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Home Loans for Self Employed BorrowersIf you are Self Employed, providing complete and up-to-date financials that satisfy lender assessment criteria can be a challenge. Fortunately, with the increasing number of lenders and home loan products available in the market today, Self Employed people now have more home loans options available to them. Is it harder for Self Employed People to get a Home Loan?Self employed people are no different to normal PAYG employees as long as you have the paperwork that proves a savings history, regular income and profit over a 2 year period. If you do not, then the 'rules' surrounding you getting credit change. For a start, you are more likely to be considered a 'higher risk' applicant for credit. For this reason, the home loan application process may become more difficult and may cost you more. Everyone is different however and you may be surprised by the number of options that are available today and at reasonable rates. It is a good idea to talk your situation through with a good mortgage broker and find out what self employed home loan options are in your best interest, Call us at anytime on 13 LOAN (or +61 2 9249 3739 for international callers) or email us the form on this page and we will return your contact within 2 business hours. What are the types of home loans available to the Self Employed?Self Employed people who can provide paperwork that proves a savings history, regular income and profit over a set period of time, can look forward to getting the same standard home loans as PAYG people:
Cannot Provide Full Income Verification?For a Self Employed person who cannot provide full income verification, there are now other home loans available to you and often with similar conditions and rates to fully verified loans. There are lenders who cater specifically to the self-employed and offer a wide variety of competitive non standard loans such as:
You would typically (but not always) expect to pay a higher interest rate for these loans, but the good news is that there are some lenders who will revert to lower rates if you make consistent 'on time' repayments. Some lenders will even offer low-documentation loans at the same rate as standard variable loans. It would be worthwhile to talk to your local mortgage broker and the home loan options that are in your best interest. More information or helpFor confidential assistance with your home loan or to talk to your local mortgage broker, call us at any time on 13 LOAN or call our direct line on +61 2 9249 3739. |
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