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Self-Employed Loans - Alt Doc, Low Doc, Full Doc
If you are self-employed, meeting rigid lender income verification requirements can be tough. However, some lenders exist that specialise in self-employed borrowers and are more flexible in how they assess your earnings.
We're here to help you navigate through this field of lenders and find a solution that works for you.
Across our panel of over 50 lenders, there are numerous options for self-employed borrowers.
Some lenders will only look at the most recent year of tax returns, others will work off your BAS statements or bank statements, and some may accept an accountant's letter as proof of income.
How It Works
1. Tell us what you need
Tell us about your business and your finance needs
2. Select an option
We will pre-qualify you and provide you with finance options
We organise the paperwork then work to get it approved
Frequently Asked Questions
How much can I borrow
Since each lender assesses applications differently, your borrowing power may vary substantially between lenders. We can estimate your borrowing power with each lender on our panel (of over 50 lenders) to let you know your borrowing power range. In many cases, your borrowing power with one of our non-bank lenders will be significantly higher than with a normal bank.
In terms of LVR (low-to-value ratio), this can vary depending on what form of income verification you use. If you are applying for a low-doc or alt-doc product, this is usually limited to 80% of the property’s assessed value.
What’s the process for getting a loan?
- We confirm your current situation and objectives via a 10 minute phone chat
- We then check your eligibility for the best solutions we can identify for you.
- We email you a proposal with shortlisted lenders and explain them over the phone with you to answer any questions you may have.
- If and when you are happy to proceed, we get you to send through relevant supporting docs and complete a full fact find with you over the phone.
- We prepare your application paperwork for you and email it to you to review, sign, and return.
- We submit your application and follow through until loan approval.
- Loan documents are issued to you to complete and return (we can help you with this)
- Your new loan settles!
What ways are there to verify my income?
Different lenders have different products and policies available. Income for self-employed loans can usually be verified in one of 3 different ways:
- Tax returns
- BAS statements
- Accountant’s Letter
Some lenders may require only 1 tax return, where others may required your most recent 2 years. Some may require 12 months BAS statements, and others only 6. Finally, some may require your accountant to sign off on your last two years earnings, whereas others may only ask your accountant to comment on your more recent income.
As you can see, navigating through the different options can be tricky. Get in touch today for free assistance with your self-employed loan needs.
Is your service really free? What’s the catch?
Yes it’s really free & there is no catch! As mortgage brokers, we get paid a commission from whichever lenders we place business with, so we do not need to charge our clients free. This means that we are able to act purely in your best interest and our service is completely free for you!
Why not go to the lender directly?
If you go directly to the lender instead, they’ll offer you only their in-house products, restricted by their own credit policies. They’ll also generally offer their products at the same or higher rates (compared to what we can negotiate for you), and keep commission saved by not paying a broker as extra profit for the company.
The main advantage of using a broker is that you get access to a lot more choice and flexibility with your lending solutions – as well as ongoing proactive service – when was the last time you heard of a bank contacting a client to check if they were charging them too much interest? We conduct regular reviews with our clients to ensure you are always getting a good deal!
Finally, we offer a number of products that are either broker exclusives, and we offer cashback rebates on others. Get in touch today to find out how we can help.
The Benefits - Get Funded with LoanBase
Some lenders are fast. We know who they are.
Loans between $200k-20M
We can help with home loans & commercial loans.
We negotiate better rates with the lenders for you!
Flexible loan terms and interest only options.
We won't lodge a deal unless we're confident of approval.
Over 50 lenders
If there's a solution, we'll find it.