For solicitors, barristers and in-house counsel
Lawyer home loans: which banks waive LMI, and what each one asks of you
Many lawyers want to buy with 10% down and skip lenders mortgage insurance (LMI), the cost that can run past $24,000 on a $1 million home. Five lender groups we've confirmed will waive it for a lawyer with a current practising certificate. What differs is the income floor, and how each lender treats partners, barristers and newly admitted lawyers. If you came looking for a lawyer to handle your settlement instead, that's answered near the end.
90% lent with no LMI for lawyers at ANZ, NAB and Westpac Group, and 89.99% at CommBank and Bankwest [1]
5 lender groups we've confirmed waive LMI for lawyers. Suncorp, ING, AMP, the Teachers Mutual Bank group and Bank First don't [1][2][3]
None to $120,000 the income floor, by lender: none at ANZ, no dollar figure at NAB, $100,000 at CommBank, $120,000 at Westpac Group [1][4]
The lawyer home loan guide
Twenty-eight questions lawyers ask before they buy, answered from each lender's own policy, with the date we checked it.
Can a lawyer get an LMI waiver?
Yes, a lawyer can get an LMI waiver at five lender groups we've confirmed, with a current practising certificate. ANZ, NAB and the Westpac Group (Westpac, St.George, Bank of Melbourne and BankSA) lend to 90% of the property's value with no lenders mortgage insurance. CommBank and Bankwest lend to 89.99% [1]. Money Brain checked each one against the lender's own policy.
LMI is a one-off insurance the lender takes out when you borrow more than 80% of the value, and you pay for it. A waiver removes it, so a 10% deposit does the work of 20%. On a $1,000,000 home at 90%, that's about $24,120 you don't pay (part 7).
The test is the certificate, not the law degree or the job title. After that, two things decide which of the five will say yes: what you earn, and whether you're employed, a partner or at the bar.
Which banks waive LMI for lawyers?
Five of the ten lender groups in this table waive LMI for lawyers. Several of the waivers that cover doctors at other lenders leave lawyers out.
| Lender | Waives LMI for lawyers? | Who and on what terms |
|---|---|---|
| ANZ | Yes, to 90% | Lawyers, solicitors, barristers and judges with a current practising certificate. No minimum income. Principal and interest on a home. |
| CommBank | Yes, to 89.99% | A practising certificate and at least $100,000 gross a year for each applicant. Principal and interest, on its professional package. |
| Westpac, St.George, Bank of Melbourne, BankSA | Yes, to 90% | Barristers, judges, lawyers and solicitors with a practising certificate dated within the last 12 months, earning at least $120,000 a year. Principal and interest. |
| NAB | Yes, to 90% | A practising certificate, with your main income from the profession. A home or an investment, principal and interest or interest-only. |
| Bankwest | Yes, to 89.99% | A practising certificate. 89.99% on loans up to $2 million, 84.99% up to $3 million. Employees only. |
| Suncorp | No | Its waiver is for medical practitioners only. |
| ING, AMP | No | LMI applies above 80%. |
| Teachers Mutual Bank group | No | No professional waiver; LMI applies above 80%. |
| Bank First | No | Its waiver is for healthcare and education workers buying a first home. |
Every lender still runs its normal credit assessment: the waiver removes LMI, not the test of whether you can repay. A lender whose lawyer policy we haven't confirmed from its own document is left out of this table rather than guessed.
What this means for you: lawyers are well served, but each of the five draws its own line. A barrister at the private bar loses Bankwest, a lawyer earning under $100,000 loses CommBank and Westpac Group, and a lawyer whose certificate is more than a year old needs a new one for Westpac Group. Before the rate, the question is which of the five your certificate, income and way of being paid leave open.
Which legal roles qualify for the waiver?
The lenders' lists are written around the practising certificate, with a few named exceptions for roles that don't hold one.
Solicitors and in-house counsel: at ANZ the certificate is the whole test. You don't need to work for a law firm, and your job title doesn't need to say lawyer. CommBank accepts title variations such as Associate or Legal Counsel [4].
Barristers: named by ANZ and the Westpac Group banks [1]. Whether a barrister at the private bar qualifies depends on the lender (part 14).
Government lawyers: ANZ accepts government legal roles without a certificate. NAB may, with documents showing you're currently practising. The Westpac Group banks accept Australian Government Solicitor lawyers, who have a right to practise without a certificate under section 55Q of the Judiciary Act 1903 [4].
Judges and magistrates: ANZ and the Westpac Group banks name judges, and Westpac Group needs no certificate from them. ANZ checks a judicial role by commission, letter of appointment or payslip. CommBank accepts judges and magistrates whose role bars them from holding a certificate [1][4].
Not lawyers for these purposes: paralegals, law graduates not yet admitted, and anyone without a certificate or one of the exceptions above. Licensed conveyancers aren't named in the lender groups we hold either [1].
If your role sits near one of these lines, ask before you rely on the waiver. The lenders' lists are closed, not examples.
What practising certificate do lenders want, and does your state matter?
Lenders want a current practising certificate from the body that admits you to practise. ANZ names the Law Societies of the ACT, NSW, the NT, Queensland, SA and Tasmania, the Victorian Legal Services Board and the Legal Practice Board of WA, and for barristers the eight Bar Associations. NAB names the Law Societies, the same two boards and the eight Bar Associations [4].
The Westpac Group banks are stricter on two points: the certificate must be dated within the last 12 months, and it must be for the state where you currently practise [1][4]. If you've moved interstate, or your renewal is due, that's worth sorting before the application goes in.
ANZ accepts conditions on your certificate, such as practising under supervision [4]. Beyond the certificate, none of the five lenders' policies we hold sets different terms for different states, so a lawyer in Queensland, Victoria or WA is read the same way.
Minimum income for a lawyer's LMI waiver: none, $100,000 or $120,000?
The minimum income for a lawyer's LMI waiver is none at ANZ, no dollar figure at NAB, none stated at Bankwest, $100,000 at CommBank and $120,000 at the Westpac Group banks [1][4]. After the certificate, this is the test that most often decides the lender.
| Lender | Minimum income | How it's measured |
|---|---|---|
| ANZ | None | No floor on its professional waivers |
| NAB | No dollar figure | Your main income must come from the profession |
| Bankwest | None stated | Employees only |
| CommBank | $100,000 | Gross a year, from the profession, for each applicant |
| Westpac Group | $120,000 a year | The same floor it sets for accountants |
You may see a single income figure quoted for every lawyer waiver. There isn't one: the floor differs by lender, and three of the five state no dollar floor at all.
What this means for you: a lawyer on $95,000 still has ANZ, NAB and, if employed, Bankwest. At $100,000, CommBank opens too. At $120,000 all five are open on income, and the choice moves to rate, loan size and conditions.
What counts toward the income floor?
At CommBank, what counts toward the $100,000 is gross income from the profession, and the test applies to each applicant [4]. Two lawyers buying together each need to clear it. NAB sets no figure but asks that your main income comes from the profession [4], so a lawyer whose income comes mostly from somewhere else may not fit.
The floor is a minimum, not the whole test. The lender still works out what you can borrow from your full income, your debts and your living costs (part 21).
What a lawyer's LMI waiver is worth, in dollars
A lawyer's LMI waiver is worth the whole premium you would otherwise pay. Here's what LMI would cost on a 90% loan, from one insurer's published rate card [6]. With a waiver, that cost is gone. On the same card, investors pay a little more and self-employed borrowers pay no extra [6].
| Home price | Loan (90%) | LMI, standard rate | LMI, first home buyer rate |
|---|---|---|---|
| $700,000 | $630,000 | $16,884 | $16,632 |
| $1,000,000 | $900,000 | $24,120 | $23,760 |
| $1,500,000 | $1,350,000 | $39,825 | $39,150 |
| $1,800,000 | $1,620,000 | $47,790 | $46,980 |
These figures are illustrations from one rate card, not quotes. What you actually pay depends on the insurer, the loan and the lender.
When the waiver isn't the best deal
The waiver isn't the best deal when its conditions cost you more than the LMI it saves. It ties you to five lenders and their terms: mostly principal and interest on a home, a package at CommBank, loan bands at Bankwest, and at ANZ no family guarantee alongside it and no bridging loan [1][4].
If another lender would lend you more, or price the loan better over the years you'll hold it, that can outweigh the saving. And with 20% or more, there's no LMI to waive, so the waiver shouldn't decide the lender.
What this means for you: the waiver is a starting point for the comparison, not the answer to it. On a $900,000 loan it's worth about $24,000 once; a difference in rate is paid every year.
Do lawyers get a lower home loan rate?
A lower rate for lawyers isn't part of the lawyer waivers we hold. The five policies set out when LMI is waived, how far and on what conditions; they don't set a lawyer's interest rate [1].
So the rate is a separate comparison, made lender by lender on your loan. Weighing a waiver at one lender against a sharper rate at another is part of that comparison, and part 8 sets out how.
Employed lawyers in a firm, in-house or in government
Employed lawyers have the simplest case: payslips, a contract and a current certificate, and all five lenders are open if your income clears the floor. Bankwest's waiver is for full- or part-time employees only, so it's one of your options here and not at the bar [5].
In-house and government lawyers fit too. At ANZ you don't need to work for a law firm, and government legal roles qualify without a certificate [4].
Changed firms recently? At Westpac, a loan without mortgage insurance needs you to have started and been paid at least once. A mortgage-insured loan needs 3 months in the job, or less than that with 12 months in the same occupation and no gap of more than 2 months between jobs [12]. Westpac's policy doesn't say which of the two a waiver loan counts as, so it's a question we put to the lender for you.
Do lenders count bonuses and billable-hour incentives?
Lenders can count a bonus, but they treat it as less certain than your salary. None of the lawyer waivers we hold sets a bonus rule of its own [1], so each lender applies its normal rule for bonus income.
In practice that usually means showing the bonus has been paid before, in your payslips and last year's income statement, and some lenders count only part of it. If a large share of your pay comes from bonuses or billing targets, which lender you pick can change your borrowing figure, and that's worth knowing before you apply.
Newly admitted lawyer? Can you get the waiver straight away?
A newly admitted lawyer can get the waiver straight away at some lenders, because admission is what gets you the certificate. ANZ accepts conditions on a certificate, such as practising under supervision, so a lawyer in their first years qualifies there from the start [4].
The harder test early on is usually the income floor. CommBank's $100,000 and Westpac Group's $120,000 sit above many junior salaries, which points to ANZ, NAB and Bankwest [1][4].
Before admission, the waiver isn't open: a law graduate who isn't yet admitted has no certificate. If admission is months away, buying after it can open the waiver; buying before means comparing the 5% Deposit Scheme, a guarantor or LMI (part 17).
Partners and equity partners in a law firm
Partners in a law firm have more lenders open than many expect. CommBank lists Partner as an eligible occupation outright. The Westpac Group banks have a separate group for partners of qualifying law and accounting firms, to 90% with no LMI on a property worth up to $5 million [1][4]. At ANZ the certificate is the whole test, so a partner with a current certificate qualifies there too [4].
The paperwork changes. If you're paid a salary through the firm's payroll, lenders generally read it from payslips. If you take a share of the profits, they read it the way they read self-employed income: from your tax returns, your distributions and the firm's figures (part 16).
Barristers at the private bar
A barrister at the private bar can get the waiver at some lenders and not others, because the bar is self-employment. ANZ's test is the certificate, with no requirement to be employed, so a barrister qualifies there. CommBank accepts sole proprietors [4]. Bankwest's waiver is for employees only, so it's closed to the bar [5].
The Westpac Group banks name barristers, but their policy says the applicant must be employed directly in the industry. Whether a self-employed barrister fits that hasn't been settled, so it needs confirming with Westpac before you rely on it [4]. NAB's policy, as we hold it, asks that your main income comes from the profession and doesn't say either way [4].
Income at the bar moves with briefs, so lenders usually want two years of tax returns to see the pattern. With only one year of returns, the rules in part 15 apply.
Can a self-employed lawyer use one year of tax returns?
A self-employed lawyer can use one year of tax returns at some lenders, but only at 80% of the value or less. One lender's guidelines accept a single year of figures from a self-employed lawyer with a Law Society practising certificate, where the practice has traded at least 12 months, and they don't ask further about the practice's profit [7]. NAB considers a single year's figures at 80% or less [10]. MyState allows one year at 80% or less with one source of self-employed income, and reduces the profit it counts by 10% [9].
That first lender's list says Law Society certificate, so whether it reads a Bar Association certificate the same way is a question to put to it.
What this means for you: at 80% there's no LMI to waive, so the one-year route and the waiver never meet. A barrister or a new practice owner with one year of returns and a 10% deposit is choosing between paying LMI now and waiting for the second return. See self-employed home loans.
How lenders read a partner's or barrister's income
For a partner taking profits or a barrister at the bar, these rules decide the number:
Rising income: Firstmac uses the lower of your latest year's taxable income or 120% of the year before. On $80,000 then $130,000, it would use $96,000 [8].
Depreciation: two lenders' policies, one of them Firstmac's, add it back only up to 20% of the business's net profit [7][8].
Other add-backs: wages the business pays you, super above the compulsory amount, interest on business loans being refinanced, and one-off costs [7][8].
Costs that aren't added back: one lender's guidelines name advertising, car maintenance and training as costs it won't add back [7].
Company profits: Firstmac counts only what reaches you as wages, directors' fees or dividends. ING has said a director owning at least 50% of the company can use its profits [8][11].
Draft returns: one lender accepts a draft return for listed professions if the accountant confirms in writing it won't change [7]. MyState accepts no drafts [9].
Old figures: MyState won't accept returns and financials more than 18 months old when you apply [9].
A late tax return or a jump in income is where these rules bite. It's worth knowing which lender reads yours best before the return is lodged.
Lawyer first home buyer? Four ways in with less than 20%
A lawyer buying a first home has four ways in without a 20% deposit, and the right one depends on the price, your savings and your pay. You can also pay LMI and buy sooner.
| Way in | Deposit | LMI | Who it's for |
|---|---|---|---|
| Lawyer LMI waiver | 10% | None | Lawyers with a current practising certificate, at ANZ, CommBank, Westpac Group, NAB and Bankwest [1] |
| 5% Deposit Scheme | 5% | None. A government guarantee covers part of the loan | First home buyers who'll live in the home. No income cap; price caps by area [13] |
| Family guarantee | Smaller than you'd otherwise need | Depends on the guarantee and the lender | A parent puts up part of their home's equity. A serious commitment for whoever signs. Not with ANZ's lawyer waiver [4] |
| Help to Buy | At least 2% | — | The government takes a share in your home. Income limits apply [14] |
Two things narrow it for lawyers. Help to Buy's income limit is $103,000 for one applicant and $165,000 for a couple [14], so a single lawyer earning above $103,000 is over it. And ANZ's lawyer waiver can't be combined with a family guarantee [4], so a guarantor points you to another lender.
See the 5% Deposit Scheme, guarantor home loans, Help to Buy and the first home buyer grants in your state.
Can I use the lawyer LMI waiver on an investment property?
Yes, the lawyer LMI waiver can be used on an investment property. ANZ and NAB go to 90% on an investment, CommBank to 89.99%, and Bankwest applies the same limits as for a home. The Westpac Group banks' documents set one 90% limit without splitting the two [1][4].
ANZ also allows interest-only to 90% on an investment, but only to 80% on a home to live in [4][5]. NAB's lawyer waiver allows principal and interest or interest-only [4]. The 5% Deposit Scheme doesn't help here: it's for a home you live in [13].
That makes the waiver a tool for rentvesting, renting where you live and buying where the numbers work. Once you own one property, the order you buy the next ones in decides whether you can keep going: see using equity to buy an investment.
Principal and interest, interest-only, building and bridging
The lawyer waiver is mostly a principal-and-interest loan. CommBank's is principal and interest only, with no land and no construction. Bankwest's and the Westpac Group's are principal and interest too, though Westpac Group allows interest-only that converts to principal and interest at the same limits [1][4]. ANZ allows interest-only under its waiver on an investment only, and NAB on either [4].
ANZ's waiver isn't available on a bridging loan, for buying before you sell [4]. If you plan to build, bridge or pay interest only on your home, that narrows the five before anything else does. See bridging finance and construction loans.
Buying above $2 million? Loan limits on the waiver
At the top of the market, each waiver has a ceiling:
Bankwest: 89.99% on loans up to $2 million, 84.99% up to $3 million, and the waiver capped at $5 million per borrower. Loans in your own name only, not a company or trust [1][5].
Westpac Group: total lending capped at $4 million for a lawyer borrowing over 80% without LMI. Law firm partners: a property worth up to $5 million [1][5].
ANZ: a maximum loan of $4.5 million on a house valued up to $5 million, $3.6 million on other property types, and $8 million in total [5].
NAB: no single property above $4.5 million, and your NAB lending capped at $7 million in total [5].
CommBank: lending capped at $5 million [4].
Above these limits it's the waiver that stops; the lender may still lend.
How much can a lawyer borrow?
How much a lawyer can borrow comes down to three things: the income a lender counts, your debts and your living costs. Banks check you could still repay if rates were 3 percentage points higher, the buffer APRA expects [15].
APRA also limits each bank to 20% of its new home lending, and 20% of its new investor lending, to people whose total debts are six or more times their income [15]. On a large loan, that ratio can matter as much as the buffer. See how much can I borrow.
Buying with a partner who isn't a lawyer
You can buy with a partner who isn't a lawyer, and the waiver still rests on you. Your partner's income counts toward what you can borrow together. Whether it helps you reach a lender's income floor depends on the lender: CommBank's $100,000 is income from the profession, for each applicant [4].
At Bankwest, the loan has to be in your own names, not a company or trust [5].
On parental leave, or about to be
You can buy on parental leave. Westpac can use your return-to-work pay, base pay only, with a letter from your employer giving your return date, your hours and your pay. Every child counts as a dependant, including one not yet born. If your first repayment falls before you return, you'll need savings that cover the gap, on top of the money for the purchase [12].
What to have ready
Your current practising certificate, dated within the last 12 months if Westpac Group is on your list
Your commission or letter of appointment, if you hold a judicial role
Your last two payslips and your employment contract, if you're employed
Two years of personal tax returns, and the firm's or practice's figures, if you're a partner or at the bar
An employer letter, if you've just changed firms or you're on leave
Statements for every loan and card, including card limits
The full document list is on How it works.
Why lawyers' applications get held up
Most of the trouble comes from a few things:
A barrister at the private bar applying to Bankwest (part 14)
A self-employed barrister relying on Westpac Group without confirming first (part 14)
Income under $100,000 at CommBank, or under $120,000 at Westpac Group (part 5)
A certificate more than 12 months old, or from another state, at Westpac Group (part 4)
Pairing ANZ's waiver with a family guarantee or a bridging loan (part 19)
Planning a build, or interest-only on a home, on a principal-and-interest waiver (part 19)
Counting on one year of returns with a 10% deposit (part 15)
Each is easier to avoid if you match the lender to your certificate and pay before you apply.
Here for a lawyer to handle your settlement?
If you searched for a lawyer for your home loan, you may want a solicitor or conveyancer for the legal side of buying, not a loan for a lawyer. They review the contract, run the searches and handle settlement. That's a different job from the loan, and a different professional from your broker.
Your lender doesn't choose them for you; you appoint your own. It's worth doing before you sign, so they can review the contract while you can still change it. What they charge varies by firm and by state, so ask for a quote up front.
What does a broker cost you?
How a broker is paid, and the rule Money Brain holds against it, is set out in full on its own page: what a mortgage broker costs.
Your first move
You've read the rules. One question is left: which of the five lenders, for your certificate, your income and the way you're paid, at the price you want? That's what Money Brain works out before anything goes to a lender.
When you're ready, the closing section below is the simplest way to start.
Four facts, and I'll do the checking
Tell me your role, whether you're employed, a partner or at the bar, what you earn and roughly what you want to spend. I'll come back with which lenders would waive LMI for you, how each would read your income, and whether the waiver or another way comes out ahead.
You'll hear back within the hour in business hours, and by 9am the next business day after hours.
Questions lawyers ask
Yes. ANZ, NAB and the Westpac Group banks (Westpac, St.George, Bank of Melbourne, BankSA) waive lenders mortgage insurance for lawyers with a current practising certificate to 90% of the property's value, and CommBank and Bankwest to 89.99%, each with its own conditions, on the lenders' own policies checked by Money Brain.
Sources
- 1
ANZ, CommBank, Westpac Group (Westpac, St.George, Bank of Melbourne, BankSA), NAB, Bankwest: LMI waiver policies for lawyers. Checked 1 October 2026.
- 2
Suncorp, ING, AMP, Teachers Mutual Bank group: no LMI waiver for lawyers. Checked 1 October 2026.
- 3
Bank First: LMI waiver for healthcare and education workers. Checked 3 October 2026 and re-checked 21 October 2026.
- 4
Role, certificate, income, partner, barrister, investment and loan-type conditions for lawyers, read from the policies of ANZ, CommBank, NAB and Westpac Group. Read 26 August 2026.
- 5
Loan limits and employment conditions on the professional LMI waivers: Westpac Group and Bankwest, checked 1 October 2026; ANZ and NAB, checked 21 October 2026.
- 6
LMI premium: one insurer's published rate card, standard and first home buyer rates. Checked 21 October 2026.
- 7
One lender's residential home loan credit guidelines, self-employed and professional income (the lender isn't named). Read 26 August 2026.
- 8
Firstmac, Residential Lending Policy, changelog to 28 July 2026. Read 26 August 2026.
- 9
MyState Bank, Mortgage Lending Procedure (broker version 1.0a), effective 1 July 2026. Read 27 August 2026.
- 10
NAB, self-employed home loan page. Read 26 August 2026.
- 11
ING, media release on self-employed lending, 18 December 2025. Read 26 August 2026.
- 12
Westpac credit policy on new employment and parental leave. Read 30 September 2026.
- 13
- 14
- 15
APRA: serviceability buffer of 3 percentage points (6 October 2021) and debt-to-income limit (from 1 February 2026). Read 29 September 2026.
Updated 2 October 2026