Self-Employed? Securing a Home Loan Just Got Easier
Good news for self-employed borrowers: a growing number of lenders allow the use of just 12 months of financials, making it easier to secure a home loan. This change has opened the door for many Australians who previously faced challenges proving stable income.
Even with this easing, preparation is key. Here are three things you can do to improve your chances of securing a mortgage:
Organise your documents: Ensure your tax returns, business statements and bank records are up to date and accurate.
Check your credit profile: Lenders will review your credit history closely, so it’s important to address any issues beforehand.
Plan your borrowing carefully: Calculate how much you can afford, considering variable income and future cash flow.
Speaking with a mortgage broker can also help you navigate lender policies and present your application in the strongest possible way.
About the author – Alex Veljancevski is a Sydney Mortgage Broker with Eventus Financial, which assists first home buyers, investors, upgraders and borrowers seeking to refinance to a better deal on their home loan.
