Self-Employed and Low Doc Home Loans Googong

Applicants with two full financial years of tax returns and matching notices of assessment sit in the strongest position, because mainstream lenders assess this file like any PAYG borrower, with no rate loading at all and the complete product range.

Borrowers trading twelve months or more can often use business activity statements instead of tax returns, and lenders want the last four quarters, cross checked against business bank turnover, because BAS figures reveal the income the tax return will confirm.

Some lenders accept six or twelve months of business bank statements, applying their own averaging to credit turnover, which suits operators whose BAS lodgements lag behind actual trading, although the shaded figure they arrive at often sits well below reality.

An accountant's declaration confirming income and trading history remains the classic low doc route, signed by a registered tax agent, and it suits sole traders without formal statements, though fewer lenders honour it now and those that do price accordingly.

Trading for a single financial year narrows the field, because most major banks insist on two, but several second tier and non-bank lenders assess one year of returns with recent BAS, provided your trading trend shows growth rather than decline.

Contractors with an ABN, including IT, health and trades workers billing hourly or per project, qualify after as little as six months of contracting in the same field, especially where prior employment in that same line backs the whole file.

Non-bank lenders price low doc files above mainstream full doc levels, the gap varies lender by lender, and one borrower can receive noticeably different quotes from two institutions assessing exactly the same documents during the very same single working week.

Lenders mortgage insurance applies above roughly eighty per cent of the property's value, and many specialist low doc lenders cap lending well below that threshold, so a larger deposit than usual is often needed to keep the premium away entirely.

Borrowing caps for low doc files differ considerably across the market: majors commonly stop near eighty per cent, second tier lenders stretch slightly further, and specialist non-banks reach beyond that, with pricing rising at every step as your deposit shrinks.

If your accountant can finalise a second year of returns within months, waiting often beats paying a loading on every repayment for years, because refinancing to full doc later is simple, whereas an early restructure triggers exit costs worth avoiding.

Your file sits with Your Mortgage Broker Googong, credit representative number 370592, from the very first phone call through to settlement, and you will never be handed to a call centre, an assistant or a processing queue at any single point.

Rather than defending one bank's policy we work across a panel of lenders, because the self employed are the borrowers majors and non-banks assess most differently, and matching the file to the right policy matters more than any headline figure.

Most borrowers pay us nothing, because lenders pay commission on settled loans and we disclose that structure in writing upfront, along with any fee for unusual work, so every dollar you owe us is named in writing before you commit.

We publish our process, timelines and document lists before any commitment, because a borrower who fully understands the three verification paths makes better decisions, and nothing on this page or in our credit guide hides behind vague promises of speed.