Self Employed Home Loan Broker

Yes, self-employed individuals can apply and get approved for a home loan in Australia, but they might have to undergo a tougher screening process and submit more documentation. To make the process simpler, they can choose loans specifically meant for self-employed professionals or even low-doc loans. For more information about these loans, get in touch with us at Original Wealth.

Low-doc or low-documentation loans are lending options designed specifically for self-employed professionals who don’t have traditional pay slips for income verification. Under low-doc loans, they can use other documents, such as BAS statements and bank statements, to prove their eligibility and repayment capacity.

To be qualified for a self-employed loan, you must have been employed for at least 1-2 years, but several lenders offer loans for individuals below this slab, too. As your chosen self-employed home loan broker, we will connect you with only those lenders who will accommodate your unique position and requirements. Share your information and goals with us, and trust us to bring you suitable lending options from market-leading lenders.

No, lenders don’t usually charge a higher interest rate from self-employed borrowers if they provide all the necessary documentation and offer a reliable credit history. But as they come under high-risk borrowers, some lenders might offer higher rates. You must do a thorough research to identify the prevalent market rates and settle for nothing less than competitive interest rates.

Yes, refinancing is an option available to all borrowers. It is a great way to review your current loan structure, secure more favourable loan terms, and consolidate your debt. If you are considering refinancing, get in touch with our team. We will conduct a loan health check to determine whether refinancing is right for you and guide you in the right direction.

Yes, like every other loan, self-employed loans require a deposit. While the exact deposit amount varies from lender to lender, it usually falls between 10% and 20%. If you have any specific limitations regarding the deposit, convey them to our low-doc home loan brokers, and they will work around them and bring you suitable lending options.

The amount you can borrow depends on diverse factors like income, expenses, credit score, and the documentation you can provide. If you submit a failproof loan application and negotiate well with lenders, you can secure as much money as an individual who is PAYG (Pay As You Go) employed.

If you are applying for a self-employed or low-doc loan, you might have to pay higher fees, valuation rates, and LMI (Lender’s Mortgage Insurance), more so if your deposit is less than 20%. But as your brokers, you will ensure you proceed with complete knowledge regarding all these charges and don’t encounter any surprises later on.

Unlike banks that work with limited lending options, as a self-employed loan broker, we can offer you hundreds of options that suit your requirements. That means you will have diverse options to choose from. Also, banks offer limited support in terms of loan comparison and application. But our brokers do all the legwork for you. We support you from start to end and offer support beyond settlement to ensure a smooth mortgage experience.

A self-employed loan is the right choice for you if –

• You are self-employed (freelancer, run your own business).
• Your income is irregular or seasonal.
• You don’t receive standard payslips.
• You are looking for lenders who can work around complex income structures
• You need a loan tailored to your unique financial profile