Simplified Self Employed Loans
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Low Documentation Simplified Self-Employed Loans - Simplified ways to verify incomes
Simplified home loans are becoming increasingly attractive as a loan option for those looking to purchase or refinance a property. Provided by non-bank lenders, this type of loan involves less documentation when compared to prime full doc home loans and in most cases approval is faster and easier. The down side, however, is that the interest rate on Lo Docs are typically higher than that of prime loans. But if speed and convenience trump all else, non-bank lo docs are a viable and advantageous financial solution.
If you are self-employed and looking for alternative home loan solutions, then please feel free to contact us to discuss your options. We have over 10 years’ experience in the Low Doc Loan Industry. We have the knowledge and experience to help you find the best solution that meets your requirements.
Key Aspects of Simplified Self-Employed Loans Australia:
ABN & GST registered for more than 6 months
No ongoing fees
100% offset account available
Unlimited cash out available up to 80%
1 form of Income Evidence documentation required instead of hundreds of pages of tax returns and financials needed by the banks:
Accountant’s letter confirm income OR
Last 2 quarters BAS OR
3 months trading Statements
When small business owners or self-employed individuals need to apply for mortgage (purchase, constriction, refinance or debt consolidate) and they don't have the necessary documentation required by most local lenders, Low Doc Loans (or No Doc Loans) offer a fantastic alternative.
Low Doc Loans are the great solution for self-employed applicants who are unable to provide up-to-date Tax Returns. If you are a sole-applicant and are employed on a PAYG basis, then a Low Doc Loan is not for you. Note that PAYG Applicants can still be co-borrowers, but PAYG income documentation will need to be provided.
We can also assist self-employed applicants with bad credit or recently self-employed individuals. Generally an active ABN for at least 24 months will provide you with the greatest number of options, but you may still be able to get a loan if your ABN is at least 6 months old. If your ABN is not GST registered then your borrowing power may also be limited.
Who are the lenders available for Simplified Self-Employed Loans?
Many of the non-bank lenders are providing lo doc loans to the self-employed. Please contact one of the SC Finance Brokers staff for the most updated information.
Click Apply Now to find out more.
What are the low Documentation Simplified Self-Employed Loans?
As a self-employed individual in Australia, securing a loan can be a challenge. Banks and other financial institutions typically require proof of income and a stable employment history. But for those who work for themselves, the situation can be a little more complicated. However, with the rise in self-employment, the lending industry has started to offer more options for self-employed individuals. In this article, we will look at the various options for simplified self-employed loans and what you need to know to secure a loan as a self-employed person.
A self-employed loan is a loan that is specifically designed for individuals who work for themselves. Simplified Self-employed loans in are similar to personal loans, but they are tailored to meet the needs of those who work for themselves and do not have a traditional employer-employee relationship. Simplified Self-employed loans can be used for various purposes such as consolidating debt, buying a car, home renovations, or starting a new business.
Types of Simplified Self-Employed Loans:
There are several types of simplified self-employed loans available, including:
Unsecured Personal Loans: Unsecured personal simplified Self-Employed Loans in Australia do not require any collateral and are based on your credit history and income. They are typically easier to obtain than secured loans, but the interest rates are higher.
Secured Personal Loans: Secured personal simplified Self-Employed Loans in Australia require collateral such as a car, boat, or property to secure the loan. These loans have lower interest rates but may be more difficult to obtain.
Business Loans: Business simplified Self-Employed Loans in Australia are specifically designed for small business owners and self-employed individuals. They can be used for a variety of business-related purposes such as buying equipment, expanding operations, or paying off debts.
Line of Credit: A line of credit is a flexible simplified Self-Employed Loans in Australia that allows you to withdraw money as needed, up to a set limit. It can be secured or unsecured and is ideal for self-employed individuals who need access to cash on an ongoing basis.
Invoice Finance: Invoice finance is a type of Self-Employed Loans in Australia that is based on your outstanding invoices. The lender provides you with a loan based on the value of your invoices and takes over the collection process from your customers.
What You Need to Know Before Applying for Simplified Self-Employed Loans in Australia?
Proof of Income: As a self-employed individual, you need to provide proof of income to secure a simplified Self-Employed Loan in Australia. This may include tax returns, business statements, and bank statements. The lender will use this information to determine how much you can afford to repay each month.
Credit History: Your credit history is a critical factor in determining whether you will be approved for a simplified Self-Employed Loans in Australia. If you have a good credit history, you are more likely to be approved for a loan with a lower interest rate. If you have a poor credit history, it may be more difficult to secure a loan and the interest rate may be higher.
Business Plan: If you are applying for a business simplified Self-Employed Loans in Australia, you will need to provide a business plan that outlines your goals and how you plan to achieve them. This will help the lender determine whether your business is viable and if you have a plan for repaying the loan.
Collateral: If you are applying for a secured simplified Self-Employed Loans in Australia, you will need to provide collateral such as a car, boat, or property. This will be used to secure the loan and may be repossessed if you are unable to repay the loan.
Banks/lenders have their own target market. A finance broker expert can assist you in deciding which bank/lender products best suits you.
However, if you could satisfy the lender's mortgage insurance (LMI), then you may be able to borrow as much as 98% LVR including LMI.
SC Brokers have extensive knowledge and experience in providing finance for off-the-plan properties, whether it is an apartment, townhouse or house & land package. We ensure sufficient work is carried out at an early stage for the valuer to know better about the project to provide a better result.
Our multi award-winning team will ensure that your receive the best service possible.
If, in the unlikely event the builder has gone into trouble, please contact your finance broker asap to extend the construction period for the loan and send us the new building contract for valuation. Your loan, in general, will not require a re-assessment to confirm the borrowing capacity.