It can be harder to navigate the home loan world when you are self-employed. There is an increased level of risk from the banks perspective when considering lending to the self-employed – whether it be a sole trader, a partnership, a company or a trust.
If you are self-employed and rely solely on your business income, you are still eligible to purchase your own home or become a property investor, you just need to tackle the application process slightly differently.
Traditional lenders can be reluctant to offer finance to the self-employed, however we have a selection of excellent lenders that are understanding, and happy to work with us to offer you a range of flexible options that best suit your circumstances.
The majority of lenders will request that self-employed applicants have filed at least two years of tax returns to prove your earnings but there are lenders that will consider using alternative documents such as BAS and bank statements to verify income levels.
Some of the self-employed home loan and business finance situations we can help with:
- Newly self-employed (12 months ABN accepted)
- Tax returns not completed (alternative income documentation accepted)
- Cash out for approved business purposes
- Payout business or tax debts
- Borrowers with impaired credit history
- Lenders mortgage insurance waivers for qualified individuals
What to bring to us if you’re self-employed:
- Provide your most recent personal and business tax returns including business financial statements if available
- Most recent ATO Notice of Assessment
- Bank statements
Here at Beyond Broking, we regularly assist the self-employed in obtaining home loans whether it be for a new home, investment or refinancing. We have the added benefit of being accountants so are able to provide a unique perspective when assessing your situation. To find out more, book an obligation free appointment today.