Hi all,
From what i gather reading a few brokers websites etc it appears its extremely hard to get finance without 2 years history being self employed.
Is this the case if you have
plenty of equity?
good history of income so far in your self employed endeavour?
If so is 2 years the minimum any lender will take?
Hi,
Newly self employed is fine, but you may need to go down the Low doc loan path.
Mick C | Shape Home Loans
http://www.shapehomeloans.com.au/
Email Me | Phone MeSame Banks. Better Rates. Served With a Passion.
What is the LVR you are wanting? When did you become self employed? Is the self employed job the same as what you were doing before or something completely different.
TheFinanceShop | Elite Property Finance
http://www.elitepropertyfinance.com
Email Me | Phone MeResidential and Commercial Brokerage
Hi Stu
No not at all. Anything is doable just boils down to a combination or rate and lvr.
Do deals like yours all the time.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Stu
As Richard said it boils down to the deal and this means LVR and also you employment history. We have done numerous deals where people are newly self employed and have got finance approved.
Just a matter of picking the right lender.
Hi all, thanks sorry for the delay
Yep working in same profession just S/E now rather than an employee. At this early stage looking likely i will make more than i did as an employee but still early days.
In terms of LVR well it really comes down to wanting to find out what they will lend…i have been working on 80% basically because i didn't really want to pay LMI assuming that is still the cut off point where it becomes necessary.
Stu will depend on whether you are contracting or whether you are self employed working for a number of different employees.
At 80% lvr and assuming the former standard rates should apply.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
80% is doable and a lot will do with the line of work and the overall strength of the application. What is the line of work?
TheFinanceShop | Elite Property Finance
http://www.elitepropertyfinance.com
Email Me | Phone MeResidential and Commercial Brokerage
I work as a risk adviser so finance/banking industry. Also secondly does it make any difference if i was looking at buying land and building rather than an outright purchase?
Hi Stu
Wouldn't make any difference.
Burning question is are you contracted to one or many employers.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
I have a group i am aligned with but not contracted to anything else. All my income goes through this group then to me as they recieve a cut of my earnings. Recieved in my business bank every fortnight which i can then choose to pay as salary etc or reinvest into business.
The lender needs to feel comfortable with your income stability. You need to show this. This somewhat includes the line of work, if you have any steady contracts, the price of the contracts, duration of the contracts, etc. Best to have your banker or broker look at the overall application and determine what is possible.
TheFinanceShop | Elite Property Finance
http://www.elitepropertyfinance.com
Email Me | Phone MeResidential and Commercial Brokerage
You must be logged in to reply to this topic. If you don't have an account, you can register here.
