Self-Employed Tips

November 09, 2015
Whitney Evans

As a self-employed person, do you find it difficult to find a competitive home loan? Here are some tips to help you find the right lender and opportunity of being approved for a home loan…

Lending to self-employed borrowers can often be complex and requires extensive knowledge of a lender’s requirements. Thankfully some lenders provide more flexible options to suit a self-employed borrower’s differing circumstances.

As a self-employed borrower, you will most likely have to provide more information than the average borrower. This may include BAS statements, tax returns, bank statements or even a declaration from your accountant. If you are able to be quick when providing these items, it will help speed up the application process.

Lenders want to see your most recent trading history. By keeping your tax returns up to date, you are able to show the lender your most recent income history whenever you are ready to apply for a home loan. It will also improve your chances of being able to apply for a full doc loan, which has more competitive rates, compared to other self-employed home loan options. 

It is important to have full disclosure with your broker or lender. They are required to verify the information you give them and if you have not disclosed the full story it will not only slow down the process, but may affect your ability to borrow. 

It can be confusing to know whether to get a variable rate or fixed rate mortgage, and what features are important. That's why it's important to not only check the right rates, but make sure that you're getting the right features in your home loan.

Contact your local mortgage broker today – Mortgage Choice in Bundall on 07 5504 5569 or email our home loan experts will evaluate your individual options and help you achieve your financial goals!

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