Most people dream of owning their own property at some point in time – whether that be now, or ten years from now.
However, one of the difficulties potentially facing self-employed Australians is providing some of the documents necessary for obtaining a home loan.
When you apply for a home loan, lenders will want to see, among other things, evidence of steady income. This is to help prove that you have the means to make loan repayments, in full and on time.
Due to the potentially fluctuating income of self-employed individuals, it can be difficult to provide lenders with this information.
Luckily, if you're looking at Bulimba real estate, there are home loan options available for you out there. These are known as low documentation loans, or low doc home loans.
These loan types mean you don't necessarily have to provide the same documentation as you would for a normal home loan.
All that is needed is 12 months worth of Business Activity Statements, to prove you're actively working as your own employer.
Furthermore, you will need an Australian Taxation Office reference number and account statements from the last three months to indicate your taxation payments.
If you're a self-employed Australian who wishes to start the road toward homeownership, getting in contact with a mortgage broker will help to get you started down that track.
A broker will discuss the options available to you and help to organise your application, providing guidance and advice along the way.