How can I keep my profession confidential during the home buying process?

Securing your dream home is an exciting time, but navigating the mortgage process can feel daunting, especially if your income comes from sex work. While sex work is legal in most parts of Australia, some discretion might be desired during the home buying journey. Here’s how to approach the situation while protecting your privacy:

Understanding the Landscape:

• Focus on Documentation: Lenders in Australia primarily rely on documented income for mortgage approvals. Paystubs, tax returns, and bank statements showcasing consistent income are key.

Strategies for Discreet Income:

• Sole Trader Option: If you operate as a sole trader and file tax returns declaring your income, you can use those documents for verification.
• Creative Bookkeeping (with Caution): Consider if there’s a way to categorize your income in a broader sense on tax returns. For example, “entertainment services” might be an option, but consult a tax professional to ensure it remains compliant.
• Alternative Income Sources: If you have additional income streams, highlight them. Perhaps you have investments, a side hustle, or a partner with verifiable income who can co-sign on the mortgage.

Finding the Right Lender:

• Mortgage Brokers: A broker can be your secret weapon. They have access to a wider range of lenders and may be able to find one with a more open approach to non-traditional income sources.
• Research: Look for lenders known for being flexible with self-employed individuals or those with unique income streams.

Maintaining Confidentiality:

• Be Upfront, Be Discreet: Briefly explain your income source to the broker, emphasizing the legality and consistency of your earnings. Avoid unnecessary details to maintain privacy.
• Focus on Financial Strength: Shift the conversation to your overall financial picture. Highlight a strong credit score, savings, and a track record of managing finances responsibly.

Remember:

• Don’t Lie: Transparency is crucial.
• Seek Professional Help: Consult a tax advisor for guidance on legally documenting your income and a mortgage broker to navigate lender options.

Owning a home is a possibility regardless of your profession. By focusing on verifiable income and finding the right support system, you can achieve your dream while maintaining your privacy.