Helping Self-Employed Australians Find Their Perfect Home Loan
At the heart of our service, we’re all about offering tailored finance solutions to the vibrant and hard-working self-employed business owners in Australia. We understand and celebrate the fact that small businesses and self-employed individuals are a driving force in the Australian economy.
Home Loans Made Easier for the Self-Employed
We know that if you’re self-employed, getting a mortgage can sometimes feel more challenging. That’s why we’re here to make it easier. Whether you’re dreaming of buying a new home or investing in your future, we’re committed to guiding you through the home loan process with ease and understanding.
We have support and solutions available for almost every situation, including:
- Short term ABN Registration (3 months minimum), 1 day GST registration available, Accountants declaration as evidence of income
- Complex borrowing structures
- Funding up to 90% LVR
What are the lending conditions and restrictions for self-employed loans?
Just like any standard home loan, self-employed home loans come with their own set of restrictions and conditions. These vary from lender to lender so if you’re unsure, speak to a Gloss Finance Home Loan Specialist.
Let’s look at some of these requirements in more detail:
Income: Depending on the lender, you might only have to provide an income declaration. These could include your tax returns, BAS statements as well as profit and loss details. The more information you can provide, the better.
Assets: Since you won’t have access to the same documentation that a standard borrower would, lenders may want to see what types of equity and assets you have. This could mean showing bank statements to confirm savings and other investments you might have.
Credit history: You might need to provide the past three months worth of statements for your business credit cards, transaction accounts plus invoices issued and received. The lender will want to see what your cash flow is like and how you handle all of your financial commitments as a self-employed person.
Extra criteria you need to be aware of includes:
Low Doc options can require the borrower to pay a higher interest rate, compared to someone with full documentation. Check online comparison rates or speak to a Home Loan Specialist for advice.
Lenders require significantly lower LVR in low doc home loans. Borrowers will often be required to pay LMI if they’re borrowing more than 60% of the property value. This means you’ll need a larger deposit to avoid paying LMI.
Package discounts are generally not available for self-employed home loans.
Which lenders offer self-employed home loans?
There are a number of Australian lenders who offer home loans to self-employed borrowers, however their qualifying criteria varies from lender to lender. To find a home loan for your specific circumstances, speak to a Gloss Finance Home Loan Specialist. They can compare a number of major Australian lenders as well as non-bank lenders, to find the right one for your situation.