Legal Home Loans

FAQ's - Frequently Asked Questions

Please find below a list of frequently asked questions and our answers to each.

A broker is an objective, independent third party who will facilitate your home loan application. Brokers will canvas multiple banks and lenders to find the best solution for you. This means more options to suit your individual situation than if you had gone direct to your existing bank. Your broker will coordinate your loan from beginning to end, saving you time, money and stress.

Legal Home Loans is Australia’s only finance broker specialising in loans for lawyers. Legal professionals are viewed differently to the general population in the eyes of banks due to their job security. This means there are certain benefits and exemptions available for practicing solicitors. We are experts at understanding what is available from various lenders at any given time, resulting in the best possible deal for you.
Every lender has their own credit policy, i.e. the criteria they check you against to determine how much money you can borrow. Shopping around may result in a better interest rate, higher borrowing capacity, lower monthly repayments, or other desired benefits such as a fee-free credit card. A broker shops around on your behalf, representing your interests, free of charge. In most instances, clients will receive more favourable interest rates with us than through the bank.
We’ll need 15 minutes of your time on the phone to kickstart the process. We’ll identify the best loan set up for your unique situation and, if you’re happy with our proposal, we will request required evidence from you to prepare your loan application. From there, we will manage the process with the bank or lender through to settlement. We’ll keep checking in with you annually after you settle to see if you need any further help (such as for renovations) or if there is a better value offer you can refinance to.

No. We do not charge clients a fee for our service.

Mortgage brokers are remunerated by the banks through commissions. By law, this fee cannot be built into consumer rates or loan fees, so a broker’s service is free to you as the client. Our lender partners all pay the same level of commission, meaning we are objective when presenting you with our recommended solution.
No. We are an independent firm.

Yes! We assist all across Australia. 

As a legal professional with a current practising certificate, you could be eligible to borrow with a 10% deposit and waived Lenders Mortgage Insurance. The general population requires 20% to avoid LMI, however solicitors and doctors are viewed favourably in the eyes of select banks due to their job security. We are experts in obtaining these special benefits for legal professionals.
If you have a current practising certificate, probably not. Make sure you speak to Legal Home Loans to be sure.

Staying loyal to your bank won’t guarantee that you’ll receive special benefits for your home loan. Credit policies at other banks will assess your situation differently which may result in a better outcome for you.

Credit policies that lawyers can benefit from may include 10% nil LMI, benefits of different assessment rates and 1-year self-employed financials. Whether you’re a partner in a law firm or newly self-employed we are able to assist you in finding a tailored solution.

Yes, we are able to assist however, you must be working at a large firm. Your income will also be taxed in Australia and banks will take a 20% shaving for being paid in a foreign currency. You will also be required to put a larger deposit of around 30%.

Legal Home Loans continues to look after you post-settlement. We look out for your interest rate and keep your loan competitive. We are not committed to one bank therefore, we can arrange to refinance you through another bank if they are offering a better rate.