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.

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.

Fred, you do not have to declare you are a professional punter.
Your credit rating, your last tax assessment notice and three months worth of bank statements should be more than enough.

Set up a sole trader account such as Fred trading as Global Accounting or Internet Marketing or similar.
Transfer money from another bank using another sole trader account on a weekly or monthly basis, so they see regular amounts going in.

If you tell them you are a pro punter it's all over. They'll look at you like you have two heads.
If your balance is high enough and you've a long enough history with the money transfers etc. You may not need a Tax Assessment notice. Make sure you have an ABN. They will check it's legitimate.

It's important you do nothing that could be deemed fraudulent however, you you can name your punting whatever you like legally, that's your business.

Another factor that may add credence to your application is assets other than money.

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Thanks for the advice guys.

Beton, where would I find out about the other ways to get around the restrictions?

An issue for me is that I believe it's only a matter of time before the ATO goes after pro gamblers (which I'm not, it's just a full-time hobby for me). If that happens, anyone who operates their gambling like a business will be hit with a tax bill for the last 7 years. Maybe it will never happen but I would never risk it. So that would exclude getting an ABN or setting myself up as a sole trader.

I have other ways of raising finance, but a bank loan is the cheapest. But as you say CP I would hate to apply only to discover that the mere mention of gambling makes me a two-headed monster and destroys my credit rating.

Just as a thought for yourself and anyone else looking at this maybe investing some money in another business to make things more legit in the eyes of the banks.

This would be the path i would choose if i could afford to punt full time.

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Agree, it's also nice being able to say that you are a contributing, tax-paying member of society.