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Home Loans for Self Employed

“So self-employed customers they can sometimes pose a little bit more of a difficult lending scenario, we have a wealth of self-employed lenders, but for someone who is self-employed some banks will ask for two years full financials, where other banks will only ask for a year, there are specialist lenders out there who will lend to clients who have been in business less or don’t have their financials in order, and we certainly have them lenders on our books but what the clients have to remember is that those lenders because there is an element of risk the more risk the more interest that they have to pay so we have a specialist lender who will lend to a client with their financials not in order, or who haven’t been in business for quite a few years, there is a slight more risk for the banks so they will charger a higher rate.”

“So look when a self-improvement client comes to us for lending, myself come from a trade background and a self-employed background, so I understand sometimes it can be a bit daunting for people, but we will come out and see you look at your financials go through them see what’s required and then we’ll place you with a lender that suits you because all lenders have different lending criteria for self-employed people, some lenders will only require you to have a year worth of financials some two, it doesn’t really affect you too much other than you have less
choice when you’ve only got one year’s financials, ultimately if you’ve got two we will come out and see you and we have pretty much the whole market to choose from, if you’ve only got one year’s financials it’s fine we’ve just got a smaller pool of lenders to look at.”

“So for self-employed people to get the application started would always ask them to get their last year’s financials or the last two years if they’ve done them, so if they have submitted a tax return get that paperwork together and then give us a call and we’ll talk them through everything else, we will come out and see you look at your financials see which lenders best for you and then we’ll take you through the whole process advice.”

Written by

Stephen Bonfield, the Managing Director, previously worked for one of Australia’s major home loan companies as an independent mortgage broker. Steve used this experience to set up his own mortgage broking company - a company that places customer needs at the forefront.

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