Search found 3 matches

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Thu May 30, 2019 3:02 pm
Forum: Home Loan Forum
Topic: How much can I borrow with a 120k BAS turnover?
Replies: 5
Views: 11191

Re: How much can I borrow with a 120k BAS turnover?

That looks very promising. I could probably get something from my accountant as well to that effect. Btw, what’s the difference between an accountant’s letter and declaration? Aren’t they the same?
by
Wed May 29, 2019 7:37 pm
Forum: Home Loan Forum
Topic: How much can I borrow with a 120k BAS turnover?
Replies: 5
Views: 11191

Re: How much can I borrow with a 120k BAS turnover?

That's great. While surfing the net, I came across an article which announced RAMS have stopped doing low doc loans. Am I looking at paying a higher interest rate because of this? What’s stopping the other lenders from jacking up their interest rates?
by
Wed May 29, 2019 6:13 pm
Forum: Home Loan Forum
Topic: How much can I borrow with a 120k BAS turnover?
Replies: 5
Views: 11191

How much can I borrow with a 120k BAS turnover?

I’m an independent contractor (sub-contractor) set up as a sole trader. Previously, I worked as a PAYG employee with the same contractor till 2 years ago when I registered my ABN. The first year’s turnover wasn’t really great, but I’ve been steadily getting more work. I’m fully contracted for the next 12 months. My last year's tax returns show minimal income ($44,500) as such I can’t qualify for the amount I need for a mortgage. I want to use the last six month’s BAS to qualify for a low doc. How much will I be able to borrow if the last six months turnover was $128,000?