Mortgages for athletes
Historically, professional athletes have found it difficult to get a home loan due to the nature of the industry they operate within, with fixed term contracts and irregular income. Now, many lenders have developed specific policies for athletes.
Eligibility Requirements
All sports are eligible
Have a manager, an agent or an accountant that are accredited
Evidence you have been playing at a professional level for at least the last 2 years
Evidence confirming any income from endorsements
Coaches may also be eligible for these loan discounts
Minimum annual income requirement is $150,000
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
What home loan offers are available for athletes?
Often when you borrow more than 80% of a property’s value, you will be required to pay Lender’s Mortgage Insurance. This is where offers for athletes come in:
Borrow up to 90% of the value of the property without needing to pay Lender’s Mortgage Insurance
Borrow up to 95% of the value of the property and get a discount on LMI
Discounts on your interest rate
Longer interest only terms (up to 15 years)
See below for how much you could save by not having to pay Lender’s Mortgage Insurance on a loan with a 10% deposit and 90% loan-to-value ratio:
$500,000 Property: $8,680
$1,000,000 Property: $22,392
$1,500,000 Property: $36,858
$2,000,000 Property: $49,144
What documents will I need to provide?
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 evidence of consistent, regular income
How do I access a home loan offer for athletes?
Our role at Unbroke is to assess your needs and situation, help you compare all of the loans you’re eligible for as an athlete, including cashback offers, finding the lowest interest rate and loan features. Our services are free to use, we simply receive a commission from the bank once your loan is settled.
Contact us via our website, email or social media to book in a call to discuss your options to purchase a property or refinance your home loan.
Do any other roles or industries qualify for these offers?
Roles in other industries may also be eligible for an LMI waiver. These include:
Accountants and actuaries
Lawyers and conveyancers
Doctors and surgeons
Nurses and midwives
Veterinarians
Entertainment professionals
Dentists
Engineers
Financial planners
Mining specialists
This page provides general information only and has been prepared without taking into account your objectives, financial situation or needs. We recommend that you consider whether it is appropriate for your circumstances and your full financial situation will need to be reviewed prior to acceptance of any offer or product. Subject to lenders terms and conditions, fees and charges and eligibility criteria apply. Information in this article is up to date as of 10 January 2023.
