LMI waiver for lawyers

Lawyers, Barristers & Solicitors 

Are you a lawyer, barrister, or solicitor? Great news! Lawyers and legal professionals that meet certain requirements can be entitled to a Lenders Mortgage Insurance (LMI) waiver up to 90% of the property value. As an individual in the legal profession, here are some benefits that may apply to you.

LMI waiver & other benefits may apply to lawyers when you apply with us

  1. One shop to navigate the market: As ex-Big 4 bankers that are experts in the mortgage market; we know which banks have competitive deals that want your business and their likelihood of approval. By going through us, we save you time spent on research and potentially getting declined with a black spot on your credit score. 
  2. Asset protection: Purchasing your asset under a company or trust structure to protect the asset and take advantage of tax benefits
  3. Tax advantage through us: Every time we do business together, something great happens and you get an advantage – a tax advantage! We finance your dream while investing up to half of our profits, on your behalf, to empowering vulnerable families through microfinance 

The below information is general information only and can change over time based on the lender’s specific policies. To obtain advice and confirmation of your eligibility, speak to us today.

General qualifying conditions for lawyers to obtain an LMI waiver  need to meet all conditions:

  1. Industry membership 
  2. Maximum borrowing amounts apply (Depending on the lender) 

Generally Minimum Annual income applicable however some lenders may be flexible particularly for recent graduates.

Income is generally based upon the state you reside in. For TAS, SA, WA, and NT, the required minimum income would be $120,000. And for NSW, VIC, ACT, and QLD, it would be $150,000.

If this requirement is not met, you may still be eligible if your total application income is atleast of $150,000. This includes your partner’s income and rental income, potentially.

Industry membership:

  • The Australian Bar Association
  • Law Society  SA, NSW
  • Law Council of Australia
  • QLD Law Society
  • Law Institute of Victoria

Government Lawyers, Judges & Magistrates

Generally, there is flexibility for LMI waiver based upon the full details of each individual application.  

A lawyer dies and goes to Heaven. "There must be some mistake," the lawyer argues. "I'm too young to die. I'm only 55."  "Fifty-five?" says Saint Peter. "No, according to our calculations, you're 82."  "How'd you get that?" the lawyer asks. St Peter replies: "We added up your timesheets!"

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