St George no longer accepts 1-year financials for self-employed borrowers. However, there are other lenders who do accept 1-year tax returns as income evidence/verification. In addition, many of our lenders allow small business owners to add back the full amount spent on capital assets to your taxable income as well. So, yes, there are a couple of good lender options for you.
Each lender has its own policy on how they calculate income for self-employed where there’s a huge disparity between the last two years’ income.
- Some lenders may use the average of the two years’ taxable income or take 120% of the lowest year’s income;
- While some may use the most recent tax returns;
- Another lender may use the lowest of the income figures from the past two years;
- Lenders may or may not allow add back expenses shown on your tax returns.
Give us a call on 1300 889 743 or fill in our free assessment form to find out if you qualify for a self-employed home loan.
Cheers,