Home Loan Eligibility for Self-Employed Getting a home loan is simple for a self-employed professional than a businessman as usually the professional’s earnings are reflected in their financial statements leaving no room for doubt. But it is possible that self-employed non-professionals could be conducting a major part of their dealings in cash. Qualified professional like chartered accountants, doctors or engineers always land a well-paying job even in adverse business times. Advantages for Qualified Self-employed Professionals They have a better chance of getting their loans sanctioned if they are well-qualified and readily employable. Steady income, credit history and income tax records of the last three years are very important. In some cases, the registration certificate for deduction of professional tax and the certificate of practice also needs to be submitted. Eligibility Criteria The owner of a proprietary concern should have: Income statement and tax returns ready. Registration certificate under Shop and Establishment Act and Factories Act Bank account statements. Profit & loss and balance sheet statements should be in order. An accurate picture of his net worth to present. Enquire Now How Long Do I Need to Be Self-Employed? In order to borrow a mortgage, the applicants should be self-employed for at least two or three years. However, people who have been self-employed for only one year can also consider it. If you’re self-employed for one year or more and need self-employed home loans in Australia, you can call us now 1300 YFA BROKER (932 276) or apply in our free form to know how you can get approved for a mortgage. Self-Employed Loan Benefits Ideal for self-employed Simple application process – we make it easy for the self-employed Borrow up to 80% of your property value and pay no mortgage insurance Get FREE Loan Assessment Appoint Us for Better Tomorrow If your employment situation is making you ineligible for a home loan you can discuss it with our adviser feel free to call us on 1300 YFA BROKER (932 276) or you can visit us online at enquiries@yourfinanceadvisor.com.au Home Loan Type Commercial Property Loans Low Doc Loans SMSF Loans Self Employed Home Loans Owner occupied loans Development Finance Investment Loan Family Pledge Loan No LMI Loan Construction Loan FAQS I am self-employed, can I get a loan easily? A self-employed professional has a better chance of getting loans. They have a steady income. Professionals like chartered accountants, doctors or engineers can always land a well-paying job even in adverse business times. What are the benefits of a self-employed home loan? Getting a self-employed loan is easy because of its simple application process. You can also borrow up to 80% of your property value and pay no mortgage insurance. I have been self-employed for more than three years. Am I eligible for a home loan? Usually most lenders want you to be self-employed for at least 2-3 years. Therefore, you are eligible. Is there any provision to get self-employed loans if I am self-employed for less than one year? Unfortunately, there are not too many options. Lenders require tax returns as proof of your income that you won’t have because of your new business. How will I show my proof of income? Banks and non-bank lenders alike would like to see your tax returns of at least of last two years. why Switch to Your Finance Advisor? Choice Choice of over 30 lenders, over 1,000 different loan products Convenience We come to you, at a time and place most convenient to you and your family Care We’re there for you, not just for now, not just for this loan, but for your lifelong lending needs Complementary Our services are complimentary and obligation-free We Work For You Not The Banks If it’s not in your Best Interest, we won’t recommend it! Speed Our Team of Professionals guarantee that your calls and emails take priority over everything else. We will get back to you same day, 7 days a week! Click Here For Obligation Free Assessment
