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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
3. Application
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
Fast funding
Some lenders are fast. We know who they are.
Loans between $200k-20M
We can help with home loans & commercial loans.
Competitive rates
We negotiate better rates with the lenders for you!
Flexible terms
Flexible loan terms and interest only options.
High approval
We won't lodge a deal unless we're confident of approval.
Over 50 lenders
If there's a solution, we'll find it.
Why use Loan Base?
We have a strong track record of helping out small business owners, just like yourself, with their lending needs. With strong industry knowledge and over 50 lenders on our panel, we're confident that we can find a solution for most situations. We have great relationships with all of the major banks, minor banks and non-bank lenders, meaning that we can run your situation by them before lodging an application. This ensures that you have the highest chance of approval and don't waste time and energy applying for an unsuitable loan.
We are also here to help you with your finances in an ongoing way. Our service doesn't cease once your loan has settled - we keep an eye on your mortgage to ensure you are always receiving a great deal. It may well be the case that you could start on a low-doc mortgage product, but then be able to benefit from interest rate savings by moving across to a full-doc product. We conduct regular reviews and keep you informed.
We're in this for the long-term and we'd like to become your trusted partner in finance. Get in touch today to find out how we can help you. We can also assist with other finance needs including asset finance, development finance, car loans, and other more standard home loans.