Re: Are self-employed dentists eligible for no LMI home loans?
Posted: Mon Jun 11, 2018 2:04 pm
Hi Holocene. Welcome to the forums.
Yes, you are eligible for a dentist home loan. If you have tax returns, this is great but if not then we can use invoices as evidence of your income in some situations.
One of the first things lenders assess when you apply for a home loan your income level and ability to repay. Lenders are quite wary of financing mortgages for self-employed professionals because they believe the income level is not stable. Hence, there are more chances of delay in repayments or defaults.
Most lenders would require you to be self-employed for at least two years. However, you have mentioned that you have been running your clinic for three years so this will not be an issue.
Some lenders provide interest rate discounts and waived Lenders Mortgage Insurance (LMI) and other amazing offers to dentists. Please note that you typically need to be a member of either the Australian Dental Association (ADA) or the Australian Dental Council (ADC).
Please enquire online or call us on 1300 889 743 and check if you qualify or not.
Cheers,
Yes, you are eligible for a dentist home loan. If you have tax returns, this is great but if not then we can use invoices as evidence of your income in some situations.
One of the first things lenders assess when you apply for a home loan your income level and ability to repay. Lenders are quite wary of financing mortgages for self-employed professionals because they believe the income level is not stable. Hence, there are more chances of delay in repayments or defaults.
Most lenders would require you to be self-employed for at least two years. However, you have mentioned that you have been running your clinic for three years so this will not be an issue.
Some lenders provide interest rate discounts and waived Lenders Mortgage Insurance (LMI) and other amazing offers to dentists. Please note that you typically need to be a member of either the Australian Dental Association (ADA) or the Australian Dental Council (ADC).
Please enquire online or call us on 1300 889 743 and check if you qualify or not.
Cheers,