Can You Get a Mortgage as a Self-Employed Person?
Although it is a bit more challenging to get a mortgage when you are self-employed, it is not impossible! There are extra steps, however, that you may need to take. Since, most of the time, people do not have a paystub, extra bank statements and paperwork may be required.
The most challenging part about acquiring a mortgage when you work for yourself is the endless qualifications! Every bank and lender company, however, has its restrictions and needs. For instance, one lender may require a borrower to have a minimum of three years of experience working in their self-employment job.
For individuals who have worked one year as self-employed people, the interest rate tends to be higher. Sometimes, mortgage lenders will require insurance or see bank statements to show that the money is consistent.
Looking for a Mortgage Loan Provider
After a borrower looks through the general qualifications, they can start to look for a mortgage loan provider that will accept their application. This often takes a minimum of three weeks to search for a good fit. There are so many Mortgage lenders in Australia to choose from, and they all have their benefits.
If you are looking for a lender that can help you one on one with the process, make sure that there is help!
Applying for a Mortgage as Self-Employed
Thankfully, the application process for a self-employed person stays the same! Most lenders require bank statements and sometimes references depending on factors like yearly income.
All in all, mortgage lenders will still give chances and opportunities to self-employed individuals. At the end of the day, money is still money, and the biggest concern with lenders is if the money is consistent enough.