Home loans for lawyers: borrow up to 90% without LMI

If you're a lawyer with about 10% of the purchase price saved, you may be able to buy without paying LMI. You'll also need money for buying costs, and your role, income and property must fit the lender's rules.

I'd check those details before you settle on a bank or make an offer. A lender that suits an employed solicitor may be a poor fit for a self employed barrister, even when both have the same deposit.

The standard lawyer offers below generally need about 10% plus costs. A 5% deposit may still work through the Government Scheme if you qualify. I'd check that option before you assume you need to keep saving to 10%.

Say you've saved $75k and want to buy a $750k home in Brisbane. If the bank values it at the same price, a 10% deposit leaves a $675k loan. It also uses all $75k of your savings, so you'll need extra money for buying costs.

If you qualify for the Government 5% Deposit Scheme and your lender accepts the minimum deposit, you could put in $37.5k instead. That leaves more cash in your account and a bigger loan to repay. Here's how the two compare.

Repayment assumptions: 6% p.a. over 30 years, with monthly principal and interest repayments, no fees and no offset. Both examples use a $750k bank valuation and exclude buying costs.

The $750k Scheme example fits the current $1m price cap in Brisbane, the Gold Coast and the Sunshine Coast. It is above the $700k cap in other Queensland areas. Check the official postcode price cap tool and your buyer eligibility with the participating lender. A Scheme lender can still require a larger deposit.

Both options in the table have $0 LMI if you qualify. To work out the waiver's saving, we'd also get an LMI quote for a standard loan with the same property and deposit. If that premium is added to the loan, it affects the balance and repayments too.

For an offer capped at 89.99%, the contribution on a $750k accepted value is $75,075 plus costs. That's $75 more than the simple 10% example, before any other lending limit applies. Our deposit calculator can help you work through the cash you'll need.

Start with the legal work you do now and the evidence you can provide. Solicitors, barristers and legal counsel may qualify, along with some partners and other legal roles. A law degree or admission certificate on its own may not be enough.

If you don't hold a practising certificate because your role doesn't require one, tell us why. It's worth checking the accepted alternatives before ruling yourself out.

If you're a partner, we'd start with how you're paid and who will own the property. A spouse, company or trust on title can change the options. Check that before you settle the names on the contract.

There are 2 separate income checks. First, does the offer require you to earn a minimum amount from legal work? Then, does the income the lender accepts support the repayments on the loan you want? The comparison below gives the professional income thresholds.

Your partner's salary or rent may help with the overall borrowing assessment. Where a waiver sets a legal income minimum, those amounts won't make up a shortfall in what you earn from law.

If some of your income comes from bonuses, partnership drawings or a business, send us the details early. We'll check how much the lender can use and the records it needs before you rely on a borrowing figure.

Some offers below only accept employees. If you're a barrister or sole practitioner, we need to compare lenders that accept the way you work and get paid. Our self employed guide explains the income assessment in more detail.

I'd check your cash position before you commit to a property. Duty, registration, inspections and legal fees sit on top of the deposit. A lower bank valuation can mean finding more cash too.

A waiver is one part of the comparison. We can also look at standard loans with LMI if they better suit your income, property or overall costs.

If both options fit, we'd compare how much cash you want to keep and the repayments you can comfortably manage. The table above shows why the smaller deposit comes with a bigger loan.

The Scheme requires you to live in the property and meet its buyer rules and local price cap. A professional waiver may also suit an investment or a purchase above that cap, subject to the lender's own limits.

For a different location or price range, check the official postcode price cap tool before including the Scheme in your plans. Both the purchase price and the lender's accepted value must fit the cap.

We'll also ask about your savings, existing loans and credit limits, and the property you're considering. If you haven't found one yet, your price range and location are a useful start.

You don't need to have every document ready to start the conversation. Tell us what you have, and we'll explain what the lender needs for the options that fit you.

Hunter Galloway is independently owned. Most major lenders we use pay broadly similar commissions, and we disclose the amount before you proceed.

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