Business Owner Home Loan Wollongong

Yes. Business owners are well catered for, though lenders assess your income differently to a salaried applicant. They typically look at your business and personal tax returns, financial statements and sometimes business bank statements to establish a reliable income figure.

Because lenders treat business income, add backs and retained profits differently, the same business owner can be assessed very differently from one lender to the next. Matching you to the right lender is the key to a strong outcome.

A full documentation application generally needs one to two years of business and personal tax returns, notices of assessment and financial statements. Some lenders will also ask for recent business bank statements and an up to date ATO position.

If your latest returns are not yet lodged or do not reflect your current trading, there are lenders and alternative documentation options that can help, which we can talk you through.

Often yes. Lenders can add back certain non cash or one off expenses, such as depreciation and some interest, to arrive at a truer income figure. Where your returns still do not reflect your real cash flow, low documentation options assessed on business bank statements or an accountant's declaration may suit.

These options are assessed carefully and pricing can differ, so we compare the full documentation and alternative paths side by side.

Many lenders prefer two years of trading history, but some will consider one year, or less in certain circumstances, particularly where you have a strong background in the same industry.

The right lender depends on how long you have traded, your GST registration and your income evidence. We match those details to the lenders most likely to approve you.