Income for loan eligibility

From: Cathy Baxter


Would lenders include income from punting when assessing loan eligibility and serviceability?


No really it's Cathy
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Reply: 1
From: Rolf Latham

Hi Cathy

If you had tax returns over a couple of years indicating income from speculative sources then it would probably be allowed.

If you declared the income as coming from gambling though, as a primary source, then youd have a fun time with a mainstream lender.


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Reply: 1.1
From: Cathy Baxter


So tax office says gambling is income tax free until it becomes a business - if not main source of income how do you substantiate?

Could be a substantial source of income!!

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Reply: 2
From: Peter Troiano

In most cases if you had enough deposit and the loan was under a LVR of 85% you could get the loan with a subprime lender. Thats easy and has been done in sydney as a lot of gamblers who cant justify their income have done in the past.
The loan would have to be however for investment uses as the UCCC wouldnt allow for this type of loan for owner occupier as the income is not reliable.
Remember that a high percentage of defaults on any loans in major cities have gamblers as their worst borrowers.
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