30th May 2014, 03:42 AM
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Member
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Join Date: Jan 1970
Posts: 589
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Quote:
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Originally Posted by FredTheMug
Have any of the full time punters here managed to get a home loan after turning pro? Did the lender treat gambling income as proof of ability to service the loan? Did the lender just want to see evidence of wealth growth? Or was the gambling a big no-no?
Please no speculation or gambling advice, would like to hear from actual experience dealing with lenders.
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A can of worms Fred. Let's assume that you have a good credit rating. With a steady job and sufficient income to service the loan, then you can get a loan to 85% of the value of the property. With a gambling income you get lumped into the self employed category and a no-doc loan of a max 65% of the value of the property. No-doc you are riding on your credit rating and not your income. There are many ways to get around these restrictions and this forum is not a place to discuss them. |