All Topics / Finance / Self employed, no deposit – loan?

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  • Profile photo of mikeCmikeC
    Member
    @mikec
    Join Date: 2005
    Post Count: 24
    March 5, 2006 - 12:24 pm

    So my younger brother has finished his apprenticeship and has been self employed for about six months. He has no debt or rent to pay and earning about $1200 gross per week. Despite this he has very minimal deposit. He wants to buy a PPOR and claim the FHOG but is not sure what sort of finance could help him. He has spoken to a couple of brokers but I dont feel they have taken him seriously because he is only 19. Finance gurus?

    Thanks
    Mike

    Always Ready.

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024
    March 5, 2006 - 11:49 pm

    Mike

    Being 19 will have no bearing on his application. However if he is seeking a high LVR (Over 80%) then he will need to demonstrate 2 years income through his Personal Tax returns.

    Whilst 100% + loans are available self employed clients are required to produce 2 years worth of figures.

    I would suggest that he start a regular savings plan so that when he is a position to purchase he can reduce the amount he needs to borrow and will be able to negotiate a better all round rate and deal.

    Richard Taylor
    Residential & Commercial Finance Broker
    **Lodoc Commercial loans from 7.39%**
    Licensed Financial Planner
    Ph: 07 3720 1888
    [email protected]

    Richard Taylor | Australia's leading private lender

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