Self Employed Home Loan Wollongong

Not necessarily, but it is assessed differently. Instead of payslips, lenders rely on your tax returns and financial statements to establish your income, and they treat add backs and fluctuating income in their own ways.

The result is that borrowing capacity can vary significantly between lenders for the same person. The key is choosing a lender whose policy suits how your income is structured.

A low documentation loan is for self employed borrowers whose tax returns do not fully reflect their current income, for example where returns are not yet lodged. Instead of full financials, the lender assesses income using business bank statements, an accountant's declaration or BAS statements.

Low doc lending is assessed carefully and can carry different pricing and deposit requirements, so we compare it against a full documentation application before recommending a path.

Full documentation applications usually rely on one to two years of tax returns and financials. Where you have less history, some lenders will still consider you, particularly with a strong industry background or a low doc approach.

We match your available evidence to the lenders most likely to approve, rather than have you apply blindly and risk a decline.

Some lenders will assess you on your latest year's figures where income is rising, while others average two years. If your most recent year is stronger, choosing a lender that uses it can materially increase your borrowing power.

We know which lenders take which approach and steer your application accordingly.