If you’re a self-employed Australian looking to buy real estate in Carnegie, there are a limited number of home loan options available to you.
The reason for this is due to the potential nature of your income. It can be difficult to provide lenders with the required paperwork and evidence of earnings if your finances fluctuate, depending on how well your business is going.
Furthermore, when you’re running your own business, taking the time out to try and organise a home loan meeting can be difficult. After all, time is money.
Luckily, there are home loan options available for you out there. These are known as low documentation loans, or low doc for short.
Although documents are important to help prove you’re able to make loan repayments on time and in full, a low doc loan means you don’t have to bring the usual documents to the table.
All that is needed is 12 months worth of Business Activity Statements to prove you’re actively working as your own employer, an Australian Taxation Office reference number and account statements from the last three months, indicating taxation payments.
If you’re self-employed and want to get into the property market, have a chat with a local lender or mortgage broker about the options available to you.