Home Loans for Business Owners

1800 123 PUSH (787)

In the dynamic landscape of self-employment and entrepreneurship, securing a home loan involves different considerations. Business owners should be mindful of crucial aspects when navigating the home loan application process.

Your Experience Matters:

For those who have embraced self-employment for less than two years, lenders typically seek evidence of prior industry experience. Possessing old payslips and references from previous employers can bolster your application, demonstrating your proficiency and reliability.

Essential Documentation

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Cautions for Self-Employed Borrowers

Unlike traditional employees who provide Pay As You Go (PAYG) payslips, self-employed individuals may need to submit a different set of documents, such as business and personal tax returns, a recent notice of assessment from the Australian Taxation Office (ATO), and bank statements for the business.

In cases where the business is less than two years old, alternatives like proof of Australian Business Number (ABN) and Goods and Services Tax (GST) registration, Business Activity Statements (BAS), older personal tax returns, a reference from an accountant, or year-to-date business financial statements may be accepted.

VARIETY OF HOME LOAN OPTIONS

Self-employed borrowers can choose from a range of home loan options tailored to their unique needs.

1. Variable Rate Home Loans:

– Offers flexibility with interest rates that can fluctuate based on market conditions.
– Allows unlimited extra repayments and the flexibility to redraw surplus funds.
– Provides options for principal and interest or interest-only repayments.
– Ideal for those who want the freedom to make additional repayments and the option for interest-only payments for a specified period.

2. Fixed Rate Home Loans:

– Ensures stability with a fixed interest rate for an agreed term (one to five years).
– Facilitates easier budgeting with consistent repayments.
– Allows extra repayments within specified limits.
– Offers the option for interest-only payments for an approved period.
– Provides peace of mind, particularly for borrowers concerned about fluctuating interest rates.

Considerations for Each Option:

Variable Rate Home Loans:
– Potential for increased repayments if interest rates rise.
– Variability in repayments may pose challenges for budgeting.

Fixed Rate Home Loans:
– Lack of benefit from lower repayments if interest rates decrease.
– Break fees may apply if the loan is terminated during the fixed rate period.
– No redraw facility during the fixed rate period.

Additionally, at the end of the fixed-rate period, borrowers can either opt for a new fixed rate or revert to a variable rate as per the terms of their home loan contract.

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Jacques is an honest, helpful and very professional consultant who goes the extra mile to secure finance for you. I highly recommend Jacques and Push Capital for your finance requirements.

It was so easy to deal with Jesse at Push Capital. Not only is Jesse professional and knowledgeable, but he’s also trustworthy and experienced! Jesse is very reassuring and went above and beyond to help me cross a few hurdles with the banks to get the job done! Very grateful for Jesse and the team at Push Capital for guiding me and getting the best result for me.

Jesse accompanied us for refinancing our mortgage. He was highly efficient and provided invaluable advice tailored to our needs, proactively following up each step of the process to achieve the best possible outcome. We strongly recommend Jesse for his expertise, professionalism and personalised service.

Jacques is a fantastic and competent broker who works with extreme efficiency and care for his clients. His work ethic and his commitment to finding us the best deal in the shortest time with a meticulous approach is admirable to sale the least. As his client he will always care for you and always ensure your loan facility is under correct management. I would highly encourage anyone looking for a mortgage to come to Jacques and his team for the best possible experience.