Owning Your Dream: Mortgages and Sex Work Income in Australia

Austrialia has a legal framework for sex work, but that doesn’t necessarily translate to a smooth path towards homeownership. Securing a mortgage with income from sex work can be an obstacle course, but not an impossible one. Here’s what you need to know:

The Australian Landscape:

• Legal but Scrutinized: Sex work is decriminalized in most states, but banks often operate with stricter policies.
• Discrimination Concerns: Sex work stigma can lead to implicit bias during loan applications.
• No National Policy: There’s no Australian Banking Association (ABA) directive on sex worker finances, leaving it to individual lenders’ discretion.

Strategies for Success:

• Building a Paper Trail: While cash is common, try to utilize bank transfers or online payment systems whenever possible. Keep detailed records of income and expenses.
• Exploring Self-Employed Options: Lenders specializing in self-employed mortgages might be a good fit. Be prepared to demonstrate consistent income through tax returns and financial statements from a registered accountant.
• Partnering with a Savvy Broker: A mortgage broker familiar with non-traditional income sources can navigate the Australian lending landscape and find institutions with open policies.

Tips to Strengthen Your Application:

• Transparency is Key: Be upfront about your income source during the application process.
• Credit Score Matters: A strong credit score can significantly improve your chances of approval, regardless of your profession.
• Considering a Co-signer: Involving someone with a stable income as a co-signer can add weight to your application.

Remember Your Rights:

Sex work is legal work, and you deserve fair treatment when applying for a loan. Don’t be discouraged if the first bank you approach isn’t a good fit. Shop around and find a lender that focuses on your financial strength, not your profession.

Further Support:

• Consider contacting advocacy groups like Scarlet Alliance (https://scarletalliance.org.au/) for guidance and resources.

Owning a home is a dream within reach. By approaching the mortgage process strategically and with your financial records in order, you can increase your chances of securing a loan and achieving your property goals.