Rajan Khattak in personal loan, home loan, Loans and Mortgages Sep 12, 2020 · 1 min read · ~100

Buying a Home Made Easy with Self-Employed Home Loans

Buying a home of dreams is no more a tough grind in Australia. There are several banks and non-banking institutions here that provide different types of home loan products to the customers making it easy for them to buy a property. These organizations offer various home loan plans and schemes designed for a specific group of customers. One such interesting yet beneficial home loan scheme is the self-employed home loan scheme of Australia

This scheme is designed for self-employed professionals such as doctors, lawyers, chartered accountants, engineers and non-professionals such as traders. Under this scheme, any self-employed individual in Australia can apply for home loans individually or jointly. The documents required for the self-employed loan are simpler as usually, the professional's earnings are reflected in their financial statements leaving no room for doubt. But the people applying to these loans must have a good credit history and be able to satisfy the lender's terms.  

Buying a Home Made Easy with Self-Employed Home Loans

Here are some tips that will help you get your self-employed home loan application approved quickly: 

  • Prepare All Your Financial Documents: As a self-employed person applying for a loan, your principal objective should prove your income to the loan lender. To do this, you must provide your personal and business income tax returns for two years and your business's profit and loss statements. These documents will serve as proof of consistency in your income to the lenders and help assess your eligibility for the loan. Along with these, you will also be required to submit other vital documents such as the proof of ID, proof of address, tax returns (SA302), bank statements, proof of any rental income and your business information. 

  • Check Your Eligibility: It is important to check the entire eligibility criteria of the loan you are applying to before proceeding with your application. This will help you save your time and resources from applying to a loan you wouldn't be approved for. 

  • Maintain a Healthy Credit Score: Whether you're self-employed or an employee, a high credit score always increases the chance of qualifying for a home loan. If due to any reason, you lack a good credit score, you can still improve it by sorting out any unpaid debts and making sure that you continue paying your debts on time. 

If you're looking for a home loan broker in Sydney and /or planning to apply for a self-employed home loan in Australia, take help from the best home loan advising agency- Your Finance Advisor. We have a team of specialized experts to provide all types of lending guidelines mandated by the major banks & lenders of Australia.  

Contact us today to open the door of your dream house!