" Nothing ventured, nothing gained. And venture belongs to the adventurous. "
-Navjot Singh Sidhu
Being your own boss has a lot of things going for it. Getting your loan approved easily is not one of them. For many self-employed people, getting finance can be a lesson in doing your head in. It feels as though you're a square peg being pushed into a round hole.
Banks are a bit tougher on self-employed people than they are on those who are employed by a company and on a salary. They want to see that your business is solid and stable and that you will be able to service your debts into the future. The main way they do that is by looking at your last 2 years financials and using the average to work out your income, which might not look that great if you have an excellent accountant who makes sure you claim all your deductions.
There are also a number of limitations on the size of your loan compared to the value of your property with many banks limiting lo-doc applications to 80% or even 60% of the property value.
With so many variables to consider and so many banks to research, it makes sense to contact someone who can do it all for you. A Compass Home Loans Finance Specialist will tell you what you can and can't do with each of the banks and will think outside the box for possible solutions for you. We'll take the pain out of getting finance so that you can focus on your business.