Self Employed Home Loans
Home loans for self employed, including equity releases to consolidate debts, raise working capital for your business, payout tax debt, invest in property and build wealth. We understand that being your own boss comes with unique challenges—especially when it comes to securing a home loan. Your employment type can influence your eligibility and what requirements you must provide. That’s why we offer self employed home loans tailored to help you achieve your property goals.
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What Are Self-Employed Home Loans?
Self-employed home loans are mortgages for individuals who work for themselves, such as freelancers, contractors, and business owners. Mortgages for self employed individuals consider alternative income verification methods since they often cannot provide standard payslips or employment contracts.
How Long Do You Have to Be Self-Employed to Get a Home Loan?
Some lenders require you to have been self-employed for at least two years. However, some lenders may consider applicants who have just become self employed, provided you can show proof of prior industry experience or there other compelling reasons that demonstrate you can service the loan.
Requirements for a Self Employed Mortgage
To secure a home loan as a self-employed individual, you typically need to provide the following:
- Proof of Income:
Full Doc Requirements: Tax returns for the past 2 years, potentially along with recent BAS statements, to demonstrate consistent earnings. - Low Doc Requirements: Lenders may review your BAS statements or a only letter from your accountant in order to verify your income.
- Bank Statements: Savings statements, credit card statements and 6 months of any loan statements
- Credit History: A strong credit score can mean you have more options but there are options for those with a lower credit score and some blemishes on your credit file.
Why Choose Dark Horse Financial for Your Home Loan?
- Home Loan Expertise: With over 10 years in the business, we know the ins and outs of home loans for the self employed in Australia.
- Personalised Guidance: From application to approval, we’ll guide you every step of the way, making the process as smooth as possible.
- Best Rates and Terms: With our extensive network of lenders, we can help you secure the best rates and terms for your situation.
- Continuing Support: We have a client-for-life approach, which means we’re here for you even after you sign the loan agreement. We’ll help you out, whether you need to refinance or get a new home loan.
Applying for a Home Loan When You're Self-Employed
Here’s what you need to do:
- Contact us: Complete our easy online form or give us a call to get started. Tell us about your borrowing needs and your financial situation. Our team will help you identify suitable lenders and loan products.
- Gather Documentation: We’ll let you know what information is required for your recommended solution.
- Submit Your Application: We’ll prepare and submit your application, ensuring all requirements are met.
- Approval and Settlement: Once your loan is approved, we’ll guide you through the final steps until your loan settles.
Let Us Help You Find the Right Home Loan
We’re committed to making self employed home loans as straightforward and accessible as possible. Whether you’re buying your first home, upgrading, or refinancing, we’re here to help.
Contact us today to discuss your options and take the first step toward securing your dream home.
Self employed home loans FAQs
Self-employed home loans and regular home loans may differ when it comes to the requirements, but they don’t really differ when it comes to the difficulty of getting approved. Getting approved is definitely possible and can be simplified with the help of a loan expert. Contact us today to streamline the home loan process as a self-employed individual.
Lenders typically look at your taxable income from tax returns, as well as other financial records like profit and loss statements or low doc loan options may look at your previous BAS or accept an accountant declaration for income.
For full doc self employed home loans, key documents can include tax returns, BAS statements, business financials, and bank statements. For low doc home loans, lenders may require your BAS statements or a letter from your accountant.
Yes, low-doc loans are an option for those who may not have comprehensive financial documentation. Many lenders support low doc applications and could allow income to be verified by reviewing BAS statements or a letter from your accountant.
Absolutely. Refinancing is a great way to secure better rates or access equity, and we can assist you in the process.
Interest rates vary depending on your financial profile and the lender’s offering. We can help you secure the best rates depending on your situation.
Your borrowing capacity depends on your income, expenses, credit score, loan-to-value ratio (LVR) and the lender’s criteria. We’ll guide you through the assessment process.