I was hoping if anyone could recommend a lender for someone who is looking at buying an investment property but is also self employed. I would ideally like something at 90% LVR, but I'm having troubles finding something with a good rate because I am self employed. I also have a lot of money saved up so would want to put that in an offset account attached to my loan. Any recommendations would be fantastic.
EDIT: Loan would be for $252,000
Hi DMB
If you qualify for a 90% lend then you must qualify for a full doc loan. If that’s the case, then you should have access to the same rates applicable to PAYG borrowers on 90% lends.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Yes sorry i am with Jamie and cannot see why the rate would differ if you are self employed.
Course this assumes that it is a full doc loan and 2 Years Tax Returns etc are all available.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
I am in a similar situation, I have owned a business since sept 2011 and would like to sell our IP as its neg geared and not a tax benefit anymore.
Would I be able to get another loan for a different IP if i sell my current property???
Assuming I have 10% deposit and only debt is on business, and existing IP.Do the brokers on here deal with many self employed people??
Hi Peter
Yes i have 101 self employed clients and to be honest there is no difference to dealing with a client on a PAYG salary.
Course i am assuming that you have done your last 2 Years Tax Returns.
If not then things start to get a little more interesting.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Hi Richard,
Yes I have the previous 2 years personal tax returns, however this will be the first year of filing a business return.
Do lenders require the self employed to be in business for 2 years before they will look at lending for a mortgage??
Thanks.
Peter No not necessarily i have done many a deal on 1 Years Tax returns.
Just going to depend on the rest of the deal especially being mortgage insured.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Hi Peter
Save your self the hassle and contact Richard – he does these deals all the time.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Peterc01 wrote:I am in a similar situation, I have owned a business since sept 2011 and would like to sell our IP as its neg geared and not a tax benefit anymore.With less then 2 year ABN + being a start up business i doubt you will have a stable income that you can produce – you will need to go into Low-doc funding. All the majors low doc funding will not suit your requirement – you will need to contract a broker to get this sort of deal over the line- especially with low-doc loans; Pop Richard an email.
Regards
MichaelMick C | Shape Home Loans
http://www.shapehomeloans.com.au/
Email Me | Phone MeSame Banks. Better Rates. Served With a Passion.
Not sure why you would want to suggest a client go lodoc when they have said they have 1 years Business Return.
Lodoc post NCPP is aimed at clients who havent done their returns not clients who cant get the numbers to meet lenders serviceability.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Hi Peter,
Very hard to get a loan with one (1) year of returns considering you would not have lodged the current return for the business and would be all based on your PAYG income (i assume) prior to purchasing the business in Sept 2011. Especially at 90% would be impossible.
But, at 80% should you have been within the same industry from PAYG to S/E then you definately may have the option and you wont require LMI.
Worth taking a look around.
AM
cubman sorry i have to disagree.
Just done a 90% lvr for a client with 1 Years Tax return figures.
All boils down to the strength of the application but can be done.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Hi Richard,
Must not be a mainstream as QBE and Genworth policy doesn't allow.
May i ask who? As he would be very unlikely.
AM
Hi Peter
We just got our loan sanctioned through our mortgage broker from Homeloans Ltd. We approached A*Z directly they straight away asked for ABN returns for 2 years. My husband has been working under his ABN only for the past 3 months. So this was fantastic for us. they were ready to give 95% but we only took 87%. A mortgage broker is the way to go. Hope that helps.
JB
Cubeman Yes it was NAB and they like most majors have DUA thru QBE.
Done it on many ocassion thru both QBE / Gemworth.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Hi Richard is that Homeside (NAB subsidiary) or NAB?
NAB retail.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
RIchard,
Its not advertised is it, so you just have to ask i suppose?
Regards,
AM
Very few things in finance are advertised it is a matter of talking to credit and then putting the deal together with supporting documentation.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Thanks for all the input especially yours jnb, much appreciated.
I have been in contacted with Richard to discuss further.
One thing I have learnt from getting various types of finance,
there are brokers and theres brokers that know how to get the money, these are the ones I find over time and stick with.Peter
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