Can Influencers secure a home loan in Australia?

Are you an Influencer and having trouble securing a loan to buy a home, an investment property or getting a loan for a car?

To understand your options, BOOK NOW.

Frustrated by banks, not knowing how to treat your income and understand your industry and your profession.

Influencers often face hurdles when securing a mortgage in Australia, given the unique nature of their income, employment status, and the simple fact that banks don’t know which box to put you in!

Influencers by definition, create and share content regularly to establish their expertise and work to build a relationship with their followers. By regularly engaging with their audience and offering insightful content, creators can often "influence" their followers to try a particular product.

The reality is, banks don’t really know how to handle this new industry and they don’t understand how to best support you in your investment goals!

The good news is, our team of experts at FinancePath have been able to support Influencers secure their first homes by providing valuable assistance in navigating these challenges through tailored advice and personalised solutions.

Let’s explore the common challenges encountered by Influencers and how we help you navigate them.

If I don't receive pay slips and my income is not stable, can I still get a mortgage?

Many Influencers have variable income streams that may not be consistent month-to-month. Without a steady income history, lenders may view Influencers as higher-risk borrowers.

We, at FinancePath, work with you and your accountant to thoroughly understand your various income sources, including, subscription fees, freelance work, sponsorships, ad revenue, and product sales. We use these to provide lenders with a clearer picture of your financial situation.

Do I need multiple years of tax returns to prove my income?

Traditional mortgage lenders require multiple years of tax returns or financial statements to verify income, making it difficult for Influencers who rely on various income sources or have a new business.

Understanding your business revenue, how long you have been in the industry and how you derive your income may allow us to use one year of tax returns with some funders, provided you have 2 years history.

Influencers often struggle to meet standard mortgage application documentation requirements.

FinancePath work closely with your accountant to understand the required paperwork, such as tax returns, financial statements, and proof of income, to meet the lender's requirements.

How long does my business need to be registered for?

You need to have a registered ABN (Australian Business Number) for a minimum of a two-year period.

If income is greater than $75,000 per annum, you will need to be GST registered as well.

Will my lack of employment history count against me?

Influencers' non-traditional income can make it difficult to show financial consistency, potentially leading to difficulty getting approved for a mortgage.

Like all borrowers, Influencers need a good credit history to qualify for a mortgage. Yet, irregular income or financial inconsistency can make it challenging for them to maintain good credit, affecting their loan eligibility.

We have helped Influencers build stronger mortgage applications by highlighting their financial stability, creditworthiness, and repayment capability.

This may involve providing additional documentation, expertly mitigating any risks and showing the lender how repayment capacity is evident.

What if I don t have a 20% deposit for my home?

Influencers may struggle to save for a deposit, especially early in their careers or with irregular income.

In Australia, lenders typically require a 10-20% deposit for property purchases, and more for those with non-traditional incomes.

Depending on your repayment capacity, gaining approval for a loan with less than 20% deposit is possible provided your repayment capacity is strong. 

We can work with you to establish a solid financial plan and budgeting strategy, including saving for a larger deposit and showcasing income stability to potential lenders.

Will my loan options be limited?

Some lenders may not offer mortgage products tailored to the needs of Influencers with non-traditional income sources, limiting options for you to find a suitable mortgage.

In cases where traditional lenders are hesitant to approve a mortgage, FinancePath have access to alternative lending options such as non-bank or specialist lenders for self-employed individuals, who may offer more flexibility to accommodate your unique circumstances.

FinancePath fully understand the unique challenges that Influencers are facing.

We have been able to secure home loans for Influencers by following a diligent, responsible process that ensures we are working with you to secure the right loan for you while supporting you throughout the entire process.

What do I do next?

If you’re a content creator struggling to get a mortgage in Australia, don’t stress; we’re here to help you.

Contact us to discuss your options, provide tailored solutions, and ultimately help you achieve your property investment goals.

Book a 10-minute chat with the FinancePath team and get started today or simply call us on 1300 780 440.

Don't wait and sit on the fence, BOOK NOW to understand your options.