Professions / Lawyers

Legal professionals represent one of the most stable borrower profiles in Australia. The right lender will recognise that.

Key Takeaway

Some lawyers may qualify for LMI waivers with professional admission. Bonus income and partnership income can be included by lenders that assess it correctly — but consistency, history and documentation all matter.

This Page Is For

Employed lawyers checking LMI waiver eligibility before buying

Partners with complex income needing lenders experienced with law firm structures

Lawyers with bonus income wanting to know how much lenders will use

Barristers checking eligibility under professional lending policies

Lawyers refinancing after a promotion or income increase

What To Prepare Before Speaking With Us

Law Society or Bar admission certificate

Two most recent payslips

Two years of personal tax returns

Employer letter confirming bonus history and structure

Partnership financials and deed if applicable

Quick Answer

Some lawyers may qualify for LMI waivers with certain lenders. Bonus and partnership income can be included in serviceability by lenders that assess it properly — but consistency, history and documentation matter significantly.

Bonus & Commission Income

2 years payslip and tax return history preferred

Consistency of bonus payments across years

Some lenders shade to 80%; others include 100%

Bonus income is a significant part of many lawyers’ total compensation. Whether lenders include bonus income — and how much — depends on consistency, history and lender policy. Some lenders shade bonus income; others include it fully with sufficient documentation.

Employer letter confirming bonus structure

Contractual vs discretionary bonus treatment differs

Partnership Income

2 years personal tax returns

Partnership agreement or deed

Consistent distribution history preferred

Lawyers in partnerships receive income through profit share distributions. This is assessed similarly to self-employed income by many lenders — requiring financial statements and tax returns from the partnership.

Partnership financial statements

Evidence of ongoing partnership position

Lawyer LMI Waivers

Some lenders offer LMI waiver policies for lawyers admitted in Australian jurisdictions. Eligibility depends on admission, income, LVR and the specific lender’s professional lending policy.

Professional admission — Law Society or Bar required

LVR threshold varies — commonly 85–90%

Employment type — employed vs partner vs barrister

Income minimum may apply

Loan size caps may apply

Refinancing For Lawyers

Lawyers who become partners or receive significant income increases often find that a new lender assesses their position more favourably than the lender they applied with early in their career.

Partnership income reassessment

Equity access for investment or renovation

Bonus history builds over time

Lender policy comparison for complex income

Frequently Asked Questions

Can bonus income be used for a home loan?

Some lenders may include bonus income if it is consistent and well-documented. Policy and shading varies by lender.

Some lenders offer LMI waivers for admitted lawyers. Eligibility depends on admission, income, LVR and lender policy.

Partnership income is typically assessed using 2 years of tax returns and partnership financials, similar to self-employed income.

Some lenders may consider barristers under legal professional policies. Criteria vary.

Not necessarily. Current income, existing equity and lender choice all affect outcomes at any career stage.

Book A Lawyer Lending Review

We assess bonus income, partnership income, LMI waiver eligibility and lender options for lawyers.

General information only. Lending eligibility, LMI waiver policies, rates and approval outcomes vary by lender and are subject to assessment.

Common Mistakes Lawyers Make Before Applying

Applying before having two full years of bonus history documented

Not having professional admission certificate ready at application

Assuming employed and partner lawyers are assessed identically

Applying to a lender without a legal professional LMI waiver policy

Not checking how the new lender will assess any change in income type

Documents Lawyers Should Prepare

Law Society or Bar admission certificate

Most recent payslips

Tax returns (2 years)

Employer letter confirming bonus history

Partnership financials if applicable

Existing loan and liability statements

Credit card limit details

Identification documents