Home Loans for Entertainment Professionals

How Much Can Entertainment Professionals Borrow?

There are several options available for professionals in the entertainment industry, and these are explained below. Consider which is the best for your situation, and if you need some advice that is free of charge, speak to the experts at Eden Emerald Mortgages.

Borrow up to 90% of the property value with NO LMI

Borrowing up to 90% Loan-to-Value Ratio (LVR) with no Lender’s Mortgage Insurance (LMI) is an excellent option for entertainment professionals, enabling you to purchase property with only 10% deposit while avoiding LMI. This benefit can save tens of thousands of dollars, making homeownership or real estate investment more accessible for Australians in the entertainment industry.

The property generally needs to be a residential property and can be a Principal Place of Residence or an investment property, providing flexibility based on your goals. This policy acknowledges the substantial earning potential and unique financial profiles of entertainment professionals, allowing you to capitalise on your income without the added burden of LMI costs.

Borrow up to 95% of the property value (Discounted LMI)

Entertainment professionals can borrow up to 95% Loan-to-Value Ratio (LVR), offering a pathway to property ownership with a smaller deposit. While Lender’s Mortgage Insurance (LMI) applies, some lenders provide discounts that acknowledge the high earning potential of individuals in the entertainment industry. Professionals with steady contracts or substantial net worth are especially well-positioned to take advantage of these benefits, as lenders view them as lower risk even with a higher LVR.

An additional perk is that there is no maximum loan size for these options, allowing entertainment professionals to purchase high-value properties without additional restrictions. Whether securing a primary residence or an investment property, borrowing at 95% LVR with discounted LMI enables professionals to enter the property market sooner, avoiding the lengthy process of saving a larger deposit. This flexibility allows entertainment professionals to make the most of their current earnings, building wealth through real estate with manageable repayments and competitive loan terms.

Borrow up to 110% of the property value

Entertainment professionals can borrow up to 110% of a property’s value with the assistance of a guarantor, covering not only the purchase price but also additional costs like stamp duty and solicitor fees. This option is particularly appealing for those who may not have saved a deposit but are eager to fast-track their journey to homeownership or property investment. By using the equity in the guarantor’s property as security for the loan, entertainment professionals can avoid the cost of LMI, potentially saving tens of thousands of dollars while accessing full financing for their property purchase.

However, this arrangement comes with significant risks. If the borrower fails to make mortgage repayments, the guarantor’s property could be at risk, potentially requiring them to cover repayments or face foreclosure. It’s essential for both the borrower and guarantor to fully understand the responsibilities and potential consequences of this arrangement. Seeking professional advice from a mortgage broker can help ensure this strategy aligns with your financial goals and is a sustainable option for your circumstances.

What Are The Minimum Requirements To Qualify for an Entertainment Professional Home Loan?

To qualify for an entertainment professional home loan, most lenders require proof of stable and ongoing income within the entertainment industry. This typically means having at least two years of consistent work history in the field (with minimum annual salary of $120,000), whether as an actor, musician, producer, or other industry professional. Lenders want to see that your income is reliable despite potential fluctuations that are common in the entertainment sector. Providing evidence of a current contract or ongoing projects is crucial, and the contract should specify terms such as payment structure and expiry date to demonstrate financial security.

In addition to work history, you’ll need to provide supporting financial documentation to prove your ability to manage loan repayments. This usually includes your last two years of tax returns, a current payslip, and possibly bank statements to show consistent cash flow. If your income is project-based or irregular, lenders may consider your average earnings over a specified period. Meeting these minimum requirements ensures that lenders feel confident in your financial stability, allowing you to access specialised loan options tailored for entertainment professionals.

Each lender will have their own criteria for LMI waivers for entertainment professionals, so it's a good idea to speak to a mortgage broker who can access the most up-to-date information from all the available lenders. The experts at Eden Emerald Mortgages will compare the various options for you and inform you of the requirements for your circumstances. Their services are free to you (they are paid commission by the lenders) and they help you through the whole home loan process. Click the button below to get started.

What If I Earn Foreign Income?

Entertainers and media professionals frequently work internationally or receive payments from overseas production companies, theatre groups, or television networks. If you earn foreign income, many lenders may consider part of this income when assessing your ability to service a home loan.

However, this largely depends on the country of origin, as some currencies and economies are seen as more stable than others. Additionally, lenders will evaluate your employment contract to ensure the income is consistent and ongoing. Providing clear documentation of your foreign earnings and contractual terms is essential to demonstrate financial reliability. Speak to a top mortgage broker who specialises in home loans for entertainment professionals to see how they can help you with your situation.

Do International Entertainers Qualify?

Australia attracts thousands of international entertainers each year, including actors, musicians, and filmmakers, who come to work in our vibrant entertainment industry. If you’re a permanent resident (PR), you may be eligible for home loan options tailored to entertainment professionals, providing you meet the standard lending criteria.

For those on a temporary Entertainment Visa (subclass 420), it’s still possible to qualify for a home loan in Australia, though different policies may apply. Lenders may require a larger deposit, typically around 20-30% of the property’s value, to mitigate risk. Additionally, you’ll need to provide proof of stable income and the duration of your visa to demonstrate your ability to manage repayments during your stay. To find advice on your specific situation, get in touch with EE Mortgages by filling out the form below.

Which Entertainment Professionals are Eligible?

The entertainment industry covers a broad range of professions, and some of the most commonly seen are listed below. You generally need an accredited manager or agent to be eligible.

• Actors
• Musicians
• Journalists
• TV Presenters
• Radio Hosts
  
• Models
• Photographers
• Filmmakers
• Producers
• Directors
• Writers
• Authors
• Singers
• Composers
• DJs
• Commentators
  

If your job title isn't listed above, you could still be eligible for LMI waiver on your home loan. Contact the experts at EE Mortgages who will give you personalised advice based on your specific situation.

Important Info about

Home Loans for Entertainment Professionals

We Help Entertainment Professionals With Their Home Loans

What We Offer

What Our Customers Say

Since Eden Emerald Mortgages began operations in 2007 we have helped thousands of Australians secure a mortgage. See what some of our satisfied customers say about us below.