More than 2.4 million Australians work in the gig economy or run their own single-operator business, a figure that’s on the rise as more individuals turn to remote and contract work. If you’re one of the millions of people working on your own, you may be wondering whether you’ll be able to qualify for a […]
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One of the primary ways a lender establishes whether you’re a good candidate for a loan is through your income. Should you be able to comfortably afford to cover your mortgage payments each month in addition to any other bills and expenses you are responsible for? If so – and if you have a reasonably […]
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Running your own one-person business or being self-employed is a major goal for many entrepreneurs. You get to be your own boss, set your own hours, and make your own money. However, it does create some potential obstacles, such as qualifying for a home loan. There are two main reasons why owning your business or […]
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When you apply for a home loan, various documents are typically necessary during the process. While the exact requirements may change depending on the circumstances, in most cases you’re required to provide a large amount of financial paperwork, most of them concerning your employment. For instance, you’ll be asked to provide weekly payslips, tax returns […]
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Being self-employed can be one of the best experiences for earning a living. You run the show, so you might set your own hours, work from the comfort of anywhere you’d like, and avoid all the workplace drama found at other jobs. But there’s also a catch: Often being self-employed means your personal finances are […]
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If you’re self-employed or don’t regularly receive payslips, a low doc loan could be key to buying your first home. Low doc loans allow borrowers who don’t have payslips to prove their income via alternate documentation and get the approval they need. What’s involved with a low doc loan? Low doc loans allow borrowers to […]
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Business activity statements (BAS) are one way borrowers can prove they have sufficient income to qualify for a loan. Where employed people can use payslips to show their earnings, those running their own business have to get a little more creative. What is a business activity statement? Every Australian business registered for GST has to lodge […]
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If you want to use a low-doc loan for property investment, you’ll need to find the right lender and understand what they require of you. Each has a different set of criteria, and breaking down how they’ll assess your application is key to getting approval. Understanding low-doc loans Low-doc loans are designed to help borrowers […]
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How many years you have to run your business before applying for a self-employed home loan varies according to the lender. As a rule, you’ll need to own your business for at least 12 months, and possibly for longer than two years. For some banks, the most important thing is not how long you’ve owned your […]
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First-time home buyers can benefit from low-doc loans just like any other borrower. However, as with any other loan type, first-time buyers need to provide certain documentation that proves their reliability to the lender. How does a low-doc loan work? Low-doc loans provide a solution for those unable to prove their financial status through traditional methods […]
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