Self-employed loans | Mortgage Broker in Cessnock, Central Coast, and Maitland
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Why are loans hard to secure when self-employed?
Being self-employed comes with many benefits, such as setting your own hours, not having a superior to report to, and working a job you presumably love to do. However, as someone who is self-employed or runs their own business, it can be difficult to secure a loan. This is because of two primary reasons, one being the necessary documents requested by lenders, and the other being the perception of self-employment by lenders.
While self-employed, it’s common to lack documentation of income, tax invoices, and expenses due to the ease of running a business solo. But as a result, this can become problematic for things such as home loans, as lenders require this documentation to assess your creditworthiness. Alongside this, as self-employed individuals don’t have the security of typical employment, lenders are more hesitant to provide funds.
With a mortgage broker assisting your next loan application, the barriers felt by self-employed borrowers are easily navigated. For Cessnock’s most trusted broker, reach out to George Wilson today.
How can you get assessed without typical documentation?
If you fall into the common category of self-employed individuals who don’t have typical proof of income/financial documentation, don’t stress - there are options available!
Low-documentation (low-doc) loans are an alternative loan option that’s designed for individuals who don’t have access to standard documentation, such as proof of income, payslips, and so forth. Low-doc loans allow assessment to be conducted using alternative documentation provided by the borrower, which showcases the same information as typical documentation. It’s important to know, however, that low-doc loans do not reduce the amount of documentation required for assessment; they just allow for alternatives to be used.
The issue now becomes knowing what alternatives are acceptable as documentation for a low-doc loan. Luckily, mortgage brokers are experienced in finding solutions and are more than able to help you get approved for a loan regardless of your available documentation.
If you’re ready to secure your next loan and are looking for some assistance on gathering the necessary documentation for approval, reach out to George Wilson today.
Curious as to how a broker can help you secure your next loan? Get in touch with George Wilson today on 0413 473 005.
George is experienced in all areas of the property market, including but not limited to:
