No LMI home loans for lawyers
Lawyers with a current practising certificate are on many lenders' professional lists. This can mean no LMI up to 90% LVR, subject to income and membership criteria.
Max LVR without LMI
Up to 90%
Deposit from
$90,000
LMI avoided
≈ $17,415
Indicative only. LMI waivers depend on each lender's current professional list, your registration or membership, income, the property and full credit assessment. An XLOANS broker confirms which panel lenders currently waive LMI for you.
Why lenders waive LMI for lawyers
Legal professionals have regulated, stable careers and earnings that tend to rise over time, which lenders treat as low risk.
Who is usually eligible
- Solicitors and barristers with a current practising certificate
- In-house counsel and government lawyers who hold a practising certificate
- Judges and magistrates at some lenders
Conditions to know
- Practising certificate must be current — holding a law degree alone is generally not enough
- Most lenders set a minimum income, which varies by lender
- Waiver is usually up to 90% LVR; above that LMI generally applies
- Standard serviceability and credit checks still apply
Documents lenders ask for
- Current practising certificate from your state or territory law society or bar association
- Payslips or an employment contract
- Tax returns and financials if you are a partner, sole practitioner or barrister
Common mistakes
- Applying without a practising certificate (for example, policy or compliance roles) and being treated as a standard borrower
- Barristers and partners being assessed on a single year of income when two years would show more
- Choosing a lender with a high minimum-income threshold early in your career
Questions
Do lawyers get an LMI waiver?
Many lenders waive LMI up to 90% LVR for lawyers who hold a current practising certificate and meet the lender's income requirement.
Do I need a practising certificate to qualify?
Generally, yes. Lenders use the practising certificate to confirm you are a working legal professional.