Self Employed Loans
If you’re self-employed and require a loan of some kind, often there’s a feeling of stress as you may think you might not meet some of the eligibility requirements set out by lenders. This is especially true if you have difficulty proving your income or any assets you may own. However, there are options available from lenders offering loans to people who are self-employed. There are just a few things to think about when looking for a loan while you’re self-employed.
Your eligibility for a loan depends on a few things from your preferred lender. It’s important to talk with a Mortgage Domayne broker to find out the minimum and maximum loan amounts offered by our lending partners. It is also important when thinking about undertaking a loan, to look at your assets and debts, as well as your strategies for repayment.
Often our brokers will ask you to supply important information, which helps us to aide you in meeting eligibility criteria for loans and mortgages. This information includes, but isn’t limited to:
Personal identification including your driver’s license or proof of age card.
Recent bank statements including your savings and business transactions. It is also vital to include any debt statements from other loans with any lenders.
Financial statements which may include profit/loss statements and cash flow statements to declare your income.
Proof of rental income from any rental properties.
Tax returns often from the last two years at least. By providing full personal and/or company tax returns will help with proving your income and your ability to declare repayment on the loan.
Your latest Notice of Assessment is a vital document as provided you by the Australian Taxation Office (ATO). This shows tax information such as the amount of income tax you paid.
Company-specific information If you own your own business. You will need to provide information surround your company’s ABN, address, etc.
While there are a few things to think about, let us help you to ensure that you get the most suitable self-employed loan options with the most vying interest rates, which is better than going directly to the bank.