Will you get approved?
- For most lenders, you will need at least two years’ tax returns and financial statements.
- We have lenders accepting one year’s tax returns or other alternative income verification.
- If you’ve started your own business but are staying in the same industry, then some lenders can consider your application even if you don’t yet have tax returns.
- Lenders prefer self-contained properties with their own kitchen and bathroom.
- Lenders prefer smaller blocks of units.
As your mortgage broker, we are experts in banks’ employment policies and in the methods they use to assess your income.
We can help you select the lender that is best suited to you and then present the right documents to that lender to get approval.
How do lenders calculate your income?
Most lenders believe that by looking at your past tax returns, they can predict how stable your business will be in the future.
Banks and non-bank lenders alike tend to be very wary if you have an income that has increased or decreased by a large amount in the last two years.
- One lender may use the lowest of the income figures for the last two years.
- Another may use the most recent year’s income as shown on your tax return.
- Some may even average the two years’ income or take 120% of the lowest year’s income.
- Some lenders accept your six month’s payslips and a letter from your accountant instead of providing tax returns and financials.
We specialise in finding lenders that will look at your documents most favourably!
50+ lenders for you to choose from
Our brokers will compare thousands of home loans to find you the best fit.
Don’t believe us, hear from our customers
After trying to obtain finance through a traditional lender who simply did not understand self-employment or employment in the construction industry, their team was able to assess our position and recommend a brilliant loan with a lender who offers finance to people outside of traditional environments. Our only regret is that we didn’t find them sooner!
I’m new to self-employment and wanted a home loan, Home Loan Experts team was quick to respond and walked me through the application. Pre-approved loan was confirmed with a great bank and a low interest rate. Highly recommended.
Great working with the Home Loan Experts team. They were happy to look into all our concerns and answered all questions. Being self-employed, they sorted out the best lender for me. They showed patience and knowledge of their processes. Very pleased with the outcome.
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