1-Year Self-Employed: An Opening Market for this Loan Application
Research shows that self-employed Australians make up an estimated 28% of the private sector market. Other statistics show that 16% of Australians label themselves as self-employed. In 2019, this equalled 12.8 million Australians, a jump of three million from 2004.
The self-employed status includes small business owners, gig workers, and independent contractors. While the career choice puts several on the path to wealth and freedom, it puts them in a precarious situation in the eyes of lenders.
Conventional mortgages require three months of bank statements and payslips, a challenge for self-employed individuals. That’s why Mortgage House recommends the low doc loan for this group.
In addition, some entrepreneurs just started this career path. Most lenders who issue mortgages to self-employed individuals request a three-year history. Mortgage House works with those who have only freelanced for one year. A variety of options exist. Although they do not require payslips, we provide alternate ways to verify the homebuyer’s income. For example, a small business owner can provide their tax returns. Others can submit a letter from their accountant.
The best way to find out your options is to speak with our team. They have innovative tools to help find the best solutions. Plus, we’ll explore potential loan terms and home loan interest rates.
Self-Employed and Home Loan Options Conclusion
The self-employed labour sector continues increasing. Therefore, the lending market is making adjustments. Mortgage House is among the lenders that offer mortgage options to small business owners, gig workers, and independent contractors. Contact our team today.