Legal Professionals
At My Finance Consultants, we understand that legal professionals such as lawyers, solicitors, and barristers are considered low-risk borrowers. This status allows you to access exclusive deals and discounts from various lenders, making it easier to secure a home loan with favourable terms. Being a lawyer is a high-pressure, demanding role. Our goal is to make the process of applying for finance straightforward, saving you time and money.
We have helped numerous legal professionals finance their dream homes and build investment portfolios. It’s worth checking your eligibility for professional discounts with various lenders prior to commencing your property search. To get a better idea of your borrowing power and likely repayments, try our Borrowing Power Calculator and Loan Repayment Calculator.
Eligible legal professionals
Professionals who can qualify for these discounts include:
Lawyers
Solicitors
Barristers
Judges
Magistrates
Legal Partners
These roles are recognised for their expertise, reliability, and stable income, making them eligible for exclusive loan benefits. If you hold one of these positions, you can take advantage of tailored financial products designed specifically for your profession.
Benefits of professional packages
Working with My Finance Consultants to secure your next professional package loan includes several benefits:
Increased Borrowing Capacity: Borrow more than most borrowers without incurring additional fees.
Discounted Interest Rates and Fees: Enjoy reduced costs for your loan, making it more affordable. Professional package loans often come with lower interest rates and waived fees, ensuring you get the best deal possible.
LMI Waivers: Eligible professionals can benefit from Lenders Mortgage Insurance (LMI) waivers for loans up to 90% Loan to Value Ratio (LVR). This can save tens of thousands of dollars, allowing you to allocate those funds towards other financial goals or investments.
Investment Portfolio Growth: Build an investment portfolio faster by utilising smaller deposits for each property purchase. Receive expert advice on how to build and grow your investment portfolio using these professional package offers. Our brokers have extensive experience helping legal professionals maximise their investment potential.
Exclusive Offers and Benefits: Access to special offers and benefits that are not available to the general public. These can include preferential terms, faster approval processes, and more flexible repayment options.
Flexible Lending Criteria: Enjoy more lenient lending criteria, making it easier to secure a loan.
Apply for Loans in Company or Trust Structures: Secure financing under a company or trust name.
Joint Ownership Considerations: Obtain an LMI waiver even if the home is owned jointly by you and your spouse.
To get a better idea of your borrowing power and likely repayments, try our Borrowing Power Calculator and Loan Repayment Calculator. These tools can provide valuable insights into what you can afford and help you plan your financial future more effectively.
Mortgage insurance waiver
The most considerable benefit provided by these professional package offers for legal professionals is the LMI waiver. LMI is typically required for borrowers who are unable to provide a 20% deposit. However, as a legal professional, you can qualify for an LMI waiver with a deposit as low as 10%. This waiver can save you a significant amount, reduce your monthly repayments, and allow you to pay off your home loan sooner or build a larger investment portfolio.
Our team specialises in managing the entire loan process for legal professionals, ensuring a smooth and efficient experience. We understand the complexities of financial structures and have helped many lawyers, solicitors, and barristers finance their dream homes, build investment portfolios, and optimise their current lending. Let My Finance Consultants assist you in unlocking the full potential of your professional loan package.
Why choose My Finance Consultants?
We do all of the legwork
We compare hundreds of home loan options from a wide choice of lenders, including the big banks and specialist lenders. We handle every step, having a thorough process in place to qualify you with our lender panel to find the most suitable lending options for you. We organise all of the required paperwork, order lender valuations, liaise with your real estate agent and conveyancer for a smooth transition to settlement.
We provide a convenient service
Mortgage Brokers save you the time and hassle involved in applying for a home loan - from application through to settlement. We'll meet at a time and place that best suits you, to establish your needs and preferences. We then do all the research and running around to manage every step of the application process. This saves you shopping around - as we do it all on your behalf.
We provide professional advice
We are fully trained, and accredited with every lender we represent. We are full members of the Mortgage & Finance Association of Australia and we have many years of industry experience. We also have a number of consumer protection initiatives in place to protect you - our valued clients. As mortgage professionals, we seek to guide you through the lending process to help you make better financial decisions.
We help you select the right home loan
Our first priority is helping you select the home loan that’s right for you, now and into the future. Your Mortgage Broker will save you the time and hassle associated with shopping around for a home loan, they will also guide you through the home lending process to help you make better choices with your personal finances.
We will always try to save you money
We use comprehensive software which helps us pinpoint the most suitable and competitive home loan for you. Typically, our service can help cut the current interest rate you are paying as well as reduce your fees and monthly repayments. Using a Mortgage Broker is also a great way to figure out a strategy to maximise your borrowing power.
We don’t charge you a fee for our service
There is no charge to you for our services because the lender pays us a commission once your loan has settled. We do charge a commitment fee for home loan pre-approval applications, however we will refund this to you upon settlement of your home loan. We will always aim to provide a trusted, friendly and professional mortgage broking service.
Our clients have been saying some great things about us!
Whatever your goals, a competitive home loan will get you there faster!
Whether you're a first home buyer, upgrading to your next home, getting into property investment, or wanting to refinance and pay off your existing home loan sooner, we can help you make the right decisions and stay on top - whatever your home loan needs.
We'll compare more than 40 leading banks and lenders, as well as hundreds of home loan options to find one that's right for you. No matter what kind of mortgage you're interested in, you'll enjoy expert home buying and lending advice from a Mortgage Broker you can trust.
Our industry knowledge and sophisticated mortgage software allows us to assess and compare the hundreds of home loans that are available in the marketplace, we will calculate your borrowing capacity and identify which lenders you will qualify with.
If you're ready to start your home loan journey, give our friendly team a call on 1300 381 955 or visit the Book Appointment section on our website.
FAQs
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Upon meeting certain criteria, lawyers can borrow up to a 90% Loan to Value Ratio (LVR) without incurring Lenders Mortgage Insurance (LMI). This benefit is often referred to as an “Industry Professional Offer” by banks.
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Lenders Mortgage Insurance (LMI) is a one-off fee paid to an insurance provider when borrowing above a certain LVR, typically 80%. This premium protects the bank in case they need to sell your property at a loss. The mortgage insurer reimburses the bank for the loss, allowing you to borrow more.
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Banks waive LMI for certain professionals, including lawyers, because they are viewed as higher and more stable income earners, thus presenting less risk of default compared to other professions. This perception allows banks to offer these professionals more favorable loan terms.
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To qualify for a professional loan offer as a lawyer, you need to provide proof of your registration to practice in Australia and your respective state or territory. This can be evidenced by current membership with one of the following:
- Law Society of NSW
- Law Institute of Victoria
- Queensland Law Society
- Law Society of Western Australia
- Law Society of South Australia
- Law Society of the ACT
- Law Society Northern Territory
Additionally, a minimum income of $150,000 usually applies, which can sometimes include investment income or your partner’s income.
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If your job title is not on the list, you might still be eligible for an LMI waiver if your role is a minor variation of the listed titles. For example, titles such as Associate, Senior Associate, or Special Counsel are often eligible.
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Yes, some restrictions may include:
- The amount of income you earn
- Applying for Interest Only lending
- The postcode and property type
- Maximum loan size as an absolute value
- Maximum loan size as a multiple of total income in your application
We will advise you if any of these restrictions apply during our assessment.
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Lawyers can benefit from higher LVRs in commercial lending, which extends to financing for starting or running a legal practice or buying into a barrister’s chambers. This includes financing for fit-outs and motor vehicles.