We have a lot of experience with customers who are self-employed and want to borrow for buying a house. Being your own boss, you might not fit the banks’ mould so there might be a couple of extra hoops to jump through. But that’s what we’re here to help with. JB breaks down the basic requirements in the video below:
As explained above, before the banks will look at lending to you, they want evidence that your business is humming along and not about to flop over. So to keep them happy, you need to provide two years' worth of consistently strong financial statements which they’ll use to average out your income. It pays to talk to us because one bank might be more suitable than another, depending on your situation or state of financials. If you can't provide this, don't worry it's not all bad news. In the absence of the ‘ideal’ financials, there are options, especially if you have a substantial deposit.
Non-bank lenders will lend when the main banks won’t, as long as you can present a good case for strong financials and income. With this option you may have a higher interest rate, but that can just be temporary while your financials grow stronger to put you in a better position. We’re happy to help and because we know what the lenders are looking for, we'll go in to bat for you. (We won't physically go in with a bat, but you get the gist). If you have any questions or would like to begin the process, give us a call.