Loan discounts for professional athletes
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!
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).
What documents do I need?
- A current contract that shows a date of expiry
- Your last 2 year’s tax returns and if applicable, your most recent payslips; this will give the banks confidence that the income you will be receiving is actually consistent
What are the discounts?
- Borrow up to 90% of the value of the property and avoid Lender’s Mortgage Insurance.
- Borrow up to 95% of the value of the property but at a discount to the cost of LMI.
- Discounts on your interest rate.
- Longer interest only terms (up to 15 years).
Call us today to find out more or enquire online today!