A lot of self-employed people think getting a loan approved will be difficult when in reality it isn’t. The hardest part is picking the right bank. This is because not all banks treat self-employed clients the same.
Some banks need to see two years of financials and tax returns, while others only need one year. This may be important if your business is only a few years old and still growing. It may be that your business has had a very good year of trading, compared to other years.
As a self-employed person the banks will go through your financials and tax returns and look for specific things they can add back on to your income, these are called addbacks. Things like interest and depreciation can be added to your net profit to increase your income with the banks.
Here at Loan Market in Wollongong we will run through your financials and compare the different banks to make sure you get the best outcome for your situation. We know what lenders are good for self-employed.
Make an appointment if you would like to look at some options.