Mortgage Approvals Can Be Fast & Easy
Now, You Can Qualify for Discounted Interest Rates and Zero Lenders Mortgage Insurance Because of Your Profession.
If you’re a lawyer, barrister or solicitor earning $120k or more depening on where you live (can use rental income or potentially income from professional partner to meet this threshold), you may qualify for a home loan of up to 90% of the property value without the need to pay Lenders Mortgage Insurance. That’s right, just a 10% deposit and no LMI! Depending on the purchase price of the property you’re buying, that equates to a saving of between $10,000 and $40,000. Here at, Professional Home Loans we are one of a limited number of brokers who are authorised to offer this type of mortgage to lawyers.
Who Qualifies For This Loan?
Lawyers who demonstrate that they meet the following eligibility criteria:
- You’ll need an annual income of $120,000 (gross) or more (depending on what State you live in), or soon be earning at this level
(can use rental income or income from professional partner to meet this threshold);
- You’ll need to be an Australian Citizen or Permanent Resident;
- You’ll need to provide current practicing certificate, which permits you to practice in your
- Your property purchase must be either owner occupied or for investment purposes;
- The maximum loan amount is $2 million;
- If you’re a self-employed lawyer, then you’ll need to provide evidence that last year’s
taxable income was $120,000 or more.
The LMI waiver rules also recognise that there will be couples where both partners are lawyers, but where neither has an individual income of $120,000. If you are in this bracket, and your combined income is more than $200,000, then you will still be able to apply for the waiver.
What if I do not meet these criteria?
Don’t despair, because it’s likely we’ll still be able to help you. We may still be able to arrange a home loan up to 85% with no LMI premium payable.
Examples of lawyers using this policy
You could top up your existing home loan to 90% and pay no LMI. This would release surplus funds which you can then use to fund the 10% deposit plus costs on a new investment (or owner occupied) property. Providing the total transaction amount is below $2 million, you’ll have no LMI to pay. Not only that, we can source loan products specifically designed for lawyers. These include standard variable mortgages with package discounts, and fixed rate offers with features such as offset accounts and redraw.
Why are some banks waiving LMI for Lawyers?
LMI is designed to protect the lender against the possibility of default by its mortgage customers. However, some lenders have realised the chance of you, as a professionally qualified and respected practicing lawyer, defaulting is very low. Because of this, these banks are prepared to consider waiving the LMI premiums.
What is the next step?
Remember, there are only a limited number of firms authorised to offer you these valuable benefits. Here at Professional Home Loans we are leaders in this specialised area.
There is no cost for our service and absolutely no obligation.
Only certain firms are authorised to provide this special benefit. Click on your profession to the right to learn more or Call 1300 55 44 97 today to learn how we can help make your hard work and professional experience pay off!
Remember, only certain brokers are authorised to provide this special benefit.