Legal Professional Loans
There are special types of mortgages available to those who work within the legal profession. At Mortgage Providers we have access to unique policies and generous pricing for people within the legal industry.
What types of legal practitioners are eligible for Special Policy?
As part of the legal industry, you may have a special policy applied to your home loan if you are a:
- 1. Lawyer
- 2. Barrister
- 3. Queens Council
- 4. Solicitor
- 5. Judge
What types of policies are available for legal practitioners?
If you fall into one of the above categories, you are eligible for the following special policies:
- 1. Waive LMI up to 90%LVR
- 2. Reduced cost in LMI over 90%LVR
- 3. Special pricing discounts for loan amounts greater than $250,000
How much can I save by having the LMI waived?
You will save thousands of dollars in Lenders Mortgage Insurance (LMI) costs by applying through Mortgage Providers to have your LMI waived. For example, if you sought to purchase a property for $900,000 at 90%LVR, then you will be looking at borrowing $810,000. The cost of the LMI is different with most lenders. See the comparison table below:
|Lender||Loan Amount||LMI Cost at 90% LVR|
At Mortgage Providers, we know how to get the LMI (Lenders Mortgage Insurance) cost WAIVED if you are a Lawyer, Barrister, Judge, Solicitor, or Queens Council. This is a significant saving for someone looking at putting in as little deposit as possible whilst avoiding the cost of LMI.
What types of pricing discounts are available to interest rates if I am a lawyer or legal practitioner?
If you are a lawyer or other legal practitioner (see list above) you will be eligible for pricing discounts when you borrow over $250,000. The pricing discounts will vary depending on the loan amount sought, but as a rough guide see the below table:
|Loan Amount||Discount on Interest Rate|
|$250,000 – $400,000||0.85%|
|$400,000 – $500,000||1.00%|
|$500,000 – $750,000||1.10%|
|$750,000 – $1,000,000||1.20%|
|$1,250,000 +||1.35% +|
Requirements for the special lawyer loan?
You will need to provide a Practicing Certificate allowing you to practice as a lawyer, solicitor, Barrister or QC in the Australian State or Territory that you currently practice in.
If you are a solicitor employee of the Australian Government under section 55Q of the Judiciary Act 1903, or a judge that has the right to practice law, you are not required to present a practicing certificate. Please contact us today to assist you with your application.
Income Requirements for Legal Practitioner Loan?
Any legal professional applicant under this policy will need to demonstrate income of $150,000p.a. based in NSW, ACT, VIC QLD, and $120,000p.a. for WA, SA, TAS & NT applicants.
If you are a legal practitioner and want to save on the cost of LMI and get a special interest rate pricing discount, please contact us today. We are sure we can save you thousands of dollars. We have done it for others, and we will be able help you.