Historically, professional athletes have found it difficult to get a home loan due to the nature of the industry they operate within. However, many lenders have since developed policies that have made it easier for you to get a loan. Here at Mortgage Providers, we know the right lenders who will not only give you a loan but also at a rate that may not even be publicly advertised!
How long should I have been playing professionally?
Most lenders will require you to have been playing professionally in the sport for at least two years.
Lenders require two years of playing professionally because your income may fluctuate from season to season, so they want to see if it is consistent in the long term.
If you have been playing for a shorter period of time then you may be able to get a home loan on a case by case basis.
Am I eligible?
- There are no limitations around which particular sport you play, all the banks want to see is that you have a manager, an agent or an accountant that are accredited in the field
- Most banks require you to still be working in the sports industry to be eligible but some will consider those who retire and move into a TV or radio career
- You need to show that you have been playing at a professional level for at least the last 2 years
- You will need evidence confirming any income from endorsements and/or income
- Coaches, whether actively coaching or retired will also be eligible so long as they are able to prove their income
- You need to be earning at least $150,000 (but this can include rental income).
