Self-Employed Home LoansSelf-Employed Home Loans

If you’re self-employed, it can be difficult to get a good home loan deal. Lenders are usually very wary of giving money to people who own a business or are self employed. The primary reason behind this is because they assume self employed individuals are high-risk and their income is uncertain. In order to make sure they’re making the right investment, they ask you to jump through several hoops. You need tax returns, letters from an accountant, notices of assessment, etc.

However, even lenders have started to change their tune with changing times. There are several people who leave their jobs and start a business these days. Some lenders recognize this fact and have changed their policies accordingly. We at Mortgage Providers can lead you to them.

What You Need to Know

It’s still a little difficult to get self employed home loans because of the lack of proper documentation. Self-employed professionals find it very difficult to get traditional documentation like tax records. Banks and lenders want proof that you can make the mortgage repayments. People often opt for low doc loans because they don’t have the right documentation. This is promoted by banks because they want to get higher interest rates and fees that low doc loans provide.

There is another way. If you can provide one or two years of profit & loss statements, financial statements, personal tax returns, BAS, and proof of any other investment incomes, you will get a good self employed home loan deal. After all, lenders are primarily concerned with your ability to pay the money back. If you show that you’ve a good, steady income from your business and you’ll be financially stable for the foreseeable future, lenders will consider you a strong candidate. Our expert mortgage providers will help you get the best loan deal possible.

How We Can Help

Getting a self employed home loan isn’t easy but if you have the right help, you can achieve it. There are people out there who would mislead you and encourage you to get a loan with higher interest rates and fees. You need to avoid this as much as possible. You can discuss with your accountant and plan just how much income you need to show to get the right loan amount.  This is the smart option and our brokers can help guide you to get this right.

Once you understand your requirements, we can help you get the best home loan. We will provide a list of lenders that would give you reasonable interest rates, LVR, and fees. We will also recommend lenders that have worked well with self employed individuals before. That way, you can make an informed choice.

Things to Consider

As a business owner, you might we aware of the value of borrowing and spending wisely. Our mortgage brokers will help you find the ideal loan deal for your financial circumstances. We’re absolutely honest with our clients so we will let you know if you are overreaching and borrowing more than what you can afford. You need to ask these questions to yourself before you approach us.

  • Is your financial condition stable and business is running smoothly? Will there be problems in the foreseeable future?
  • How much money do you need and how much can you afford?
  • What type of loan do you need?
  • Can you offer some security to the lenders?

If you want to know more about our self employed home loans, all you need to do is get in touch with us at Mortgage Providers. You can do that by filling in this contact us form or calling us at 1300 65 6600. You can ask for free expert advice or enquire about the loan. We will reply as quickly as possible with answers.