21 May 2021

How Does A Self Employed Person Get A Loan Whilst Moving Interstate?

When Should You Refinance?

An estimated half a million Australians move from one state to another annually. Age, economic factors, and life events are three reasons why Australians remain a mobile population. Moving interstate poses a financial challenge for those trying to bridge the time moving and finding a new home, especially for the self-employed. Mortgage House does offer at least two solutions.

Self-Employed Considerations

The self-employed individual already faces one home loan challenge. Mortgage House understands that freelancers, contractors, and small business owners cannot provide full loan documentation. Instead, you provide low employment income documentation. Before you begin your move, your loan options depend on whether or not you’re already a homeowner.

If you’re a homeowner, you can parlay that into a new loan. If you’re not, lending specialists will look into our low doc loan options.

Portable Loan

Self-employed Australians who already own a home can check if their current mortgage is portable.  A portable mortgage moves with the homeowner as opposed to depending on the house. The outstanding amount moves with you. It allows the individual to put it toward a new home.

Tailored Loan

For others, the tailored loan is going to work best. A tailored loan is a short-term option that bridges the time between the move and finding a new home. If you need to rent while finding your new home, it’s funded. Specialists arrange tailored loans on shortage notice and don’t require full income documentation.

Moving Interstate Conclusion

For more information about your moving interstate financial options, contact the Mortgage House team. Our lending specialists are ready to discuss your situation and circumstances. Based on the information, we offer viable solutions to help you get from one place to another. If you need a refinance home loan, we take a look into the option, too.

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