There are some undeniable perks to being ‘your own boss’: independence, flexibility, and of course, the rewards of watching your business vision come to life.
And while it’s true that getting a mortgage as a self-employed borrower can be tricky, it doesn’t mean that you should give up on home ownership. What you need is a lender that gets you and your situation, so here’s how you can make sure your lender is ‘the one’.
In general, all lenders like to know that the borrower will be able to meet their mortgage repayments, and consistent income is one of the things they look for.
But because self-employed workers often earn an irregular income, mainstream bank lenders can be reluctant to help. For example, banks usually ask for two years’ worth of full tax returns and financial statements. But what if you have just started out? What if you have been trading for a few years, but your financials are not up-to-date? Or if you are waiting for a restructure to deliver profit and growth?
In all of the above scenarios (and more), trying to get a home loan can turn into a difficult task. The good news is, a non-bank lender like RESIMAC may be able to meet you halfway.
At RESIMAC, we understand that self-employment comes in many different shapes and sizes, and we offer options that are specifically designed with these circumstances in mind.
For example, we can look beyond tax returns and allow you to prove your income using other documents, like GST returns, business bank statements, and a letter from your accountant to verify your finances.
This enables us to really understand your circumstances and find options that are suited to your needs, goals and budget. But remember, whatever documents you choose to provide, it’s still important that your trading figures are consistent and positive, with no dramatic fluctuations from year to year. If you have any questions, please get in touch with a mortgage adviser or one of our Lending Specialists: they can help you find a solution that suits you.
To cater to self-employed workers, we have made several policy changes for home lending. Some of these enhancement include interest rate reductions, particularly for Specialist borrowers.
Our self-employed options include Standard Variable Prime and Prime Fixed Rates 1yr to 5 years. Also, we offer two different solutions specifically designed for people struggling to get a mortgage due to short-term self employment: Self Employed Alt Doc Home Loan, and Self Employed Specialist Home Loan.
Like to know more about our self-employed lending options? Click here for more information, and don’t hesitate to reach out to us with any questions you may have. Our Lending Specialists at RESIMAC Home Loans will be happy to help you find a solution that meets your needs and goals.
See if you qualify. To get a more accurate idea of how much you can borrow with RESIMAC Direct,