When applying for a home loan, banks consider more than just your deposit and credit score—your profession also plays a role.
Some occupations face greater challenges in securing a mortgage due to income instability or industry risks, according to Sydney-based mortgage broker Julian Finch.
Freelancers and gig economy workers often struggle with loan approvals due to fluctuating income and lack of long-term contracts.
Hospitality and tourism workers may be seen as high-risk borrowers because of seasonal employment and high staff turnover in their industries.
Artists, creatives, and content creators face difficulties as their work is often project-based, making income streams appear inconsistent to lenders.
Start-up founders and entrepreneurs may not meet lending criteria due to a lack of long trading histories, even if their businesses show potential.
Commission-only workers, such as salespeople and real estate agents, can be viewed as financially unstable despite potentially high earnings.
Influencers and personal service workers may also encounter hesitations from banks, with some institutions avoiding these industries due to ethical concerns.
While banks won’t always disclose their reasoning, professions deemed financially unpredictable or ethically questionable may face discrimination in loan approvals.
Ultimately, banks assess mortgage applications based on the reliability and consistency of an applicant’s income to ensure long-term repayment stability.
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