Finance advice
Gavin Smith

7 home loan tips for self-employed borrowers

By Gavin Smith

How can self-employed borrowers prepare themselves financially to give themselves the best chance of successfully obtaining a home loan? Here are a few tips.

Blogger: Gavin Smith, director & general manager, State Custodians

Lending to self-employed borrowers can often be complex and requires extensive knowledge of a lender’s requirements.

Full doc home loan
Some self-employed borrowers assume that because they are self-employed, they have to apply for a ‘low doc’ home loan, with a higher interest rate and alternative documentation requirements. However, depending on your circumstances, you may not necessarily have to. To qualify for a prime loan with the cheapest rates, most lenders will ask you to provide two years lodged tax returns and financial statements. This includes your personal tax returns, company, partnership or trust returns and as well as tax assessment notices.

Be careful with paperwork
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.

Lodge your tax returns on time
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.

Be honest with lenders
It is important to have full disclosure with your 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.

Improve your serviceability
Just like all borrowers, try to reduce personal credit cards and personal loans. Lenders take into consideration the limit as through it was fully drawn, so keep credit card limits to what you actually need. The less financial commitments you have, the better chance you will have at borrowing what you need.

Build a good history
Home loan interest rates are generally a lot less than interest rate on overdrafts and other business loans. If you already have a home loan and equity in your home, then you have the option of refinancing to consolidate debt, releasing cash for your business or change lenders to get a cheaper interest rate. When you go through this process, lenders want to see the past six months loan statements. If these show regular repayment history and even regular additional repayments, this will reflect positively on your application. If you are looking to consolidate business debt, ensure that you can separate this amount from the rest of your loan. You should be looking for a home loan that has loan splits or portions to keep this separate for tax purposes.

Chat to a lender who understands self-employed borrowers
If you are looking at getting a home loan, look around at lenders who have a range of loans for self-employed borrowers. You can chat to them about your business income what income evidence you are going to be able to provide. They can also advise you on your options.

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About the Blogger

Gavin Smith

Gavin Smith

Gavin Smith is Director & General Manager of State Custodians and has over 20 years’ experience in leadership roles within the banking services sector. An expert in personal finance, securitised lending and the mortgage industry, Gavin has a Post Graduate Degree in Management from the Australian Graduate School of Management (UNSW), including several mortgage and securitisation qualifications.

FROM THE WEB

podcast

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In this episode of the Smart Property Investment Show, Dominique Grubisa joins host Phil Tarrant to share her personal story which saw her hit rock bottom with excessive debt during the GFC.

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Dominique unpacks how, by relying on her background in law, she was able to overcome that debt and in doing so develop a unique investment strategy which she believes many can utilise today.

Dominique discusses distressed properties, and how she goes about finding them in order to buy property well below market value. She shares the process of identifying distressed properties as well as the controversy surrounding this buying method.

If you like this episode, show your support by rating us or leaving a review on iTunes (The Smart Property Investment Show) and by following Smart Property Investment on social media: FacebookTwitter and LinkedIn.

If you have any questions about what you heard today, any topics of interest you have in mind, or if you’d like to lend your voice to the show, email [email protected] for more insights!

RELATED AREAS OF INTEREST:

3 big property investment myths busted open
5 steps to take on low-risk property developments
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More than just bricks and mortar, experts often regard property investment as a ‘game of finance’. As such, a good finance strategy can lead any investor to success.

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Tune in to the latest episode of Property Showcase, the podcast with the inside track on the products and businesses that will help turbocharge your portfolio, maximise returns and make your overall investment experience seamless and stress-free!

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To hear more about these services, make sure to tune into this episode of Property Showcase!

 Make sure you never miss an episode by subscribing to us now on iTunes!

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    In this episode of Property Showcase, Michael Beresford joins editor of Wealth James Mitchell to unpack why recent political changes are not reason for concern for Australian investors.<\/p>\r\n

    In this episode, hear from\u00a0Michael\u00a0about:<\/p>\r\n

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Many investors who would have been successfully approved for finance last year are struggling now to either begin or continue their property investment journey because of the current financial climate.

In this episode of the Smart Property Investment Show, broker John Manciamelli and Momentum Media director Alex Whitlock joins host Tim Neary to discuss how APRA changes and the royal commission have resulted in a tighter lending economy and what that means for Australian investors.

They discuss what traps investors should avoid if they are trying to obtain finance, the four key growth drivers in a property market and unpacking trust structures while revealing one type of trust that you should miss.

If you like this episode, show your support by rating us or leaving a review on iTunes (The Smart Property Investment Show) and by following Smart Property Investment on social media: FacebookTwitter and LinkedIn.

If you have any questions about what you heard today, any topics of interest you have in mind, or if you’d like to lend your voice to the show, email [email protected] for more insights!

RELATED AREAS OF INTEREST:

How technology is changing the lending environment
Lessons from a falling market
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AREAS MENTIONED:

Hobart
Bondi
Deception Bay

 

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More than just bricks and mortar, experts often regard property investment as a ‘game of finance’. As such, a good finance strategy can lead any investor to success.

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Getting finance approved in this tightening lending environment

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