Self Employed
Every year more and more Australians just like you are choosing to sack their boss and go out on their own. So how does this affect you when it comes to taking out a home or investment loan?
Being a self-employed borrower sometimes changes things when it comes to taking out a mortgage. Whilst you can certainly gain access to all the same home loans as a PAYG or salaried person, it’s become very common for self-employed borrowers to look at a Lo Doc (low documentation) home loan option. Why? Because let’s face it, being self-employed often means complicated financials that may not always tell the full story.
Lo Doc Home Loans (Low documentation)
Generally Lo Doc home loans are available for those borrowers who are self-employed who are unable to provide full financial statements or taxation returns to verify their current income. Effectively, you can declare what your income is by completing an income declaration form. This offers flexibility if you’re self-employed, especially if you’re borrowing money at a time of the financial year where you haven’t completed all your financial statements.
