Which Bank Is Best for the Self-Employed?
Potential borrowers who are self-employed may recognize the potential difficulty in applying and wonder what bank is the best for self-employed home loan approval. Popular among many self-employed borrowers, both the Australia and New Zealand Banking Group and the Commonwealth Bank seem to be the best banking institutions for self-employed borrowers. However, note that most banks require two years of financial statements and tax returns as proof of income to determine an applicant’s home loan eligibility.
If a self-employed applicant cannot provide adequate financial statements and tax returns, their potential for approval decreases significantly. Self-employed potential borrowers may benefit from applying for a loan with lending specialists or mortgage brokers rather than large banks. Professionals like mortgage brokers and lending specialists assist countless self-employed applicants with finding the best loans available to them and achieving their home-buying goals.
At Mortgage House, we offer low-documentation home loans to allow self-employed borrowers to apply without the in-depth financial statements and documents most banks require. Our Best Rate Mortgage Calculator helps potential borrowers to compare and evaluate mortgage rates to find the best home loan for their financial statuses.
Self-employed potential borrowers can increase their potential for a home loan approval in various ways. Home loan professionals recommend decreasing personal debt before applying for a home loan. Paying off credit card and high-interest-rate debt, lowering credit card limits and closing unneeded credit card accounts can increase credit scores and boost a self-employed applicant’s potential for a home loan approval.