Can I get a home loan in Australia if I am self employed and abn under two years? It is possible to get home loans in Australia if you are self employed and have an ABN registered under 2 years, but it may be more difficult than if you had two years of lodged tax returns or were employed by a company. Lenders generally prefer borrowers with a stable income and employment history, so self-employed borrowers may need to [...]
What are Non Conforming Home Loans? Non Conforming Home Loans are for people at certain times of their life that find themselves in financial hardship due to unfortunate circumstances. Before long they fall behind on their house or car repayments, are unable to pay the credit card bills, or struggle with other commitments such as council or water rates which can result in a writ or court judgment filed against them and listed on their personal credit report. Non [...]
I'm a Contractor and earn good income - why wont the banks give me a Home Loan? Banks, credit unions and building societies simply like wage earners! Wage earners receive holiday pay and sick pay but more importantly will work a minimum number of hours a week and receive the same pay week in week out. This makes it easy for a bank to work out if you will be able to make repayments going forward. Contractors generally have [...]
Self Employed Home Loans when You Are in Business in Australia You may have noticed that most self-employed individuals have to struggle a lot more with lenders when applying for a home loan. But, it does not mean that all self-employed borrowers have to struggle with getting finance. It just means you might need the services of an expert finance broker on your side, who is a specialist at providing self-employed home loans. Choose a finance broker who is [...]
Banks often consider Self Employed Borrowers to be Unacceptable? There is an increased demand for Non Conforming Loans among small business owners and self-employed borrowers. Many self-employed borrowers are finding the lending environment to be tough;and are unable to meet the standard lending requirements for a range of reasons. Here is a list of reasons why self-employed borrowers and small business owners are finding it tough to meet the standard lending requirements set by the major banks: They are [...]
An increasing number of people who are self-employed believe that they cannot get a home loan. But, the reality is different. You can get a home loan but you just have to work a little bit harder and pay close attention to the details. Tips to help you get Home Loans for Self Employed Australians Here is a list of useful tips to help you when you are trying to get home loans for self employed Australian applicant: 1. [...]
Dealing with Non Conforming Lenders If you needed to borrow money many years ago, you would go to the local bank where you had an account. You would fill out the loan application and hope that it would be approved. If it was declined because of your credit history, you did not have many other options. The amount of lenders that you can turn to if you want to borrow money has grown. You are still at risk for [...]
What is a Low Doc Home Loan in Australia? Low doc home loans are those loans where the Self Employed borrower is either unable to or reluctant to submit evidence of lodged tax returns. Thus these loans are classified as high-risk home loans. A low-doc home advance is riskier when contrasted with the standard home credit yet it still has its very own requirements, which you should furnish to the bank so as to get an endorsement for the [...]
What to consider when applying for Home Loans – Bank vs. Non Banks When it comes to buying a house, one of the most critical factors is arranging home loans for the deal. Your home loan can be funded by the banks or alternatively, you can go the Non Bank Lending route. Making the right financing decision is crucial as you will be dealing with the mortgage for a significant portion of your future life. Following is a take [...]
Non Bank Lenders provide Solutions There are several factors that non bank lenders consider to sign off on a mortgage application. Just because you have a considerable size of the deposit, it does not mean that your lender will approve your mortgage application. According to a survey conducted by a Non Bank Lender "Non Conforming Loans Pty Ltd" about 30% of homeowners aged between 18 and 30 suffer from having a mortgage application declined from Major Banks compared to [...]