A woman earning a substantial six-figure salary has spoken out about the unexpected obstacles she faced when trying to buy her first home, attributing the difficulties to her career in the legal sex industry.
The High-Income Mortgage Barrier
Emily Mai, 35, purchased a four-bedroom townhouse in Melbourne in 2019 for $640,000. Despite having a solid 20 per cent deposit ready and a consistently high income, she hit a wall when seeking approval from major banks. Her profession as a stripper at the time made the process "too hard and too complicated," according to her mortgage broker, who advised her to approach a smaller financial institution instead.
While sole traders often face extra scrutiny when applying for loans, as they must prove a stable income, Ms Mai is convinced her experience was compounded by working in the sex industry. "Even though sex work is legal, it is still discriminated against," she stated. She revealed she knows other sex workers who have had their bank accounts abruptly frozen or closed, a risk she remains "very mindful" of.
Proactive Financial Measures and Further Challenges
To protect her finances, Ms Mai took proactive steps. She established herself as a company, paying herself as an employee from a separate business bank account. "That is an extra step I have taken so my income won’t get frozen," she explained.
Her financial journey encountered more hurdles in 2022. By then, her income had grown significantly as she began creating adult content for online subscription services. When she decided to convert her first home into an investment property to buy a larger house for her family, banks again focused intensely on income consistency rather than the high earnings.
Ms Mai believes that if she had been a traditional employee rather than a sole trader, a bank would have lent her an additional $500,000. As a single mother of two, she points out that earning $400,000 in the last financial year does not make her "feel rich," as a large portion goes on tax, mortgages, household bills, and superannuation.
A Grateful Yet Cautious Outlook
Despite the challenges, Ms Mai expressed gratitude for having entered the property market, noting she has seen married friends on similar incomes also struggle. Her story highlights a persistent gap between legal status and financial acceptance for workers in certain sectors, raising questions about equality in lending practices.
