where PPA helped me with the purchase of my first home and two subsequent refinances. The service has been second to none and I couldn’t recommend them more highly. Thank you team PPA for all the guidance and support!
Bianca
We’ve had a great experience with PPA, from a refinance two years ago to now assisting us through an investment property purchase. The team at PPA have been incredibly professional and diligent throughout the whole process and the loan structuring advice received from our strategic mortgage broker has been invaluable. Could not recommend them more highly!
Shelley
Thank you to Ryan and the team at PPA for always looking after us. Communication with PPA is always clear and easy. They took away a lot of the hassle and headaches of refinancing. PPA has looked after us for the last 6 years and we can’t fault their service. Would highly recommend to anyone looking to refinance or build their investment portfolio.
Serena
I first used Property Planning Australia in 2021 and returned to them when I refinanced in 2023. Their approach is not transactional so you’re going to get service that is tailored to your needs and goals, whatever that may be. I didn’t have to prompt them to request for my rate to be reviewed. After 12 months with the lender, I was impressed with receiving an email from the PPA advising the lender has reduced my variable rate well before the cash rate started to increase.
Lou
I recently had the pleasure of working with Property Planning Australia for a refinance and the experience was absolutely fantastic! Richard took the time to thoroughly analyse my financial situation and understand my long-term objectives. He crafted a plan that not only addressed my current refinancing needs but also aligned with my future investment aspirations. Their strategic approach gave me confidence and peace of mind that I was on the right track.
Joshua
The importance of your Mortgage Strategy is underestimated and misunderstood due to the focus on interest rates.
This cannot be reversed – only rectified from now!
Book a free personalised strategic mortgage broking consultation with a member of our team today.