How Does a Self-Employed Person Get a Loan Whilst Moving Interstate?
Self-employed individuals may have difficulties obtaining approval for their desired loan products due to the difficulty of supplying the required documents to their home loan lender. So, you may be wondering how a self-employed person gets a loan whilst moving interstate. If you are self-employed and debating an interstate move, your loan options largely depend on if you are an existing homeowner or not.
If you are not an existing homeowner, the best way to get a loan whilst moving interstate and self-employed is to look into the low-document loan options available to you. Low-document loans are great options for self-employed individuals who are not capable of providing full loan documentation. With low-doc loans, the self-employed applicant will be required to submit low employment income documentation. In addition to low-document loans, if you are a self-employed non-homeowner, you can also apply for a tailored loan. Tailored loans are a short-term option capable of bridging the time between moving and finding a new home to settle into, can provide funding for rental housing, and can be arranged on short notice with little documentation required.
If you are an existing homeowner, you need to determine if your existing mortgage is portable. Portable mortgages allow you to move your mortgage and the outstanding amount with you, and allows you to put the outstanding amount toward a new home. Home loan portability, also known as security substitution, is a great loan feature to have.
Home Loan Portability Benefits
- Quick and streamlined application process
- Faster access to borrowed funds
- Less paperwork and documentation requirements
- Pre-existing internet banking options