Did you know that around 17% of Australians are currently self-employed? If you’re one of them, you may experience a unique frustration when it comes to obtaining a home loan. Unfortunately, many mainstream home loans are still geared towards ‘9 to 5’ workers. Most require extensive documentation, like PAYG payslips, as proof of income. If you can’t tick all the boxes for a traditional home loan, a self-employed loan may be the solution you’ve been searching for.
At PAT Finance in Melton, we can help you bridge the gap between proof of income and home ownership. As self-employed loan specialists, we have access to lenders who offer low documentation (low doc) home loans. Rather than simply ticking a documentation checklist, low doc lenders assess your overall ability to service a loan. For many sole traders and small business owners, this provides a clear pathway to home ownership.
It’s important to note that a ‘low doc loan’ doesn’t mean a ‘no doc loan’. Self-employed home loans still require you to provide some paperwork to support your application. The requirements differ between lenders, but may include: