What is the Best Home Loan for Self-Employed Aussies

Being self-employed is an incredible move to shape a bright carrier, and many Australians are opting for this option to become self-sufficient. However, when it comes to borrowing money for property investment, it can be a difficult process. It is because most self-employed people cannot provide the full financial details that lenders ask for when applying for a home loan.  

Fortunately, there are other ways to secure self-employed home loans in Australia — a low doc loan is one of them. Low documentation home loans allow people to apply for a mortgage without providing financial details or additional paperwork.   

Low Doc Loans as of the Best Self-Employed Home Loan  

Applying for a self-employed home loan as a borrower seems more difficult than a regular salaried person, but it is not impossible. A “low doc” home loan is a popular option for people when they aren’t able to meet the full documentation loan application requirements. When a person chooses this loan, he has to pay a higher interest rate. However, those rates can drop with regular repayments, which makes it a perfect solution for self-employed people.   

Benefits of Low Doc Loans for Self Employed  

Less Documentation: As the name defines, people will require a few documents to process the loan rather than a regular home loan. To understand the document requirement to qualify for the loan, consult Australia’s best home loan broker.  

Saves time: The low doc loans application doesn’t need tax returns, BAS statements, and other financial documents. With this, the loan application process becomes easier and quicker for self-employed people.  

Interest rate discounts: One of the main aspects of Low doc loans is that they have a higher interest rate because banks and lenders don’t want to minimise their risks. But with on-time repayments, interest rate discounts can apply.

Other Loan Alternatives for Self-Employed  

There are several loan options that can be accessed by self-employed people as full-doc borrowers:  

Fixed-rate home loans: People can benefit here by fixing their interest rate for a certain period, usually for 1-5 years. But once the fixed period gets over, the mortgage rate returns to a standard variable home loan.  

Variable-rate home loans: It is a popular mortgage type as the name implies its interest rate can vary often.  

Owner-occupied loans: It is a mortgage for those who want to live in the house or property they are buying or building. 

Conclusion 

Applying for a self-employed home loan in Australia is all about having the right documentation and finding the right lender. However, in case you find difficulty to meet the requirements of home loan, consult Mr Rajan Khatak, he is the trusted mortgage broker in Drummoyne.  

Partner with Your finance advisor team today to discuss the options that are most suited as per your financial circumstances. They have the best team of home brokers they will guide on how to get the best home loan only after thoroughly assessing your needs and plans.  Contact the team today at enquiries@yourfinanceadviser.com.au or 1300 932 276  to access the best home loan options