Financing Options For Self-Employed Borrowers
Being self-employed has several advantages - being your own boss, making your own hours and having the ability to drive your own success are just a few.
However, there are also few drawbacks associated with self-employed. The future of the business largely lies with you, leading to a certain level of risk and often many hours of work.
Paperwork is a large part of this - keeping track of the entire operation needs a high level of organisation. Everything from hiring employees to tracking deliveries needs to be documented.
One of the most important aspects of being self-employed is finance - you need money to make money.
For many business owners a Low Documentation loan (low doc) is the way to go - they can be used for residential, investment or business property purchases.
Useful for people with fluctuating incomes, low doc loans may be granted for those who meet specific criteria. You must show your CAN/ABN, your last 12 months of business activity statements and your last account statements.
But there are some conditions attached to low doc loans - you must have a clear plan for how you will make repayments and how to get loan pre-approval.
Depending on your particular needs, you might choose a line of credit mortgage. A meeting with a mortgage broker can help you explore different options.
To get more detailed information on your situation, talk to a Loan Market mortgage broker today.