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Getting an Investment Home loan when Self-employed

By Positive Lending Solutions

Promoted by Positive Lending Solutions

If you are self-employed and are on the lookout for an investment home loan to build an investment portfolio, chances are you have been misinformed about your chances of getting that loan.

You may have heard of how it’s more difficult to get a loan if you are self-employed, that you will have to pay higher rates, that you can only get a low doc home loan, or that your borrowing limit will only reach a max of 80% of the entire purchase price.

Fortunate for you, the above statements are myths that are about to be busted.

A bank is a financial institution that does not discriminate between a self-employed individual and a salary earner. The paramount point of proof is the ability to show the lender that you are able to service your investment loan.

So long as you are able to evidence your ability to meet your repayments, a lender will treat you the same as the next person in line. In fact, if your business is running on a strong annual streak, you may experience great benefits being offered at the table when applying for an investment loan.

When it comes to assessing an application for a loan, a lender will typically evaluate a salary earner based on their most recent pay slips, their employment contract, their bank account statements, personal tax returns, other documents supporting sources of income, and details of their monthly expenses.

Similarly, when it comes to self-employed individuals, a lender will want to see your business’ tax returns as well as any other documents supporting sources of business income. Based on your business’ tax returns, the amount you are allowed to borrow will be determined. In some cases, self-employed individuals have been able to borrow up to 95% of the entire purchase price due to their income.

Finally, it is important to understand that a low doc home loan is not the only option a self-employed individual has when it comes to taking out an investment loan. Low doc loans are often restricted with low borrowing limits, bad interest rates, and excessive fees.

Self-employed individuals are able to apply for standard self-employed home loans, investment loans, small business loans, and much more.

What lenders look for in self-employed applications for investment home loans

Generally, a lender will require evidence of a business’ tax returns for the past 1 to 2 years of operation, proof that you have had your ABN for at least 2 years, evidence of profit being made each year, and evidence of individual payment to yourself from your business.

The most prominent point is to be able to show consistent income evidencing your ability to meet your repayments. In the event that your taxable income fluctuated sporadically throughout the 2 years, a lender may assess it based on averages.

Where you are able to explain to the lender any down times of your business, you should do so if it justifies the down time. For example, if your business is relatively new, it is understandable that the first few months of any startup company can be rocky and uncertain. If this is reflected in your returns, you can explain this to your lender to regard the down time as an anomaly.

As a business owner, you already demonstrate the ability to understand how the small details matter. This understanding is no different when choosing the right investment home loan provider for you and being aware of your borrowing power can prove to be an extremely useful asset.

 

Article provided by Positive Lending Solutions

 

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  ["id"]=>
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  ["title"]=>
  string(72) "Mortgages in a tighter lending economy and why Brisbane is a good option"
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  ["introtext"]=>
  string(255) "

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 in to this episode of Property Showcase!

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

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Son Pham is the accredited Head of Mortgages at Rethink Financing\/Rethink Investing. He has over 6 years\u2019 experience writing loans, over 12 years in the wealth management industry working for the likes of CBA, AMP and private practice and he is also a licenced financial planner (AFSL 326450). He has multiple investment properties that are cash flow positive which help pay his mortgage on his home and fund his lifestyle.<\/p>\r\n

Son is able to write all types of residential and commercial property loans.<\/p>\r\n

In this episode of Property Showcase, head of mortgages at Rethink investing Son Pham joins host Tim Neary to unpack how an investor should approach getting a mortgage in place with banks tightening down on serviceability.<\/p>\r\n

Hear from\u00a0Son\u00a0about:\u00a0<\/p>\r\n

    \r\n
  • The pitfalls that he has seen people get into<\/li>\r\n
  • Interest only loans and if that is the way to go<\/li>\r\n
  • How the mortgage division supports the overall business of Rethink Investing<\/li>\r\n<\/ul>","clientImage1":"images\/podcasts\/Son-Pham.jpg","clientUrl1":"https:\/\/rethinkinvesting.com.au\/","clientName2":"OpenCorp","clientDesc2":"

    Whether it\u2019s building a successful property portfolio or investing in one of their Development Funds, Open Corp can help you through every stage of your investment journey. The team has 40 property specialists who collectively have been involved in over $4 billion worth of property transactions and the acquisition of more than 8000 homes and investment properties.<\/p>\r\n

    In this episode of Property Showcase, director of investment services for Open Corp Michael Beresford,\u00a0joins\u00a0editor of Real Estate, Tim Neary to share why he disagrees that the cooling market means that the best times are behind us.<\/p>\r\n

    In this episode, hear from\u00a0Michael\u00a0about:\u00a0<\/p>\r\n

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    • Why Brisbane is a good investment option right now<\/li>\r\n
    • How he wants to help clients take advantage of the current market<\/li>\r\n
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Mortgages in a tighter lending economy and why Brisbane is a good option
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Will Magee has had ambitions to enter into the Australian property market for quite some time, but it has been more than just finances holding him back.  Having been granted permanent residency just two weeks ago, Will is wasting no time and is now in the process of signing papers and finding his first investment property.

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In this episode of the Smart Property Investment Show, Will joins host Phil Tarrant to share why he is purchasing his first property in partnership with his brother, discuss the complications that can arise from such a strategy, and unpack the ongoing plan for building a joint property portfolio with his brother.

Will will also share how they approached saving for their first property, why he is taking out the mortgage in his name exclusively, and share their savings plan for the year ahead.

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:

From property in Australia to a ski lodge in Japan
Mortgage Trusts, an alternative first step for property investors
Should a real estate title be in one person’s name only?

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A property investment plan years in the making
object(stdClass)#1186 (52) {
  ["id"]=>
  string(5) "18287"
  ["title"]=>
  string(75) "Regional Victoria showing up Melbourne in price performance, new data finds"
  ["alias"]=>
  string(74) "regional-victoria-showing-up-melbourne-in-price-performance-new-data-finds"
  ["introtext"]=>
  string(139) "

Median house prices in regional Victoria outperformed that of Melbourne in the June quarter, the latest REIV figures reveal. 

" ["fulltext"]=> string(2323) "

Median house prices in the regions rose 4.0 per cent to $419,500 but in Melbourne they dipped by 0.6 of a percentage point to $840,000.

The result in Melbourne was due to a 0.8 of a percentage point fall in prices achieved at auction; this was despite a lift of 2.3 per cent in private sales.

Inner Melbourne suffered due to auction prices, where median prices fell by 4.9 per cent to $1,459,000 but it was middle Melbourne that was hardest hit, with a 5.4 per cent drop to $974,500.

Outer Melbourne had a good quarter with the median rising by 0.5 of a percentage point to $681,000.

Apartment prices in regional Victoria grew by 3.7 per cent to $304,500 while the metro media was up by 0.5 of a percentage point to $604,000.

REIV President Richard Simpson said that despite fewer sales, many sectors of the market were performing well.

“2017 was a bumper year and while the trendline has flattened, despite the fall in median house prices in the June quarter, median prices are still up this calendar year for both houses and units, in Melbourne and in the regions,” Mr Simpson said. 

In particular there was been strong growth in regional centres which is probably due to the first-home buyers’ concessions said Mr Simpsons.

“The first-home buyers’ concession has been a boon for regional areas. A new entrant to the property market buying a house at the regional median will pay no stamp duty, while a first home buyer of an apartment in Melbourne at the median price would pay stamp duty of nearly $25,000,” he said.

Mr Simpson said that more prospective buyers are looking towards regional Victoria which is also having an effect in Melbourne.

“Melbourne’s outer perimeter continues to grow. Small increases in the June quarter mean that the median prices for both houses and units have risen over 10.5 per cent from a year ago.

Mr Simpson said moving forward that vendors need more realistic expectations as the highs of 2017 are now over.

“Negative chatter about the future of the sector coupled with stronger lending controls by financial institutions has created some uncertainty and vendors need to be realistic with their price expectations,” Mr Simpson said.

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Regional Victoria showing up Melbourne in price performance, new data finds

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