Low Doc Home Loans for the Self Employed Australian Business Owner
Low Doc Home Loans: There’s no one size fits all for home loans, especially when it involves self-employed Australian borrowers.
Today the typical Australian worker changes roles, or maybe careers, roughly every three years, with many moving between differing kinds of employment including salaried work, freelance, contract, or gig work (the gig economy).
Self-employment is now a popular alternative to the normal 9-5, with more and more people choosing to be their own boss, or turning their side-job into their main income.
Nearly 20% of Australian workers are Self Employed – who might not meet the policy settings for a prime full doc loan. This evolution in a job patterns and income types means customers’ needs and expectations have also evolved.
While a conventional low-risk prime full doc loan relies on the borrower having standard, predictable and regular payslips and expenses to demonstrate credit worthiness, borrowers are getting more diverse in how they generate income and what they have from their loan product. In addition, there are customers who may have some minor, or dated, credit blemishes preventing them from being approved for a loan from an enormous bank.
With non conforming lenders now filling this gap there are much more solutions available for the Self Employed Australian.