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As a lawyer, you may be eligible for special offers when it comes to lending. This is because lawyers are considered to be low-risk borrowers by lenders. As a result, you may qualify for discounts on your home loan and LMI waivers.
Some of the discounts that lawyers may be eligible for include waived Lenders Mortgage Insurance (LMI) for up to 90% of the property value, lower discounted interest rates and flexible credit criteria. The minimum income required to qualify for these benefits varies depending on the state you live in and the lender you are applying through. Only certain professions qualify for these benefits.
Did you know…
Home loans for lawyers offer a wide range of financial benefits such as waived LMI
In addition to waived LMI, lawyers may also be eligible for discounts on interest rates. The discounts will vary according to the industry association, your income and the total loan. Some lenders require membership evidence as a lawyer, while others do not. The most common waiy to show evidence is with your practicing certificate.
Eligible occupations to receive home loan benefits include barrister, lawyer, solicitor or partner, however variations around these job titles are accepted.
Different lenders offer different discounts for lawyers. It is important to research and compare the options available to find the best deal for your needs, or engage a mortgage broker to do this for you.
Common FAQs
Home Loans For Lawyers
While the potential perks of home loans for lawyers can be lucrative, the nature of these types of financial products mean that they do come with many more variables and rules than a standard mortgage. To help solve a few of the most common conundrums, we’ve covered a few of the most frequent FAQs that are often tied to home loans for lawyers.
What Are The Keys Benefits Of Special Home Loans For Lawyers?
Lawyers are typically high earners with a steady source of income, which makes lenders view them as low-risk borrowers. This can lead to certain advantageous benefits when it comes to home loans. As a lawyer, you may have the opportunity to borrow a higher amount than the average individual (up to 90% in certain situations) without the requirement of paying Lender’s Mortgage Insurance (LMI).
Can I Apply For Home Loans For Lawyers If I’m Self Employed?
Yes! As long as your income still meets the specific lender policy.
In some cases, lawyers have unusual income structures that are not accepted by all banks.
Ultimately, it depends on the terms and conditions of your work arrangement – just because you have an Australian Business Number (ABN) and a registered business name doesn’t mean you’re a contractor or self employed in the traditional sense of the word, so be sure to partner with a mortgage broker who is able to appropriately package your application.
Can I Get The Same Lawyers Discounts On Construction Loans?
It is possible to get discounts such as 95% waive LMI or a discounted interest rate with a construction loan, but this option isn’t available from all lenders. The types of discounts that are available will also depend on the type of construction, as waived LMI and discounted interest rates are available on normal construction projects like renovations and rebuilds.
Construction loans can be complex to navigate, so once again, it’s a good idea to enlist the help of a mortgage broker.
Should I Use A Mortgage Broker To Apply For Home Loans For Lawyers?
In short, yes. A mortgage broker service is designed to remove the stress and hassle of finding a home loan, whilst providing access to specialist products and rates designed specifically for your profession. Given the complex nature of home loans for lawyers and other specialised professionals, every lending institute has different sets of criteria you must meet.
Instead of spending hours – if not, days or even weeks – navigating your options between each lending provider, a mortgage broker is an experienced industry professional who already knows which bank will be the ideal fit based on your circumstances. In turn, they are then able to leverage your application in a way that secures the most favourable loan terms.
Once you’re ready to start exploring your options, making an appointment with a reputable mortgage broker should be your first port of call. A mortgage broker only has an allegiance to their customers and not a particular bank, so they will first collect as much information as they can about you before launching into their loan product recommendations.
Although each bank has a slightly different application process and relevant criteria that needs to be met, most will generally need to see documentation such as photo identification, bank statements, proof of savings, lists of assets and existing debts, proof of income and a breakdown of your current living expenses.
As they can compare multiple lending providers, mortgage brokers are able to help steer you in the right direction and ‘package’ your application to a loan product that best meets your needs, before helping you secure the all important pre-approval to start making offers on your ideal property – whatever that might look like for you.
Partnering With
The Home Loan Professionals
Home loan navigation can be challenging, particularly when you’re unsure about the right choice for your needs. Fortunately, teaming up with a mortgage expert ensures that you have a knowledgeable ally to guide you through the process.
If contemplating your financial future resonates with you, now may be the perfect time to consult with a professional. Whether you’re seeking mortgage solutions or in need of a financial fairy godmother, the cohesive team at Madd works collaboratively to transform your aspirations into actual achievements.
Partnering With The Home Loan
Professionals
Home loan navigation can be challenging, particularly when you’re unsure about the right choice for your needs. Fortunately, teaming up with a mortgage expert ensures that you have a knowledgeable ally to guide you through the process.
If contemplating your financial future resonates with you, now may be the perfect time to consult with a professional. Whether you’re seeking mortgage solutions or in need of a financial fairy godmother, the cohesive team at Madd works collaboratively to transform your aspirations into actual achievements.