Home Loans for Lawyers

Frequently Asked Questions by Lawyers and Legal Professionals

Can lawyers get home loans without LMI?

Yes, often. Many lenders treat lawyers as low-risk borrowers. They may waive Lenders Mortgage Insurance (LMI) for loans of up to 90% of the property’s value, and sometimes more. On a $1.2 million purchase, that can save more than $25,000.

Eligibility usually depends on:

• Holding a current practising certificate
• Being a member of your state’s law society or bar association
• Meeting a minimum income level with some lenders

Policies differ between lenders, so check which ones currently recognise your role.

How much deposit do lawyers need?

With a professional LMI waiver, you may only need a 10% deposit plus purchase costs, and you won’t pay LMI. Without a waiver, the usual target is 20% to avoid LMI.

Remember to budget for stamp duty, legal fees and inspections as well. If you’re a first home buyer, you could also compare the 5% Deposit Scheme. It lets you buy with 5% and no LMI, up to $1.5 million in Sydney, with no income cap. For homes priced above the scheme cap, a professional waiver is often the better option.

Do graduate lawyers qualify for home loans?

Yes. Graduate lawyers on a steady salary can get a home loan like any other employee. Some lenders will also give LMI waivers to newly admitted lawyers who hold a current practising certificate. Others want you to have a few years’ experience or a minimum income first.

If you’re still in a clerkship or waiting to be admitted, the professional packages usually won’t apply yet. You can still use standard loans and first home buyer schemes such as the 5% Deposit Scheme and the NSW stamp duty exemption.

Can barristers obtain finance?

Yes. Barristers are usually self-employed, so lenders assess them differently from salaried lawyers. Many lenders want one or two years of tax returns. Some lenders accept a shorter history if you worked as a solicitor before going to the bar.

Barristers can often still get professional benefits, including LMI waivers. Lenders usually ask for proof of your bar association membership and a current practising certificate. Income can go up and down in the early years, so choosing a lender that understands the bar is important.

Do lawyers receive discounted rates?

Sometimes. Some lenders offer professional packages with:

• Discounted interest rates
• Reduced or waived annual fees
• Features such as multiple offset accounts

With the cash rate at 4.60% after four rises in 2026, even a small rate discount can save thousands a year. Don’t assume the professional package is automatically the cheapest, though. Compare it with other loans on the total cost.

Can lawyers buy investment properties?

Yes. Some lenders even extend LMI waivers to investment loans, usually at a lower limit such as 80% to 90% of the property’s value. Before you buy, it helps to understand the 2026 tax changes:

• For established homes bought after 7:30pm on 12 May 2026, rental losses can’t be used to reduce tax on your salary from 1 July 2027.
• New builds keep the existing negative gearing rules.
• From 1 July 2027, the 50% capital gains tax discount is replaced by indexation and a 30% minimum tax.

High-income lawyers who were planning to use negative gearing should speak with their accountant before buying.

Can self-employed lawyers be approved?

Yes. Principals, partners and sole practitioners can all be approved. Lenders usually look at:

• One to two years of personal and business tax returns
• Your share of the firm’s profit, or your trust distributions
• Business bank statements

Some lenders will add back items such as depreciation or one-off costs, which can increase the income they assess. If you’ve recently become a partner, some lenders will consider your new income straight away, especially if you have a long history at the same firm.

How much can a lawyer borrow?

It depends on your income, expenses, debts and deposit. Lenders check you could still afford the repayments if your rate went up by 3%. For lawyers borrowing large amounts, APRA’s debt-to-income rule can also matter. Since February 2026, banks can only write a limited share of loans where total debt is six or more times income.

Lenders also treat bonuses, partnership income and private practice income differently. The same lawyer can get very different results from different lenders. A broker can show you a realistic range before you start looking at properties.

Is refinancing worthwhile for lawyers?

Often, yes. Refinancing can help lawyers to:

• Move onto a professional package with a sharper rate
• Release equity up to 90% of the property’s value without LMI (with some lenders)
• Fund an investment property or practice costs
• Combine more expensive debts into the home loan

If you paid LMI before you became eligible for a waiver, you won’t get it back. However, you may avoid paying LMI again when you refinance. After four rate rises in 2026, now is a good time to review your loan.

Why use a mortgage broker as a legal professional?

Lawyers are busy, and their income can be complex: salary plus bonuses, partnership drawings, trust distributions or barristers’ fees. Each lender handles these differently. A broker can:

• Find lenders that offer LMI waivers for your role
• Get your full income counted
• Compare professional packages with the wider market
• Set up your loans to suit future investing
• Handle the paperwork around your schedule

For most home loans, using a broker costs you nothing, because the lender pays the broker.