Self-Employed Home Loans: How Much Can You Borrow?

 

Self-Employed Home Loan Experts  

At Mortgage Choice Peregian Beach, we understand that self-employed individuals have unique needs when it comes to home loans.

Because we are self-employed too, we understand what comes with running a business and applying for finance.

Whether you have one year of tax returns or several years of financial statements, we have options available to you.

 

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A Breakdown of Self-Employed Lending Solutions

• Borrow up to 95% of the property value with one or two years' tax returns:
  If you have been self-employed for one or two years and can provide your tax returns as proof of income, you may qualify to borrow up to 95% of the property value.

• Low doc loans for self-employed borrowers with little to no income verification:
  As a self-employed borrower, you may qualify for a low-doc loan, allowing you to borrow between 80% and 90% of the property value without extensive income verification.

• Borrow up to 80% of the property value if self-employed for less than a year:
  If you have recently become self-employed and have less than one year of self-employment history, you may still be eligible to borrow up to 80% of the property value.
  
  
• Refinance and Consolidate Personal, Business and ATO Debt: Debts like these can ruin your business and personal cash flow. Consolidating these debts into your home loan can give you much-needed cash flow relief, allowing you to concentrate on running your business.

 

Will You Get Approved?

While most lenders typically require two years of tax returns and financial statements, we work with more flexible lenders. We have options for self-employed individuals who can provide one year's tax returns or alternative income verification methods. Some lenders may consider your application even without tax returns if you have recently started your business within the same industry.

 

Frequently asked questions

Q. How Long Do You Need to Be Self-Employed to Qualify for a Home Loan?

A. While most lenders prefer self-employed individuals to have at least two years of self-employment history, we have options available for those who have been self-employed for less.

Q. What If You've Been Self-Employed for Less Than a Year?

A. Obtaining a home loan can be challenging if you've been self-employed for less than a year. However, we have lenders that will consider short-term self-employed using BAS and bank statements for verification.

Q. My business has debt, and it's not under my own name. Does this mean lenders won't include it in my home loan assessment?

A. Most lenders do include business debts when applying for a home loan. The good news is we have a couple of lenders that exclude this.

Q. I pay myself a wage. Can this be used instead of business financials?

A. Yes, wages to business owners can be used if it has been demonstrated for at least six months, and your accountant can sign a letter saying that the business can continue paying your wage and is meeting all commitments. Only a few lenders offer this, but it's often called simple verification.

 

Even if you're in the early stages and simply have a question, I'm here to help. Give me a call today to discuss your situation! 

 

BOOK YOUR APPOINTMENT NOW

START YOUR APPLICATION

 

Mortgage Broker Peregian Beach

_{At Mortgage Choice Peregian and Noosaville, we can help with Peregian Home Loans, Peregian Springs Home Loans, Coolum Home Loans, Yaroomba Home Loans, Mt Coolum Home Loans, Doonan Home Loans, Marcoola Home Loans & Eumundi Home Loans, Cooroy Home Loans, Cooran Home Loans, and Sunshine Coast Home Loans. You pick your dream home and we can do the rest.}