Self Employed Home Loans

Getting a home loan can be a problem for the self-employed because it can be difficult to document income. While you may be able to afford the loan, a lack of current tax returns and other financial records coupled with irregular cash flow makes traditional lenders leery of taking a risk.

Fortunately, the market offers choices other than traditional home loans. Home loan options for the self employed do include the low doc home loan which was created especially for self employed home buyers. Low doc means "low documentation." Low doc self employed home loans are helpful when it's difficult to provide proof of income and other financial information.

What Documentation Must I Provide?

Income declaration forms are usually required, but you will not have to provide tax returns or other proofs of income. A good credit history is generally necessary, and you may be asked to disclose your assets and liabilities or to provide verification of your current home loan repayment history. Bear in mind that the more information you provide, the lower your interest rate will be.

What Types Of Low Doc Home Loans Can I Get?

Low doc loans come with variable or fixed interest rates.

What Are The Advantages?

There are many advantages to low doc home loans. Home loan documentation is minimal compared to that demanded by traditional lenders. Obtaining the loan is comparatively easy, fast and uncomplicated.. The entire process is quite streamlined compared to the ordeal of obtaining a traditional mortgage loan. You can obtain a low doc home loan for up to 80% of the value of the property being purchased.

What Are The Disadvantages?

The borrower will pay a higher interest rate than with a traditional mortgage. Low doc interest rates may be 0.5% to 1% higher than traditional loans. However, interest rates can sometimes be reduced if, at some point, the borrower can supply tax returns. Also, after a track record has been established of regular repayments, the interest rate may be lowered.

Mortgage insurance is usually mandatory, and you may be unable to obtain a loan if the property is located in high risk areas such as rural allotments or inner city high rises. A deposit of up to 20% of the property value may be required to qualify for self employed home loans.

Why Use Platinum Direct Finance?

The Platinum Direct Finance group of companies will finance over 800 million dollars worth finance this year! Due to this volume and buying power, we can give our clients access to the best finance rates and products across Australia.

How Do I Get Started?

Either complete our friendly enquiry form or call a specialist finance consultant on 1300 554 553.