Uber Income: How to Qualify for a Home Loan
In Australia, individuals can earn $54,000 from working as drivers for Uber full time. Therefore, Uber income has become a viable way to pay the bills and make a living.
Uber drivers fall into the same category as small business owners in the eyes of lenders. Since your income fluctuates and you receive different income verification paperwork, it becomes a risky proposition for lenders. However, lenders such as Mortgage House issue home loans to entrepreneurs, small business owners, independent contractors, and gig workers.
Mortgage House is a non-bank lender. Therefore, our organisation operates under a different set of regulations than banks. Banks must remain conservative in their lending practices. They accept customer deposits so banks must maintain a level of liquidity daily. Thus, they issue fewer mortgages to non-traditional workers.
Although Uber drivers can qualify for home loans, they will apply for the low doc version. Conventional mortgages require three months of payslips and bank statements. Most gig workers can not provide payslips. Instead, they will submit tax turns, business statements, and a letter from their accountant. It also helps to provide a 20% down payment.
The loan specialists at Mortgage House make the process seamless. Plus, once you become a Mortgage House client, you can apply for other products such as our car loan. This comes in handy when it’s time for a new business vehicle.
Uber Income Conclusion
Entrepreneurs who earn Uber income can obtain home loans. The team at Mortgage House helps entrepreneurs obtain the financing that they seek. Contact our loan specialists today.