Looking for a Professional Loans for Lawyers? We can help.
Lenders Mortgage Insurance (LMI): What is it?
Lenders Mortgage Insurance (LMI) is a single payment to an insurance company when your LVR exceeds 80%. This fee protects the bank, not the borrower. The mortgage insurance covers the bank’s loan loss if it sells your property. LMI reduces the bank’s risk when lending to low-down-payment borrowers.
How much is the maximum LVR I can borrow as a lawyer?
Lawyers who meet specific criteria can take advantage of an “Industry Professional Offer,” allowing them to borrow up to 90% Loan to Value Ratio (LVR) without incurring Lenders Mortgage Insurance (LMI).
Why do banks not charge LMI for some professionals?
Lawyers are considered lower-risk borrowers by banks due to their stable income and qualifications. Lenders Mortgage Insurance (LMI) is a one-time fee paid to protect the bank when you borrow more than 80% of your property’s value. If the bank faces a loss from selling your property, the mortgage insurer reimburses them.
Our Professional Loans for Lawyers Offer:
- Higher Borrowing Limits
- Lower Interest Rates
- Reduced or Waived Lenders Mortgage Insurance (LMI)
- Flexible Terms and Conditions

Unlock Special Perks with Professional Loans for Lawyers - Smooth Home Loans
Banks offering LMI waivers for lawyers typically recognise roles such as lawyer, solicitor, barrister, partner, and legal counsel. If you hold one of these positions, you may qualify for this benefit. Contact us today to find out more and see if you are eligible.
Yes, there might be some limitations, such as:
- Your total income
- Applications for Interest Only loans
- The property’s postcode and type
- The maximum loan amount in absolute terms
- The maximum loan amount relative to your total income
We will inform you during our assessment if any of these restrictions affect your application.
Lawyers can take advantage of higher LVRs for commercial loans. Whether you need funding for your legal practice, office fit-outs, or motor vehicles, get in touch with us to explore your commercial financing options.
To qualify, you must demonstrate that you are a registered lawyer in Australia and in your specific state or territory.
This can be shown by providing proof of current membership with one of the following:
- Law Society of NSW
- Law Institute of Victoria
- Queensland Law Society
- Law Society of Western Australia
- Law Society of South Australia
- Law Society of the ACT
- Law Society Northern Territory
Typically, a minimum income of $150,000 is required. In certain cases, this can include your investment income or your partner’s income. We will inform you if this applies during our assessment of your situation.
Banks that provide LMI waivers for lawyers often have a specified list of eligible roles and professions. Common job titles include:
- Lawyer
- Solicitor
- Barrister
- Partner
- Legal Counsel
If your role is closely related to the one on the list, or if you can demonstrate that your tasks are comparable to those on the list, you may still be eligible for an LMI waiver even if your job title isn’t listed. For example, you might still be qualified if you hold a title like Associate, Senior Associate, or Special Counsel.
Why choose Smooth Home Loans?
Australian based
Seek support from our friendly Australian-based lending specialists.
Flexible options
Exploring offset savings or extra repayments? Our diverse loan features fit your needs.
Low interest rates
As an online lender with lower overheads, we pass on savings to you, our customers.