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

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Filmed in 2023. Use the lender table in this guide for current LMI waiver limits, income requirements and eligible legal roles.

A lawyer home loan is a standard home loan where the lender waives lenders mortgage insurance (LMI) because you hold a current practising certificate or another accepted legal role. ANZ, NAB, Westpac and St George lend up to 90% of the property's value, and CBA and Bankwest up to 89.99%, so you'll need about 10% plus buying costs. Your role, legal income and the property still have to fit each 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.

General information only. It does not consider your objectives, financial situation or needs. Lender policy, waivers and rates can change.

Federal public servants can compare their options in our guide to LMI waivers for federal public servants.

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%.

The order matters with a lawyer loan. If we pick a lender before checking how it counts your bonus or partnership income, the waiver can still leave you short on the loan amount. Here's how I work through it with you:

Lawyers need about 10% of the property's value plus buying costs to buy without LMI. ANZ, NAB, Westpac and St George lend up to 90%. CBA and Bankwest stop at 89.99%, so you'll need just over 10%. CBA's limit applies to properties valued up to $3m, and Bankwest's drops to 84.99% once the loan is over $2m, up to $3m. Without a waiver, you'd usually need 20% to avoid LMI.

Buying costs sit on top of the deposit, and a bank valuation below the price means more cash from you. I cover both under what could change your options. If you have 10% saved, our 90% no-LMI home loan guide compares the wider options.

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.

There's no set borrowing limit for lawyers. The bank works from the income it accepts, your living costs and your debts. The waiver's income floor is a separate test. Clearing Westpac's $120k floor lets you use the waiver, but it doesn't change how much Westpac will lend you.

HECS is one place the banks split. CBA leaves your HECS repayment out of the calculation if you'll pay it off within 1 year, and Westpac and St George do the same within 12 months. ANZ, Bankwest and ubank count the repayment until the debt is gone. Our HECS debt guide shows what that can change.

Banks also compare your total debt with your income, called your debt to income ratio. St George sends an application to its credit team once total debt reaches 7 times income. Existing investment loans and any loans in your partner's name on the application count towards it.

Use our borrowing power calculator for a starting figure. Then I'd run your actual payslips or tax returns through the lenders that fit before you set a budget.

The waiver itself sets the first income test, and it differs by lender. CBA needs $100k a year from legal work for each eligible applicant. Westpac and St George need $120k from legal work, and 2 qualifying lawyers on the same application can pool it. NAB and Bankwest set no dollar minimum, though NAB asks that legal work is your main source of income, and ANZ's policy doesn't state one.

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?

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.

For a bonus, most lenders we compared use 80% once you have the history. Westpac and St George want 2 years with the same employer, CBA averages your last 2 financial years, and Bankwest can work from 12 months. ubank uses only 50% of a bonus if you have 1 year of history.

Salaried partners have their own rules at CBA. Your fixed partner pay counts in full, and profit share or bonus counts at 80%, using the lower of the last 2 years. CBA verifies it with a partner agreement or a letter from the firm, plus 3 months of salary credits.

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.

If you're self employed, the waiver usually turns on how many years of tax returns you have. Westpac and St George give a self employed lawyer no shortcut here: their 1 year assessment method doesn't allow a waiver, so you'll need 2 years of figures. NAB uses 1 year of figures only at 80% or less, and 2 years above that. CBA has a 1 year financials option for legal professionals, including some who've traded for under 2 years with 12 months in the same work. I'd confirm it works alongside the waiver for your loan before relying on it.

If you've moved to the bar or bought into a partnership in the last 2 years, send me the figures you have now. I'll tell you which lenders can use them today and what you'd be waiting for with the others.

Most lenders we compared check one thing first: a current Australian practising certificate that matches the work you do. Lawyers, solicitors, barristers and partners can all qualify with one, and your job title matters less than you'd think. CBA accepts variations such as associate, senior associate and legal counsel, and ANZ doesn't need you to work at a law firm or have lawyer in your title. If you trained overseas as an attorney, lenders here look for the Australian practising certificate, not the title.

Start with the legal work you do now and the evidence you can provide. If you're an accountant, our accountant home loan guide covers the matching offers. 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.

Of the lenders we compare, 6 offer a lawyer LMI waiver: ANZ, NAB, CommBank, Bankwest, Westpac and St George. ubank's no LMI loan is open to any job, so it sits in the table as an alternative.

Not every lender has a lawyer waiver. Among the lenders we compared, People First Bank doesn't offer one for lawyers, and Macquarie doesn't run a professional LMI waiver for any job.

Salaried solicitor or senior associate buying a home with 10%. I'd compare NAB and ANZ first, because neither has a stated dollar income floor and both lend to 90%. Once you earn $120k or more from legal work, Westpac and St George join the shortlist, and CBA does from $100k. The lowest deposit won't help if the lender counts too little of your bonus, so I run your payslips through each one first.

Barrister, sole practitioner or partner. I'd start with NAB and CBA. NAB names barristers with a current bar certificate, and above 80% it works from 2 years of your figures. CBA's lawyer offer isn't limited to employees, and it has separate rules for salaried law firm partners and a 1 year financials option for legal professionals. Westpac and St George need 2 years of figures before a self employed lawyer can use the waiver, so they come later if you're newer to the bar.

Newly admitted, or on a certificate with conditions. I'd look at ANZ and NAB first. Neither states a dollar floor, and ANZ accepts a certificate with conditions such as supervision. You need the certificate issued before you apply, but you don't need to wait for a pay rise.

You don't need to choose a lender yet. Send me your certificate and your latest payslips or tax returns, and I'll show you which 2 or 3 lenders fit before anything is submitted.

Tell us whether you're buying or refinancing and how much you've saved. We can compare the waiver with the ubank option on fees as well as rate.

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 your pay includes an annual bonus or partnership distributions, I'd usually start with a variable loan and an offset account. Park the bonus or your tax money in the offset and it cuts the interest while it sits there. Fixing gives you certainty on repayments but limits extra repayments. If you want interest only, check the lender details above before you plan on it: CBA is principal and interest only under its lawyer offer, and Bankwest is too, apart from interest only during a build. ANZ caps interest only on your own home at 80%, and NAB allows interest only on an investment, not on your own home.

ANZ, NAB, Westpac and St George cover investment purchases under their lawyer offers. ANZ and NAB go to 90% on an investment, including interest only. ubank reaches 90% on an investment purchase for any buyer, but only 80% if you refinance one. One catch to check early: NAB needs mortgage insurance above 70% on an inner city apartment you won't live in, so a city investment unit is worth confirming before you rely on its waiver. Our investment loans guide covers the rent and existing debts the bank looks at.

If you qualify for a lawyer waiver, it usually suits better than a family guarantee, because it doesn't put a parent's home behind your loan. ANZ and Bankwest won't combine their waiver with a family guarantee anyway. Compare the 5% Deposit Scheme if you're buying within your area's price cap and need a smaller deposit. The lender decides how much of your savings you must contribute, so confirm what you can keep before relying on the $750k example above. Our 5% Deposit Scheme guide and guarantor guide cover both.

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, within 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.

If you're applying with Westpac or St George, your certificate evidence needs to be dated within the last 12 months.

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

We compare more than 30 lenders. Read how we review lenders or the ASIC guidance for mortgage brokers.