Can I Get a Mortgage without Business Financials?

We help you get a mortgage if self-employed without business financials

It’s hard to get a mortgage if you work for yourself and can’t show proof of your income. We can assist. With a low-documentation home loan, this is possible.

When you decide to work for yourself, it’s an exciting time. From being your own boss and setting your own hours to getting paid for the hard work you put in. But it can also mean making adjustments and sacrifices. One thing you don’t have to put off, though, is buying a home.

Lady with self employed on whiteboard

What is a low-documentation home loan?

As the name suggests, a low-documentation (or low-doc) home loan. This is a mortgage product that allows people get a loan, even without the “industry standard” level of financial documentation. Main banks generall do not offer Low-doc home loans. The good news is, there are alternative options from some second-tier and third-tier lenders. Non-Bank Lenders is another name for these lenders.

Non-Bank lenders take a risk when they give money to self-employed people who don’t have their final, signed by an accountant, end-of-year accounts. To make up for this risk, they charge a higher interest rate. These kinds of home loans can be great if you can afford the higher interest rates and want to get into the market right away. So, once you can provide the paperwork the big banks want, you can switch to a major bank and take advantage of their lower interest rates.

What conditions do I have to meet to get a mortgage without business financials?

To qualify for a low-doc loan, you need to have been trading for a minimum period of 6 months. A deposit of 20% is required.

If you’re not sure whether a low doc mortgage is right for you, we can talk you through the pros and cons. There may be many other options that could be suitable for your situation. We work with a number of reputable non-bank lenders who can provide solutions that aren’t available through the mainstream banks. Get in touch with us and we can let you know what’s possible.

Lady with graphics and self employed on whiteboard

If you self-employed, read more information on mortgages: Self Employed Mortgage