Can I Get a Home Loan from a Mortgage Provider If I Am Working for Family?
The lending industry has seen as much disruption as other industries in the last decade. Technology makes it easier to evaluate all applications, including those from applicants working for family. Most Australians work at a job that issues them a payslip weekly, fortnightly, or monthly. The percentage of those who do not continue to grow.
Working for family has been around for decades. It’s not a new concept, but it does make procuring a home loan or car loan challenging. The mortgage application boils down to the applicant’s ability to pay back the financing. All the documentation, application questions, and credit report are tools that help the underwriting department determine the applicant’s financial risk.
Technology allows the lending industry to open the market to applicants who cannot provide full income verification documents. If you work for your family, you can apply for the low doc home loan options or provide alternative income verification documents.
For example, you’ll be asked to provide an income confirmation letter, most recent tax assessment, and bank account statements. After the income verification phase, the applicant finds out their possible loan terms. In some cases, the individual qualifies for 60% of the property’s value. In others, the funding goes up to 90%. It depends, but our loan specialists stay in touch and explain the details.
Working for Family Conclusion
Mortgage House finances home purchase for an array of applicants. We work with individuals who provide their full income documentation paperwork. We also work with small business owners, self-employed freelancers, and contractors. Those working for family will find that there’s a financial product for them, too.