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;
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
8. Professional athletics
9. Actors, actress, public personnel, Radio host and Television host
Will have access to the following.
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
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|
|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.
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
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.