Self-Employed

If you are self-employed, providing the complete and up-to-date financials that satisfy lender assessment criteria can be a challenge. Fortunately, with the increasing number of lenders and home loan products available in the market today, self-employed people now have more home loans options available to them.

What are the types of home loans available for the self-employed?

Self-employed people who can provide paperwork that proves a savings history, regular income and profit over a set period of time, can look forward to getting the same standard home loans as PAYG people:

• Variable Interest Rate Loans,
• Fixed Rate Loans,
• Combination Variable - Fixed Loans,
• Introductory & Honeymoon Loans,
• No Deposit or 100% Home Loans,
• Line of Credit/ Equity Loans and
• Professional Packages

Cannot provide full income verification?

For a self-employed person who cannot provide full income verification, there are other loans now available to you and often with similar conditions and rates to fully verified loans. There are lenders who cater specifically to the self-employed and offer a wide variety of competitive non standard loans such as:

• Low or No Document home loans
• Non-conforming home loans.

You would typically (but not always) expect to pay a higher interest rate for these loans, but the good news is that there are some lenders who will revert to lower rates if you make consistent 'on time' repayments. Some lenders will even offer low-documentation loans at the same rate as standard variable loans.

If you need more information on the types of home loan products that suit the needs of the self-employed, talk to a good mortgage broker who understands how these kind of loans work.