It is not impossible for the self-employed to get a home loan – but it isn't easy either.
Taxable income declared by self-employed people is often reduced, as accountants look for as many tax deductions as they can achieve. Another problem is the sheer volume of paperwork the self-employed person must present to meet evidence requirements.
At Rhodos Loan and Financial Services Pty Ltd we understand that building your home can be frustrating and complicated. That's why we offer to help you manage the project more efficiently, for example, we can set up a schedule of progress payments for paying builders and organize the payments to be made after each stage of building that has been inspected and verified.
The good news is that a number of innovative lenders have emerged in recent years and these take a simpler approach than has been taken by lenders in the past.
We recommend that professional help be sought from the outset. The complexities for a self-employed person usually mean that to get a home loan through you need an expert to put it together.
Rhodos Loan and Financial Services Pty Ltd know which lenders apply which rules; which lenders will use the latest year’s figures if they’re better than the year before, instead of averaging; and which lender will use one year’s trading instead of two. Also, they’ll know which lenders will add depreciation and other non cash-flow items back into income.
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