Self Employed
If you are self employed you may think that you will have difficulty applying for finance. Think again!! There are products available with our panel of lenders who understand that self employed applicants have different needs when it comes to applying for finance whether it is for purchasing a new property, refinancing or debt consolidation. Depending on your situation you have three options when applying for finance.
FULLY VERIFIED LOAN;
If you have been self employed for two years or more, have a registered Australian Business Number (ABN) and can provide your last two years Taxation returns, you can apply for finance and choose from a range of products, for example; Line of Credit, Variable Rate Loan, Fixed Rate Loan, Construction Loan or a combination of your choice.
Low Document Loan-'Lodoc'
If you have been self employed for two years or more, have a registered Australian Business Number (ABN) but you are unable to provide your last two years taxation returns or choose not to provide your returns you can still apply for finance with most lenders and have a choice of products at competitive interest rates.
You will be required to;
Most Lenders will lend you up to 80% of the property value and allow you to capitalise the lenders Mortgage Insurance (LMI) up to 82% of the property value. For explanation of LMI see: Home Loan Costs
The Lender will rely on the information you provide along with acceptable security.
No Document Loan -'NoDoc'
A No document loan is a product available for people who have had an Australian Business Number for 1 DAY.
There are a select number of lenders who provide this type of product. Generally you can borrow up to 70% of the property value, which means you would need to have at least 30% equity towards the purchase or refinance plus set up costs.
You will be required to;
All of the lenders will have Terms and Conditions. Accomplish Finance will disclose all fees, terms and conditions on application.
