Home loans for Lawyers and solicitors

Updated: Correct as of 20th July 2015.

Lawyers, solicitors, barrister, judge and Magistrate is consider one of the top ( After doctors) profession that bank favours. After their counterpart ( Medical profession), Lawyers according to bank's statistic has the second lowest mortgage delinquency rate and tend to start their own practice which require commercial and business loan later down the track.

In return professionals employed in the legal industry has access to special loans, speical rates, special treatment and NO LMI loans.

The 9 industries that banks has special policy for;

1. Medical professionals, health care professionals, nurse and doctors

2. Lawyers, barrister, judge and magistrate

3. Civil Engineers, Software Engineers, mining Engineers and geotechnical sciences

4. Accountant with CPA or CA and Financial Planners, Auditors and Actuarial 

5. CEO, CFO and high management

6. Real estate agents, property valuers, Quantity Surveyor and Architects

7. Politician 

8. Professional athletics

9. Actors, actress, public personnel, Radio host and Television host

Loans for Lawyers, solicitor, barrister, judge and Magistrate ( legal)

Type of loans and specials for the Legal profession

Will have access to the following.

• NO LMI ( No Lenders mortgage insurance)  loans up to 85%, 90% and 95% LVR
• A bigger discount on home loans, commercial loans and business loans - Available for investment loans and owners occupied
• Flexible choice of income - We can accept 1 years self employed tax returns  and also we can accept 1 years ABN for contractors
• Probation is fine, as one as you have been employed for one day
• Access to full doc loans and low doc loans

Loan for Lawyers and solicitors ( legal)- interest rate

Rate: Depends on Loan size, LVR and loan type ( investment and owners occupier)

Sample Investment rate: 4.19% - 4.29% Variable with Interest only 

Sample Owners occupier rate: 4.09% Variable with Interest only and 100% offset

Sample rate based on loan of $500,000 @ 80% LVR.

Correct as of 20/7/2015

NO LMI loans for Lawyers and Solicitors

NO LMI loan for Lawyers and Solicitor

	85% LVR NO LMI	90% LVR NO LMI	95% LVR NO LMI
Attorney	IP and PPOR	IP and PPOR	IP and PPOR
Barrister	IP and PPOR	IP and PPOR	IP and PPOR
Barrister's clerk	PPOR
Conveyancer	IP and PPOR	IP and PPOR ( Income requirement A)	IP and PPOR ( Income requirement B)
Jurist	IP and PPOR
Judge	IP and PPOR	IP and PPOR	IP and PPOR
Magistrate	IP and PPOR	IP and PPOR	IP and PPOR
Paralegal	IP and PPOR
Solicitor	IP and PPOR	IP and PPOR	IP and PPOR

PPOR = Principle place of resident  

IP = Investment property

Available for refinance/ Purchase and debt consolidation.

Income requirement for Lawyers and Solicitors NO LMI 90% and 95% LVR  ( Income A and B from table above) 

For 90% and 95% LVR with no LMI, there is a minimum gross income requirement.

Income A - minimum gross income of $150,000 per year for the applicant that's an acceptable engineer. 

Income B - minimum gross income of $170,000  per year for the applicant that's an acceptable engineer. 

Gross income PAYG = Base income + bonus ( Average over 2 years) +  Overtime + Rental income

Gross income PAYG Contractors = Base income + bonus ( Avergae over 2 years) +  Overtime ( Over 6 month)  + Rental income

Gross income Self employed = Net income ( After expense before tax) + Add backs ( Depreciation and Superannuation over 9.5% etc...) +  Rental income

Gross income Self employed Contractors =Net income ( After expense before tax) +  Add backs ( Depreciation and Superannuation over 9.5% etc...) +  Rental income

Eligibility for Lawyers and Solicitors home loans and NO LMI home loans

Loan for Attorney 

Loan for Barrister

Loan for Barrister's clerk

Loan for Conveyancer

Loan for Jurist 

Loan for Judge

Loan for Magistrate

Loan for Paralegal

Loan for Solicitor

Important: Subject to Credit and lenders approval.