Self employed borrowing.

Viewing 8 posts - 1 through 8 (of 8 total)

wilko1
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@wilko1
Join Date: 2010
Post Count: 510
June 22, 2013 - 5:18 am
Can any of the mortgage brokers give some advice on lenders that will lend to 1 year. Self employed history. With full tax statements, gst, and 12 bas statements ?
Richard Taylor
Participant
@qlds007
Join Date: 2003
Post Count: 12,024
June 22, 2013 - 5:22 am
Hi Wilko
There is a couple of lenders but the rates, application costs etc will depend on the security, lvr requested etc.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Mick C
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@shape
Join Date: 2010
Post Count: 1,099
June 22, 2013 - 6:04 am
LVR needs to be under 85%…preferably under 80% ( as only one lender will go to 85% on 1 years ABN without charging you too much)
Mick C | Shape Home Loans
http://www.shapehomeloans.com.au/
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Same Banks. Better Rates. Served With a Passion.
wilko1
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@wilko1
Join Date: 2010
Post Count: 510
June 22, 2013 - 7:04 am
Only 80 % LVR needed.
Looked at some low doc loans. But why got low doc when I already have full documation.
Mick C
Participant
@shape
Join Date: 2010
Post Count: 1,099
June 22, 2013 - 7:12 am
Because you don't have 2 years worth of docs/history- most small business fail within the first 1-2 years.
Some banks like St George, Westpac and credits unions may accept 1 years ABN as full doc but it will depend on your company's structure and industry – but really case by case.
Mick C | Shape Home Loans
http://www.shapehomeloans.com.au/
Email Me | Phone Me
Same Banks. Better Rates. Served With a Passion.
Richard Taylor
Participant
@qlds007
Join Date: 2003
Post Count: 12,024
June 22, 2013 - 7:41 am
90% is available on a blended loan but at 80% shouldn't be too much of an issue.
In less than a fortnight you will have 1 Year Tax Returns and that will help.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
wilko1
Participant
@wilko1
Join Date: 2010
Post Count: 510
June 22, 2013 - 7:49 am
What are they like with trust distributions. I know some lenders don't really understand when you give a spouse, family member income through a trust. Are they able to look at the trusts income. Instead of your personal tax. Or is it easier if you pay a little bit extra tax, have all income into your own tax return because they might have difficulty with looking at all the trusts distributions as your own. (Which is a contradictory, as any income you give yourself is discretionary in nature anyway)
Richard Taylor
Participant
@qlds007
Join Date: 2003
Post Count: 12,024
June 22, 2013 - 8:34 am
Lenders will want to see both Trust and individual Tax Returns of all applicants.
If the Title and loan is in your sole name and your Trust elects to pay you adult child / wife the majority of the income they are not going consider this for serviceability.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender