All Topics / Help Needed! / Advice need on obtaining finance please

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  • Profile photo of KaviKavi
    Participant
    @kavi
    Join Date: 2014
    Post Count: 18

    If I own a business in a company format and receive a regular salary for my self, am I eligible to obtain full doc loan as a regular salary employee? Do the lenders look for the history of the company? ( I am in the business only for few months but receive fix regualr income each month)Many thanks

    Profile photo of Corey BattCorey Batt
    Participant
    @cjaysa
    Join Date: 2012
    Post Count: 1,010

    You won’t be able to run off the salary you’re providing yourself for income verification.

    Lenders will generally want to see your two latest tax returns for the company – though some will take the latest tax return.

    The only way you can potentially get finance is if you go down a low-doc route.

    • This reply was modified 5 years, 2 months ago by Profile photo of Corey Batt Corey Batt.

    Corey Batt | Precision Funding
    http://www.precisionfunding.com.au
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    Investment Focused Finance Strategist - servicing Australia-wide

    Profile photo of KaviKavi
    Participant
    @kavi
    Join Date: 2014
    Post Count: 18

    Thanks for your advice!

    Profile photo of Jamie MooreJamie Moore
    Participant
    @jamie-m
    Join Date: 2010
    Post Count: 5,069

    If your company financials are strong enough – then you can apply for full doc.

    Be careful with the low doc route – you need to ensure you can actually afford the loan.

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
    http://www.passgo.com.au
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    Mortgage Broker assisting clients Australia wide Email: [email protected]

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

    There are too many unknowns to provide you with a structured response but in the main lenders will want to see a track record in regards to the Tax Returns before approving on a full doc basis.

    In saying that it also depends on your previous occupation, PAYG income etc.

    Bottom line is just because you can get finance over the line can you afford to pay it back.

    Cheers

    Yours in Finance

    Richard Taylor | Mortgage Broker helping investors build their wealth thru property
    http://www.mortgagecapitalaustralia.com.au
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    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 KaviKavi
    Participant
    @kavi
    Join Date: 2014
    Post Count: 18

    Thanks Jamie and Richard!

Viewing 6 posts - 1 through 6 (of 6 total)

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