OUR SERVICES / SELF-EMPLOYED
Most banks won’t accept your home loan application if you’ve been self-employed for less than 2 years, but you probably already know that. Self-employed loan options are limited.
The good news: even some of the major banks will accept it with a full year’s tax return under their low-doc loans.
With our experienced team of low-doc mortgage brokers, Blue Fox Finance can help you on your home loan journey. Even if you’ve held an ABN for under 2 years, a mortgage is still possible with the right strategy.
If you don’t have a full year’s tax return, there are still lenders that will give you a low deposit home loan at 90% LVR.
Note: All information on this page refers to applicants that have been self-employed for 12 months, but not yet 2 years. Please refer to our self-employed home loan requirements page if this is not you.
A low-doc home loan is generally suited to applicants that have been self-employed as a sole trader or small business owner for over 12 months (or 24 months with many lenders), but don’t yet have the documents required for a standard home loan application.
At Blue Fox Finance, we can help you navigate your low-doc home loan with confidence. Different lenders have different requirements, but the easiest low-doc home loan with a major lender will require the following:
Your ABN and GST must have been registered for a minimum of 12 months.
You must be able to supply 12 months’ worth of BAS statements.
Bank statements may also be required.
At minimum, you will need a 10% deposit and to have been self-employed for 1 year or more
With a 10% deposit, however, you should expect to pay high interest rates and fees – much higher than standard rates. Navigating these rates and other requirements will help expand your self-employed loan options. At Blue Fox Finance, we’re here to help you find the loan option that suits your budget and lifestyle.
If you want to get your home now, then we can get you approved at 10% and refinance to a lower rate in another 12 months if your situation continues to improve.
Not sure how a low-doc mortgage broker can help you? Check out our Self-Employed Home Loans page.
Not self-employed? Look at our Mortgage Broker Brisbane page.
Assuming you’ve been self-employed for 1 year, our lenders usually have 3 methods of verifying your income:
How we can verify your income without 2 years ABN:
Some lenders will require two of the above verifications, but we have lenders that will accept only one. Given the option, we would prefer to use BAS and calculate the exact figure we can use for income. However, that’s not always possible, and as loan options for self-employed people can be somewhat limited, we try to encourage our clients to provide us with as much information as possible. Hence, verifying your income becomes less stressful for us and you!
Securing a home loan as a self-employed borrower doesn’t have to be stressful, even if you’ve had an ABN for under 2 years. Need a low-doc mortgage broker? Give us a call on 07 3496 9570 or contact us online to discuss your options and take the next step on your property journey.
Most businesses don’t have a consistent income for the first 12 months, it is not until 2 years that most banks feel they can get a sufficient grasp on how well the business is doing.
At 80% LVR, about 1.5% above competitive rates. At 90% LVR, about 3% higher than competitive rates.
No. The lender pays us a commission for a successful application so you needn’t pay us anything.
This varies greatly depending on the lenders’ workload, but usually 1 – 2 weeks.
We can do self-employed home loans under 2 years 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.
We can pre-assess your application without a credit check, however the lender will be required to do one upon application.
