Self Employed Home Loans: Less than 1 year
Being self employed for less than 1 year can make a home loan application with a traditional bank impossible. There are however some alternative lenders that will be happy to look at your application if you meet their requirements.
We can help get you a mortgage when self employed for under 12 months.
You should expect to need a 20% deposit minimum in all cases, you will also be subject to higher-than-normal interest rates and fees. If you're looking for a home loan when employed for only 6 months, you are best to use alternative lenders as a stepping stone to a competitive home loan product with a major bank. Once approved for a 6 month self employed mortgage, you are best to look at refinancing as soon as is reasonable: usually once you have been self employed for over 2 years.
|Requirements for a self employed mortgage under 1 year:|
|20% deposit mandatory (or a guarantor).|
|Sufficient income to make the loan repayments.|
|Up-to-date financials and a registered accountant.|
|Vacant land and construction excluded.|
|Features of a self employed home loan less than 1 year:|
|Fixed and variable interest rates.|
|Credit impairments acceptable at lower LVRs.|
|Secured by residential security.|
|Maximum LVR of 80%.|
|Minimum loan amount of $50,000.|
FAQ about our self employed home loan less than 1 year:
Why is it so difficult to get a home loan when self employed for under 12 months?
Lenders like to feel safe about their investment. When you've only been self employed for less than 1 year, 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.