Home Loan Options For Self-Employed Australians
Increased freedom, flexible working hours and the thrill of being your own boss - there are a number of benefits associated with being self-employed. But what about when it comes to getting a home loan for property investment?
If your income fluctuates month-to-month, the process can be somewhat challenging. Speaking with a mortgage broker will provide you with some insight into securing the best possible home loans available.
Low documentation loans - usually referred to as low doc loans - generally have a more flexible application process. Simplified paperwork and competitive interest rates are a couple of the benefits borrowers may be able to utilise during their application.
In some cases, low doc loans let you access equity which can be used for personal or business investments!
In most cases, self-employed applicants need to provide a recent account statement, 12 months of business activity statements, an Australian Company Number/Australian Business Number and have a clean borrowing history in order to be eligible.
If you are self-employed, speaking with a mortgage broker about your home loan options will help you secure the most reliable, suitable loan for your situation.
To get more detailed information on your situation, talk to a Loan Market mortgage broker today.