Lawyers, solicitors, barristers, judges and magistrates are considered top professions that banks favour.
According to bank statistics, lawyers have the second-lowest mortgage delinquency rate after medical professionals, and tend to start their own practices, which require commercial and business loans down the track.
This means legal professionals get a range of benefits, including special loans, special rates, special treatment on income and access to loans without lenders mortgage insurance up to 95% loan to value ratio.
Type of loans and specials for the Legal profession
Legal professionals can access:
- No LMI (lenders mortgage insurance) loans up to 85%, 90% and 95% LVR (loan to value ratio).
- A bigger discount on home loans, commercial loans and business loans – available for investment loans and owner occupied.
- Flexible choice of income – we can accept one year’s tax return for self-employed and contractors.
- Some banks can consider 100% of overtime and allowances.
- Some banks can accept the full 100% of casual income and 52 weeks per year to date without any buffer or shading.
- Probation is fine.
- Access to full doc loans and low doc loans.
NO LMI loans for Legal profession
| 85% LVR NO LMI | 90% LVR NO LMI | Special conditions | |
| Attorney |  IP and PPOR | IP and PPOR | NA |
| Barrister | IP and PPOR | IP and PPOR | NA |
| Barrister's clerk | PPOR |  | Max 85% LVR |
| Conveyancer | IP and PPOR | | Max 85% LVR |
| Jurist | IP and PPOR | | Max 85% LVR |
| Judge | IP and PPOR | IP and PPOR | NA |
| Magistrate | IP and PPOR | IP and PPOR | NA |
| Paralegal | IP and PPOR | | Max 85% LVR |
| Solicitor | IP and PPOR | IP and PPOR | NA |
PPOR = Principal place of resident
IP = Investment property
Available for refinance/ Purchase and debt consolidation.
Income requirements for lawyers and solicitors
For 90% and 95% LVR with no LMI loans, some (not all) banks may have a minimum gross income requirement.
Some banks (bank A) – No minimum income.
Some banks (bank B) – Minimum gross income of $150,000 per year.
Gross income PAYG = base income + bonus + overtime + rental income
Important: Subject to credit and lenders approval.