Several Australian lenders waive lenders mortgage insurance for legal professionals borrowing up to 90% of a property’s value. On an $800,000 purchase with a 10% deposit, that’s roughly $15,000–$18,000 that stays in your pocket, and most lawyers have never been told the policy exists.
Who qualifies
- Solicitors and barristers holding a current practising certificate.
- Judges and magistrates; in-house counsel at some lenders.
- Most lenders set a minimum income, commonly $120,000–$150,000, sometimes assessed on package rather than base.
What the waiver is worth
LMI premiums scale with loan size and LVR. At 90% LVR the premium typically runs 1.5–2.5% of the loan, $13,000–$22,000 on a $900,000 loan. Waived, you either buy sooner with a smaller deposit or keep the cash for stamp duty and buffers.
The parts banks get wrong about legal pay
Bonuses shaded to 50%. New equity partners treated as risky start-ups. Barristers’ chambers costs misread. The waiver is only half the value, the other half is landing with a credit team that assesses legal remuneration properly. That combination is lender-specific, and it changes.
Our lawyer loans service covers the waiver, bonus treatment, and partner/barrister income in detail.
See lawyer loans at Linton Finance →Lawyer waiver vs any-occupation waiver
If you don’t meet a legal waiver’s income threshold, an any-occupation 90% no-LMI loan (ubank and others) can deliver the same outcome without the profession test. The right door depends on your income, deposit and property, Nathan checks all of them in one call.