You could borrow up to 90% of the value of a property with no LMI* (Lenders Mortgage Insurance).

As a legal professional, you may be able to borrow 90% of the value of a property with no LMI*.

When you borrow more than 80% of the value of a property, typically lenders will charge you a fee called Lenders Mortgage Insurance (LMI).

LMI is an insurance policy which provides the lender (not the borrower) with additional protection against the losses they may incur in the event that the borrower can no longer pay loan repayments. LMI is typically charged when the borrower has a deposit that is lower than 20% as this forms a higher risk to the lender.

However, selected lenders deem certain legal professionals as low-risk borrowers and therefore may approve to waive the LMI fee altogether*.

If you are a legal professional (with an active practicing certificate) we are able to get the LMI fee waived by the lender in most cases (with no minimum income requirements). However, If you don’t qualify for the LMI waiver, we can still negotiate strong discounts with lenders due to our high bargaining power.

How do you find out if you’re eligible?

Get in touch with us via phone, email or via the enquire form below to discuss your needs. Some of the eligibility criteria include:

• You are a lawyer, solicitor, barrister, judge or magistrate and have a current practicing certificate

• You have an Australian citizen or permanent resident

• You have at least an equal or majority share in the property

• You are borrowing $2.7 million or less to purchase or refinance (based on a single security).

Example of savings in LMI as a legal professional:

Under the below example, you could save up to $47,000 in LMI when buying a property for $2,000,000 and borrowing $1,800,000 (90% of the value).

• Purchase Price: $2,000,000

• Borrowing (90% LVR): $1,800,000

• LMI Saving (approx.): $47,000

Contact us

*Conditions and lending criteria apply.