Unfortunately there are many self employed people who due to their circumstances do not have the documentation they need to apply for a prime loan to purchase or refinance a home, commercial property or a car or asset finance. Up until relatively recently these people were left unable to finance Property or Business Assets and this caused a lot of frustration.
Today thanks to low doc loans people who are self employed and are unable to provide full documentary evidence of their income can successfully apply for a mortgage or a car loan in Australia. For these low doc loans, you will need to provide the lender with a statement confirming your income generally certified by your accountant or Business Bank Statements or BAS Statements or a combination of above to support your statement of income.
Today thanks to low doc loans people who are self employed and are unable to provide full documentary evidence of their income can successfully apply for a mortgage or a car loan in Australia. For these low doc loans, you will need to provide the lender with a statement confirming your income generally certified by your accountant or Business Bank Statements or BAS Statements or a combination of above to support your statement of income.
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If you are self employed and you do not have up to date company or personal tax returns then a low doc loan may be the right solution for your lending needs if you are purchasing a residential property. You must have an ABN that has been registered (and possibly GST registered if income is over $75,000) Most Lenders require ABN to be registered for 2 years.
If you are self employed and you do not have up to date company or personal tax returns then a low doc loan may be the right solution for your lending needs if you are purchasing a residential property. Cat 1 and 2 locations only (high population post codes in Capital Cities or Major Regional). With a construction loan, you can break up the drawdown of the loan amount into five progressive draws, which parallel the construction phases.
There are significant rules and regulations in place to govern the management of your superannuation in order to protect your retirement savings. Until recently for instance it was not possible for a superfund to borrow funds for investment purposes.
This ban has now been lifted and superfunds, including self managed superfunds, are able to borrow money to directly purchase real estate or shares in order to further the investment portfolio of the fund.Acceptable income may include superannuation contributions and any SMSF income rental income is acceptable at 85%.
This ban has now been lifted and superfunds, including self managed superfunds, are able to borrow money to directly purchase real estate or shares in order to further the investment portfolio of the fund.Acceptable income may include superannuation contributions and any SMSF income rental income is acceptable at 85%.
Lease Doc Commercial Loans are designed for investors with rental producing commercial properties. The Lease Doc product is where servicing is established by income from a quality third party lease servicing the debt without the necessity to provide financials or tax returns or confirmation of other assets or other liabilities.
Many people with funds in superannuation have been enjoying the freedom of choosing how those funds are invested through self managed super funds. With the advent of the self managed superfund, managing your retirement funds is now fairly common as people shun large corporate public funds and opt to control their nest egg themselves.
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