Self Employed Home Loans: 1 Day
A 1 day self employed mortgage is not readily available at the vast majority of lenders. If you can get together a 30% deposit however, we might have a solution for you.
A 1 day self employed mortgage can be done.
Without at least being self employed for 3 months, we will need a 30% deposit at absolute minimum. We will also need to determine the income we should expect. This can be done 1 of 2 ways: if you were previously in a PAYG position in the same industry for 2 years, we can look to use that income for your affordability calculations. Alternatively, we will need an Accountant prepared business plan before we can look at submitting an application.
|Requirements for a 1 day self employed mortgage:|
|30% deposit required (or a guarantor).|
|Sufficient income to make the loan repayments.|
|Previous PAYG position in the same industry OR an Accountant prepared business plan.|
|Vacant land and construction excluded.|
|Features of a 1 day self employed mortgage:|
|Fixed and variable interest rates.|
|Credit impairments acceptable at lower LVRs.|
|Secured by residential security.|
|Maximum LVR of 70%.|
|Minimum loan amount of $50,000.|
FAQ about our 1 day self employed home loan:
Why is it so difficult to get a home loan when newly self employed?
Lenders like to feel safe about their investment. When you've only been self employed for 1 day you are still high risk. Many new businesses fail in the first 12 months and lenders don't want to be involved if that happens.
Do you charge for your service?
No. The lender pays us a commission for a successful application so you needn't pay us anything.
Can you do after-hours appointments?
Yes! After-hours and weekend appointments are welcomed, although your finance application will generally only be processed on week days.
Do you only service Brisbane?
We can do self employed home loans all over Australia, often over the phone. Our Mortgage Broker is however based in North Brisbane, and as such can service all surrounding areas in person: Albion – Alderley – Ascot – Aspley – Bald Hills – Banyo – Boondall – Bracken Ridge – Bridgeman Downs – Brighton – Brisbane Airport – Carseldine – Chermside – Chermside West – Clayfield – Deagon – Eagle Farm – Everton Park – Fitzgibbon – Gaythorne – Geebung – Gordon Park – Grange – Hamilton – Hendra – Kalinga– Kedron – Keperra – Lutwyche – McDowall – Mitchelton – Myrtletown – Newmarket – Northgate – Nudgee – Nudgee Beach – Nundah – Pinkenba – Sandgate – Shorncliffe – Stafford – Stafford Heights – Taigum – Virginia – Wavell Heights – Wilston – Windsor – Wooloowin – Zillmere.
Will a credit check be required?
We can pre-asses your application without a credit check, however the lender will be required to do one upon application.