Self employed loans or better known as Low Documentation (Low Doc; which means low proof of income required) Home Loans are designed for self-employed customers and small business owners who may not have access to the financial statements and tax returns usually required when applying for a home loan. These products now attract interest rates equal to those who actually verify their income.
Our Finance Brokers will help you choose a home loan with a Low Doc option suitable for you. Today, the Low Doc option is available on a wide range of home loan products. We specialise in low doc loans but even for self employed clients with bad credit we cans till help – call us now.
What you’ll need for self employed loans with a Low Doc option
If you’re looking for one of our many self employed loans involving a Low Doc option, there are some conditions that apply. What follows is a general list:
- You need to have been self-employed in the same industry for at least one year and supply details such as your ABN and/or Certificate of Incorporation. If your ABN is registered for less than a year, don’t worry, we can still help.
- You may need to provide your Business Activity Statements (BAS) for the past 6 consecutive months, verified by the Australian Tax Office (ATO).
- You need to confirm that your income has been registered for GST for a minimum of 12 months. Once again, if you do not satisfy this requirement, don’t worry, we can still help.
- You may be asked to provide six months’ worth of statements for your primary business or personal transaction account.
- The maximum amount you can 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 incur the once off Lenders’ Mortgage Insurance premium.