Self-Employed? Finding the Right Home Loan
If you are self-employed, you might be worried about your options when it comes to home loans.
Running a business can be challenging even at the best of times - and many self-employed people worry they may not have the steady income or the paperwork to make a home loan application.
Inconsistent cash flow means that your income may be subject to fluctuations - which may make it difficult for you to meet the lending criteria for standard home loans.
Fortunately, there are a number of products that have been designed specifically with self-employed borrowers in mind, including low-document home loans.
In simple terms, this means you may benefit from a flexible application process and simplified paperwork, as well as a competitive interest rate.
However, low doc home loans can vary considerably from lender to lender, which is why discussing your requirements with a mortgage broker may be a wise course of action.
A broker can give you access to the widest possible range of home loan options to suit your circumstances - and can advise on the different pricing and credit criteria required by individual lenders.
To get the conversation started, you'll need to have Business Activity Statements (BAS) from the past 12 months, along with a recent account statement and your Australian Business Number (ABN).
To get more detailed information on your situation, talk to a Loan Market mortgage broker today.