Self-Employed Home Loans
Did you know nearly 1 in 5 Australians is self-employed?
Despite the rise of entrepreneurs and self-employed professionals in our immediate economy, most lending regulations require 24 months of ABN (Australian Business Number) registration and two years worth of tax returns and financial statements.
With such extensive time-frames, these requirements make it very difficult for self-employed professionals to acquire home loans especially within the first two years of business. This can also affect your ability to pursue your personal goals such as acquiring your first-home and set you back in your life’s progression.
The reason why banks are hesitant to lend to new business owners (less than two years of ownership) is simply that a new business is considered a risk and could jeopardise their investment. Following this ideology, new businesses are sometimes penalised with higher interest rates, or traditional lenders will lend lower LVR’s (loan to value ratios) in the rare case where the loan is approved.
How Mel Finance Fits Into The Situation?
There are low-documentation (Low- doc) loans available in the market and we can help you find these lending options, which could save you time and money. Mel Finance, your local qualified Melbourne mortgage broker, can aid you in taking your first steps towards owning your own dream home. In the past, our firm has worked with many sole-traders and trust companies from different industries and our daily experience has acquainted us with the detailed knowledge of acquiring a loan. Thus, we understand that each individual case is different and hence tailor the process to match your requirements.
We assess each case on individual merit and understand that there is no single approach that fits every client. If you are wanting to refinance your current home, purchase an investment property or begin a renovation on an already existing property, make sure you chat with Mel Finance to ease the process of acquiring funding. We efficiently and straightforwardly source information on the right products for you and help you make the best decision given your financial standing.
Contact us on 1800 941 947 to speak to a professional from Mel Finance!