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Self Employed Tools
Self Employed Loan Options
If your tax returns are up to date and you have
been self employed for at least 2 years you may qualify for our
lenders standard home loan products. Please see our standard
home loans page for more information on these products.
If your tax returns are not up to date and/or
you have been self employed for less than 2 years we may still be
able to help you qualify for a low doc or no doc home loan. If you
fit into one of the following categories we may be able to help.
If you have any questions about any of the products mentioned please
submit your question using our contact
us page or call us on 1300 66 12 11. If you would like a free,
no obligation assessment of your loan options please apply
online.
Self employed loans where income is verified with
tax returns
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You have been self employed
for at least 2 years and have tax returns
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| If you have been self employed for at least
2 years and your tax returns show a taxable income sufficient
to pass the lenders serviceability requirements, you should
generally be able to attain a loan from most traditional lenders,
such as the major banks, up to 97% of the property value. You
will need to supply 2 years of accountant prepared tax returns.
Most lenders will normally take the average of your last 2 years taxable
incomes assuming the taxable income for each year doesn't differ by a large amount. Please call 1300 66 12 11 for more information or apply
online for a free, no obligation assessment of your situation. |
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You have been self employed
for less than two years and have at least one tax return
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| Some mainstream lenders will consider borrowers
in this situation on a case by case basis (must be a strong
case and previous experience in the same industry is preferred).
Generally, the maximum borrowing in such a situation will be
80% of the property value as mortgage insurers usually expect
at least 2 years of self employment. You will need to supply
an accountant prepared tax return. Please call 1300 66 12 11
for more information or apply
online for a free, no obligation assessment of your situation. |
Low doc and no doc home loans where proof of income
is not required
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You have been self employed
for at least 2 years but you cannot prove your income
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| There are a number of lenders who now offer
Low Doc home loans to cater for this situation. These loans
have become popular due to the fact that many self employed
people face delays in preparing tax returns. A low doc home
loan involves you signing a declaration that states your annual
income instead of providing tax returns. In some cases the interest
rate on low doc home loans is comparible with standard home
loans. You may be able to borrow up to 82% of the property price
under the low doc loan policy. To get access to the best interest
rates a 20% deposit is required. Most lenders require you to have an ABN number that is at least 2 years old and if your declared income is greater than $75k p.a. you must be registered for GST. Please call 1300 66 12 11 for
more information or apply
online for a free, no obligation assessment of your situation. |
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You have been self employed
for less than 1 years but you cannot prove your income
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| We have access to some non conforming lenders who
may lend up to 80% of the property value to borrowers with
less than 12 months business/trading history, or who are about
to start a new business. No financials or proof of income is
required. A higher interest rate will be incurred but once you
have a trading history you will be able to refinance into a
cheaper traditional loan. Please call 1300 66 12 11 for more
information or apply
online for a free, no obligation assessment of your situation. |
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You have been self employed
for at least one day, have no proof of income and you only
wish to borrow 65% of a property value
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| You may be able to borrow up to 65% of a property value without proof
of income and without disclosing your assets
and liabilities or your income amount. This loan
is known as a no doc home loan or an asset lend. There were a number of lenders offering this loan in the past but after the sub prime crisis this type of loan has become rare. An ABN number is required. Please call
1300 66 12 11 for more information or apply
online for a free, no obligation assessment of your situation. |
Disclaimer:
* Loans are approved or declined on their merits by the specified
lender and a loan approval is not guaranteed.
* We believe the information on this page to be correct. However
we can give no warranty to this effect and we expressly disclaim
any liability for loss or damage by any person acting upon advice
contained on this page.
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