Navigating Home Loans for Content Creators and Digital Entrepreneurs!
September 5th 2024If you’re raking in income through Instagram, TikTok, OnlyFans, or any other online platform, you might be feeling a bit lost when it comes to securing a home loan. Don’t worry—you’re not alone!
At MAURO, we make the home loan process simple for creatives and digital entrepreneurs. From influencers to OF creators and online business owners, we’re here to help you secure the right home loan, no matter your income streams.
Here’s the lowdown: our Mortgage Broking team specialises in analysing your unique financial situation to connect you with lenders who understand and accommodate what you do. We’ve guided countless successful clients through the home loan process, proving that buying a home is entirely achievable—even if you’re a full-time creator.
Common Questions We Get Asked:
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Will being a full-time Influencer or OnlyFans creator affect my loan application?
Absolutely not! Banks are increasingly recognising the legitimacy of online and creative businesses. What they care about is your ability to meet your financial commitments. As long as you can demonstrate stable income, you’re in good shape.
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How long do I need to be self-employed before I qualify for a loan?
Most lenders require a minimum of 12 months of active business history. With 18 months, you open up more options, and after 2 years, you’ll generally have access to all lenders. We’ll help you find the best fit based on your business history.
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How do I prove my income to banks?
Banks often look at tax returns to assess your self-employed income. While monthly income can fluctuate, your tax returns provide a comprehensive overview. Some lenders use a 2-year average, while others might base decisions on your most recent return, potentially giving you more borrowing power.
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How much deposit do I need?
For many lenders, a 20% deposit is ideal. However, you can buy with less, though this might involve additional costs like Lenders Mortgage Insurance (LMI). We can also explore options like a family guarantor to help you get into your new home sooner.
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How long does it take to get pre-approval?
The timing can vary based on the lender we’re teaming up with, but with all your details in place, it usually takes around a week. Keep in mind, it might be faster or slower depending on the specifics.
Ready to explore the property market?
Get in touch today for a FREE consultation and start your journey to owning your dream home!
