I went from PAYG to Self-employed and need a cashout to expand the business
Posted: Mon Jun 17, 2019 6:43 pm
I’ve been a hobbyist bee farmer for a while, and have only since last year registered my ABN, complied with food safety laws and have gone fully commercial. My business turnover over has been $70,400 so far. I wish to refinance my home loan to cash out some equity in the property to purchase more beehives. The property currently doesn’t have a mortgage. It is a 50-acre rural property and is valued at $470,000. The problem is I left my PAYG job to pursue this full time. I’ve heard of low doc loans. Is that a viable option for me?