More and more Australians are self-employed. In fact most recent studies show this number to be around 16.97%*. What many self-employed people find when they go to get a loan is that it can be a lot harder than they expect or it can even seem to work against them, so much so that many are too scared to even ask about it as they expect a negative answer!

The great part about being a broker is we can look to find solutions for Self Employed clients that they might not consider or even know exists.. Here’s a couple of examples:

Example 1

Having worked hard to get her business buzzing, Deanna was now in a position to buy her own place. However, she hadn’t finalised her tax returns with her accountant so her local bank said no to a loan.

How we could help:

With an Alt Doc loan from an alternative lender, her goal of owning a home became real right away and we put in plan a strategy to revisit it again when her tax returns were sorted out.

Example 2

Andrew is a self-employed carpenter – and  a good one. Recently he had a tax audit and has been hit with a large ATO debt that required immediate payment. He wanted to settle by releasing equity on his home but finding a lender to help proved difficult.

How we could help:

With an Alt Doc loan from an alternative lender, he was able to release the equity  he needed to pay off his ATO debt.

Alt Doc ‘Alternative solutions’ are not something to be ashamed of. It’s about working together to find a solution for your needs in you unique situation. We regularly help self-employed customer with:

  • Cash out for business purposes
  • When last 2 years’ financials are not available
  • Newly self employed
  • Adverse credit history (eg Paid/unpaid defaults, Court judgements and writs, Discharged bankrupt and ATO debts)

Other solutions:

  • Investment portfolios
  • Complex trust structuring
  • Companies in administration
  • Full Doc purchase up to 95% LVR or
  • Alt Doc purchase up to 85% LVR
  • Debt consolidation

If this sounds like you or you want to explore possible solutions for your unique scenario get in touch with one of our finance specialists via the website, email or phone 03 9032 6700

*Statistic from https://tradingeconomics.com/australia/self-employed-total-percent-of-total-employed-wb-data.html