If you are a Lawyer and you’re wanting to align yourself with a Mortgage Brokerage who understands all the different “special deals” for Lawyers, then you’ve come to the right place.
At Madd, we have become one of Australia’s Biggest Mortgage Brokerages because we’re across all the lenders offers for your profession.
Home loans for lawyers come with exclusive financial advantages, including waived Lenders Mortgage Insurance (LMI) with deposits as low as 10%. This can result in savings of tens of thousands of dollars, helping legal professionals get into the property market sooner and with lower upfront costs. Thanks to their strong earning potential and stable career paths, lawyers are viewed as low-risk borrowers by lenders, which often unlocks more favourable interest rates, higher borrowing power, and tailored lending solutions not available to the general public.
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We offer specialized home loans designed for the unique needs of professionals.
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.
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.
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.
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).
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.
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.
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