Home loan discounts for entertainment professionals - do I qualify?
- In order to qualify for an entertainment home loan, you need to show that you currently hold a role within the TV, film, theatre, fashion or music industry (this can be as an actor, musician, writer, photography etc)
- You need to be earning at least $150,000 a year, but you can include rental income in this income calculation.
- You will need to show that you are currently represented by an accredited manager, agent or accountant.
What evidence does the bank want to see when determining my income?
- Most lenders just want to see that your employment is reliable; so the longer your work history, the greater your chance of been able to successful get a loan.
- You will need to provide a current contract and your last two years’ tax return.
- Be working at least two years’ within the entertainment industry.
- Some banks may consider income that you have earned overseas; but this is dependent on which country and your contract in that role.
- You may also be a permanent resident or even hold a temporary entertainment visa, but this is all dependent on the lender.
How much will I be able to borrow?
- Borrow up to 90% of the value of the property whilst avoiding Lender’s Mortgage Insurance (LMI)
- Borrow up to 95% of the value of the property with a discount on LMI
- Discounts on the interest rates offered by the bank
- Longer interest only terms (so you can go up to 15 years in total).