14
Apr

HOME LOAN DISCOUNTS FOR LAWYERS

Legal professionals are great borrowers and the banks know it!

That’s why you may be eligible for special discounts on your home loan or flexible lending criteria when funding your legal practice.

What discounts are available?

Lawyers, solicitors and barristers can all qualify for special discounts on their home loan. Other legal professionals are considered on a case by case basis.

  • Negotiated interest rate discounts.
  • Waived Lenders Mortgage Insurance (LMI).
  • Higher exposure limits when purchasing multiple investment properties.
  • Flexible credit criteria when financing your legal practice.

Normally if you borrow over 80% of the property value then the lender will charge you a fee known as LMI. This can be quite expensive and works out to be around $24,000 for a 90% loan on a $1,000,000 property.

But what if you could have it waived?

One of our lenders can consider waiving LMI for legal professionals if they meet certain criteria:

  • Your income must be over $150,000 (including rent income, some exceptions apply).
  • Your loan must not exceed 90% of the property value (90% LVR).
  • You must provide a current Practising Certificate for your state or territory.
  • Your credit history, employment and asset position must be within standard bank policy.

Normally if you borrow over 80% of the property value then the lender will charge you a fee known as LMI. This can be quite expensive and works out to be around $24,000 for a 90% loan on a $1,000,000 property.

But what if you could have it waived?

Some lenders will require you to be a member of:

  • Law Council of Australia
  • Law Society of NSW
  • Law Society of South Australia
  • Queensland Law Society
  • The Australian Bar Association
  • Law Institute of Victoria
  • Australian Labour Law Association
  • Australian Corporate Lawyers Association
  • The Commercial Law Association of Australia
  • Australian Insurance Law Association

Some other industry bodies are accepted on a case by case basis. Several of our lenders do not require evidence of your membership however they will require a copy of your degree or evidence that you are currently practising in order to get access to special discounts.

Do you qualify for a discounted interest rate or waived LMI?
Give us a call on 0476 111 000 or fill in our form on our contact us page to find out more.