Can I Get a Home Loan from My Mortgage Provider If I Receive Uber Income?
Potential borrowers who are interested in applying for a home loan may have questions about how their employment can affect their ability to gain approval. A potential borrower who receives income from Uber has the potential to gain approval from their mortgage provider. Individuals who receive income from Uber will be classified as self-employed borrowers, and will be required to prove that they have two years of assessment notices displaying Uber income, and two years of employment history with Uber.
Uber drivers can also prove their income by providing a one year Australian Business Number, one year of tax returns, or bank account statements. It is important for potential borrowers to remember that their potential of receiving approval for a home loan as a self-employed individual largely depends on the mortgage provider they are working with.
Additionally, various mortgage lenders will limit a self-employed borrowers borrowing power because they will view their income as fluctuations. A potential borrower can increase their borrowing power by following certain steps, including the following examples:
- Saving for a larger home loan deposit
- Obtaining a second income stream
- Decreasing any existing debts
- Closing any unused or unnecessary credit cards
- Decreasing high credit card limits
- Decreasing monthly spending
- Increasing low credit scores
- Improving poor financial histories
If you are interested in learning more about your potential to gain approval for a home loan while receiving Uber income, reach out to the Mortgage House lending specialists for additional information and specialized assistance throughout the application process.