When Lawyers Finally Refinance

If there’s one profession that can analyse something to the nth degree, it’s the legal one. I say that with genuine respect - I’ve spent enough time around lawyers to know that when it comes to making financial decisions, they don’t take shortcuts! They research, cross-examine, seek second opinions…and then often stick with their original lender out of pure exhaustion.

The issue? That loyalty (or fatigue) can cost a lot more than a few hours on a Sunday scrolling through rates.

Camilla Baker, Director of Outrider Finance Brokers - helping professionals structure optimal lending solutions.

Many of my clients in law got their home loans back when interest rates were different and billables were perhaps higher. The loan made perfect sense then. However, life has undeniably shifted - bonuses fluctuate, partnerships change - and the banks themselves have changed how they assess income for professionals.

And yet, lawyers are notorious for staying put. The irony is that you'd never tell a client to sign a long-term contract without reviewing the terms regularly - but that’s precisely what many do with their own loans.

Refinancing doesn't have to mean procuring the lowest rate (though that’s nice when it happens). It’s about structure - making sure your lending actually reflects your current situation. For example:

• Does your bank properly recognise your bonus or billable income?

• Are you getting offset flexibility across multiple properties?

• Is your LVR still optimised, or are you paying a premium?

• Can we free up some equity to purchase an investment property?

  
  

Most of my legal clients come to me after finally deciding they’ve done enough due diligence to hand the file over. Within a week, they’re usually saying, “I wish I’d done this ages ago.”

If you’re in the law and you haven’t reviewed your mortgage since your last promotion, billable target, or career shift, it might be time.

I’ll bring the expertise to find you the best offering. You bring your cross-examination skills.

(Not financial - or legal advice, of course. Simply some helpful information.)