Home Loans for Lawyers and Barristers: LMI Waivers by Lender

Which lenders waive LMI?

Lenders' own published policies, checked 29 September 2026. A policy is not an approval: each lender assesses your application and can change or withdraw an offer.

How much LMI does a waiver save?

A waiver removes the whole premium. At 90% LVR, published lender figures put the LMI you would otherwise pay at about:

NSW, where there is no duty on LMI. Other states add 9% to 11% to the premium. Built from LMI figures Australian lenders publish.

What proof of practice do lenders ask for?

A current right to practise, in the form each lender names:

• Westpac group: a practising certificate dated within the last 12 months that lets you practise as a lawyer, solicitor or barrister.
• NAB: a current certificate with your state or territory law society or board, such as the Law Society of New South Wales, the Victorian Legal Services Board or the Legal Practice Board of Western Australia. Barristers need a current certificate with their Bar Association.
• ANZ: a current practising certificate, and supervised practice counts. ANZ also asks that the lawyer holds an equal or majority share in the property.

CommBank and Auswide Bank do not publish their proof rules, so ask what they need before you apply.

Do lawyers need a minimum income?

It depends on the lender. ANZ says no minimum income is required. The Westpac group asks for at least $120,000 gross taxable income a year. NAB, CommBank and Auswide Bank do not publish an income rule. Westpac's deposit page also says legal professionals “could qualify for up to 95% LVR”, but its footnotes and broker pages say 90%, so we use 90%.

How lenders assess a lawyer's income

Clearing a waiver's income floor is one test. How much you can borrow is another, and it depends on the income you can prove, which turns on how you practise (lender pages read 29 September 2026):

• Salaried solicitors: payslips. ANZ asks for a recent payslip, no older than 60 days, showing at least 3 months of year-to-date pay, unless your salary already goes into an ANZ account. Westpac treats bonuses and allowances as non-base income and asks for a year-to-date payslip covering at least 3 months, or a payslip plus a year-to-date income statement.
• Partners: self-employed. CommBank counts partnerships, companies and trusts as self-employed. ANZ asks partners for their individual tax return and ATO notice of assessment, adds the partnership's tax return if you hold 25% or more, and needs an ABN or ACN that has been valid for 18 months.
• Barristers: sole traders, because rule 12 of the uniform barristers' conduct rules requires a barrister to be a sole practitioner. CommBank asks sole traders for their two most recent personal tax returns and the latest notice of assessment. NAB accepts a single year's financials only at 80% LVR or less. ANZ asks for one financial year of tax statements for most applications.

Westpac says a self-employed borrower's business should have traded for at least 2 full financial years, though it may still help if you have not. Its Fast Track, which needs only two years of notices of assessment, is for borrowing up to 80% LVR, and its broker guide extends it above 80% only for medical waiver applicants. If you were called to the Bar recently, ask each lender what it accepts before you apply.

Can judges and magistrates get an LMI waiver?

ANZ is the only lender we found that names them. Instead of a practising certificate, it asks for a copy of your current commission, your letter of appointment or evidence of pay. The same ANZ limits apply: up to 90% LVR and a loan of $4.5 million or less.

What if you are not eligible?

If your role does not come with a practising certificate, the waivers above will not fit. First home buyers can use the 5% Deposit Scheme, which removes LMI with a 5% deposit under a price cap. ubank charges no LMI up to 90% for any occupation on owner-occupied or investment purchases repaying principal and interest.

A family member can also offer security through a family guarantee, such as Westpac's Family Security Guarantee or St.George's Family Pledge.

Compare every route in how to avoid LMI, or see all professions in LMI waiver rules.

Frequently asked questions

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