All Topics / Finance / Self employed borrowing.

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  • Profile photo of wilko1wilko1
    Participant
    @wilko1
    Join Date: 2010
    Post Count: 510

    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 ?

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024

    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 | Mortgage Broker helping investors build their wealth thru property
    http://www.mortgagecapitalaustralia.com.au
    Email Me | Phone Me

    0-40 Properties in a decade with a unencumbered portfolio value in excess of $40M. Ask me for a copy of my API Interview.

    Profile photo of Mick CMick C
    Participant
    @shape
    Join Date: 2010
    Post Count: 1,099

    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/
    Email Me | Phone Me

    Same Banks. Better Rates. Served With a Passion.

    Profile photo of wilko1wilko1
    Participant
    @wilko1
    Join Date: 2010
    Post Count: 510

    Only 80 % LVR needed. 

    Looked at some low doc loans. But why got low doc when I already have full documation.

    Profile photo of Mick CMick C
    Participant
    @shape
    Join Date: 2010
    Post Count: 1,099

    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.

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024

    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 | Mortgage Broker helping investors build their wealth thru property
    http://www.mortgagecapitalaustralia.com.au
    Email Me | Phone Me

    0-40 Properties in a decade with a unencumbered portfolio value in excess of $40M. Ask me for a copy of my API Interview.

    Profile photo of wilko1wilko1
    Participant
    @wilko1
    Join Date: 2010
    Post Count: 510

    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)

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024

    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 | Mortgage Broker helping investors build their wealth thru property
    http://www.mortgagecapitalaustralia.com.au
    Email Me | Phone Me

    0-40 Properties in a decade with a unencumbered portfolio value in excess of $40M. Ask me for a copy of my API Interview.

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

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