Self Employed Loans

If you are self employed, you have options. You may have all of the usual documentation that is required to apply for a home loan, or you may not. But either way that doesn’t mean you can’t achieve your dream of becoming a home owner or property investor.

There are 2 types of loans for self-employed people – Full Doc and Low Doc Home Loans

Full Doc Home Loans

Full Doc loans are for self-employed people who have their full tax returns and financials. It means you are generally up to date with your taxes and can provide all the necessary financials the banks usually require to process a home loan. Requirements for a Full Doc loan are generally as follows:

  • You need to be self-employed in the same industry for at least one year and supply details such as your ABN and/or Certificate of Incorporation
  • You need to provide your last 2 years tax returns and financials for you and your business, or in some cases 1 year worth is acceptable

Low Doc Home Loans

Low Doc Loans are designed for self-employed people and allow you to secure a mortgage without the financial statements or tax returns usually required. Documents required by the lenders are limited and are assessed according to each lenders individual policy. If you are after a Low Doc loan, there are some conditions that apply:

  • You need to be self-employed in the same industry for at least one year and supply details such as your ABN and/or Certificate of Incorporation
  • In most cases you need to provide your Business Activity Statements (BAS) for the past 12 consecutive months, verified by the Australian Tax Office (ATO).
  • Alternatively some banks will accept a written declaration from your account, or 6 months business trading bank statements

The maximum amount you can generally borrow on a Low Doc Home Loan is 80% of the property value.

If you are borrowing more than 60% of the property value, you will sometimes need Lenders’ Mortgage Insurance
If you’re self-employed and looking to buy a home or investment property, talk to one of our lending specialists about how to get started.
We can also provide support and advice to help you achieve your business goals.

Simply make an appointment online, by phone on 1300 882 335