- Lawyers
- Updated
- • 5 min read
Refinance Guide For Lawyers
Lawyers who have been in a role for several years may find that their borrowing position has improved significantly — higher income, more equity and a stronger application profile. A refinance review is worth considering.
Quick Answer
Lawyers should review their home loan when income has increased, equity has grown, a fixed rate is expiring or after a major career change such as becoming a partner.
When Refinancing Makes Sense For Lawyers
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Partnership promotion — income has increased substantially
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Fixed rate expiry — review before the revert rate applies
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Equity has grown — access equity for investment or renovation
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Current lender does not count bonus or partnership income fully
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Rate has not been reviewed in more than 12 months
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Frequently Asked Questions
Can I refinance if my income is variable?
Yes. Consistent bonus or partnership income can be assessed in a refinance application, subject to documentation and lender policy.
How long does a refinance take?
Typically 2–6 weeks depending on lender, valuation and documentation.
The Lawyer Refinance Opportunity
Lawyers who have become partners, received sustained bonus growth or have built significant equity may be well-positioned to refinance. A new lender may assess income more favourably and offer better rates or structure.
What Lenders May Look At
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Current rate and available alternatives
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Bonus income — whether current lender uses it fully
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Partnership income — whether the current assessment is conservative
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Equity position and property valuation
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When Partnership Promotion Changes The Picture
A lawyer who was an employed associate at time of application but has since become a partner may find that their current lender still assesses them as an employee. A refinance review can reassess income under the new partnership structure.
Refinance Checklist For Lawyers
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Rate compared to current market
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Whether current lender fully counts bonus income
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Whether equity has been accessed or could be used for investment
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Partnership financials are up to date
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Common Mistakes At Refinance
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Refinancing without checking exit costs first
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Not checking whether the new lender treats bonus income more favourably
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Extending loan term unnecessarily — increasing total interest paid
Can I refinance with partnership income?
Yes. 2 years of partnership financials and tax returns are typically needed.
How long does a refinance take?
Typically 2–6 weeks depending on lender, valuation and documentation.
Book A Lawyer Refinance Review
We compare lawyer income across 50+ lenders at no cost.
General information only. Lending eligibility, LMI waiver policies, rates and approval outcomes vary by lender and are subject to assessment.
Book A Refinance Review
We compare lawyer income across 50+ lenders at no cost.
General information only. Lending outcomes vary by lender and individual circumstances.