Self-employed and applying for a home loan? Apply for a low doc home loan with just these three things.
#1 your ABN. #2 your (BAS) business activity statements, and #3 a completed income declaration form instead of the traditional requirements like pay slips and tax returns.
You have other alternative requirements you can show the bank and if you’re self-employed, a low doc home loan is for you.
What’s the catch? Banks will usually allow you to borrow up to 60% of your desired property value instead of 80%. So, if you need more, you may have to accept a higher interest rate. But don’t let this stop you from purchasing your dream home.
Talk to a trusted mortgage broker and let them find a strategy to help you borrow money with less constraints.