Rate relief for self-employed and business owner

Low rates for business owners

Great news for self employed people – Banks are starting to recognize the value self employed borrowers represent and with that, they are starting to discount rates on a range of Prime and Alt Doc products.

There’s a lot to be said for owning your own business but it can make it harder to get a mortgage – especially if your most recent tax returns have not been lodged yet. If that is you, an Alt Doc loan or Low Doc loan could be the answer.

Businesses income has it challenges. It often has a complex income structure, sometimes the business owner is looking for cash out for business purposes or has an imperfect credit history. Sometimes there is tax debt that needs to be resolved.

A good Small Business/Self Employed finance broker will look at the financials but also other income documents and use the traditional and non-traditional income documentation, no matter how complex – like 6 months’ BAS, business bank statements and/or an accountants letter – to verify their income and secure them an Alt Doc loan. HE then matches that to the right lender to help you get a good result.

Alternatively, there is banks that can assess a loan application based on one year financials so if you have had one good year but are concerned about the year before, talk to us.

Bottom line, if it was too hard in the past, it might be possible today. Lenders have warmed up to business owners in the last 12 months so reach out. see if there is a better deal (or new funds) for you to help you grow the business or improve your cash flow.