Loans for the Self employed
There's no reason why a self employed person cannot get a loan like everyone else. For anyone to be
able to get a loan, they must to be able to prove their income and so too, do self employed people.
Tax returns are what Lending Assessors want to see from those who are self employed, the last 2 years
There are new rules around getting loans these days, and it is essential to be able to prove that your
income is sufficient to service the loan you are applying for.
Generally you will need to have had your ABN for at least 2 years. Less than that may be considered
on a case by case basis.
Low Doc Loans
True Low Doc loans are largely a thing of the past. There are no low doc loans these days, as new consumer
credit laws say you must be able to prove a borrowers income and that it is sufficient to be able to repay the loan
including all expenses and using a higher interest rate than current without hardship.
Many Banks and Lenders do offer what's called a 'low doc' loan, however you generally have to provide 12 months
BAS statements and/or 6 months trading statements and a self declaration of income and/or a sign off by your
There are some non bank Lenders who may offer low doc type loans, where you will have to get your Accountant to
sign off on the application. You will find that most Accountants will be reluctant to do this for obvious
This type of loan is a short term loan secured by your home or commercial property, but the loan can only be for
business or investment purposes. The interest rates are much higher than regular property loans and there are
fees attached. Sometimes this can be a much needed solution for a short term requirement.
Please contact Finance Allsorts if you have any questions about low doc loans or asset