Loan Market appreciates how much time is needed to run your own business, and how much time it takes to navigate your way through the home loan obstacle course.
When you are self employed Time is Money!
We can make the process real easy and allow you to do what you do best and that’s run your business while we do the running around for you! After an initial consultation, where we assess your needs and requirements, we will look at your borrowing and lending options and recommended the best products and lenders that suit your needs.
With ongoing changes to consumer protection legislation it is becoming increasingly difficult for self employed customers to be assessed for lending and it’s always good to know what the rules are as a guide.
You will need to be self employed for at least 2 years, have at least 2 years financial statements on the business and have at least 2 years tax returns both business and personal including ATO tax assessment notices. There are often no variations on these requirements by lenders.
Tax minimisation is often the priority, often resulting in lower personal incomes for self employed people............ but don’t be fooled! Your desire to minimise your taxable income may also greatly minimise your ability to borrow!!!!
Your ability to repay your loan will be based on your personal ATO assessable income, in conjunction with expenses and any ongoing credit commitments, children and marital status. Not on what you think your company or business makes.
It is so important to make sure that you are well organised, have the required documentation well in advance so that there are no unwanted surprises or disappointments.
Talk to me well ahead, as some planning may be necessary to ensure that you are in the right position to borrow what you will need.