What Are My Home Loan Options If I Am Self-Employed?
There are many benefits to being self-employed - from flexible working hours and increased freedom to the thrill of being your own boss.
But when it comes to finding a better home loan, this process can sometimes be a challenge for self-employed Australians, particularly if your income fluctuates from month to month.
This is why it may be worth discussing low documentation loans - commonly referred to as low doc home loans - with a trusted mortgage broker.
Acting as your personal finance advocate, your broker can help you get a competitive deal that suits you - and help you through the process of applying for a low doc home loan.
These loans have a more flexible application process and borrowers may benefit from simplified paperwork and competitive interest rates. Best of all, in some cases, low doc loans allow you to access equity which can be used for business and personal investments.
Generally, applicants need to provide an Australian Company Number or an Australian Business Number, as well as a recent account statement and 12 months of Business Activity Statements.
To get more detailed information on your situation, talk to a Loan Market mortgage broker today.