Being a business owner myself I understand it can be difficult for some to obtain loans with Lenders.
Full-doc loans are the more desirable options, however if you are unable to confirm your income via tax returns or business financials then Low-doc home loans are an option.
Generally with Full-doc loans lenders require you to have held an ABN for a minimum of 2 years and to be able to provide personal and company tax returns for the past 2 years as well as the past 2 years financials. The lenders will usually average the income over the past 2 years to obtain a figure to use for borrowing capacity.
If these documents are unavailable then a Low-doc loan may be an option where all that is required to provide lenders is either 12 months BAS, 6 months Bank statements and in some cases a letter from your accountant only. There are many options, and some Low-doc rates can be as low as Full-doc rates. Low-doc policies will be different to the Full-doc policies and generally a larger deposit is required however it’s not impossible to obtain a Low-doc home loan for a self employed with only a 10% deposit.
It really pays to speak to me as there are a wide range of options and while some lenders do not lend for Low-doc loans there are many that do.
In addition to home loans for self employed I can also assist with the following:
- Business Loans
- Car and Equipment Loans
- Operating Leases
- Commercial Loans