If you’re self-employed and searching for home finance, navigating the mortgage process can be stressful. Traditional lenders can take a more complicated view of self-employed applicants, which can lead to the process becoming challenging and sometimes discouraging. Let’s get into some of the common challenges self-employed individuals can face, as well as the solutions available to you that we can help you leverage, to make your home finance experience as easy and enjoyable as possible!
Does your income and cash flow fluctuate throughout the year, making it difficult to show steady income through traditional means? You’re not alone! This variability can often make financing through traditional banks and their products complicated due to their stricter policies around income verification.
However, some banks and lenders have specific products for business owners that consider variability in income and make this process much smoother by utilising a commonsense approach in their assessment.
Are you tired of gathering extensive documentation to prove your income and financial stability for your application? Many who are self-employed feel like this too! The complexity and volume of required documents for traditional banks and their products can be overwhelming and time-consuming, adding stress to an already challenging process.
To help make this process easier for business owners, banks and lenders have developed specialised ways of verifying income that drastically reduce the number of documents required and the complexity of assessment, leading to quicker approvals and settlements.
Are you concerned about the potential higher interest rates and fees that are commonly associated with home finance when self-employed? A lot of business owners we speak to feel like their home finance goals of a new purchase, refinance or equity release are further away than if they were working as an employee, due to the perceived additional costs incurred when seeking home finance while self-employed.
The good news is this isn’t the case! There are many lenders in the market that favour self-employed applicants and provide products specifically designed to make this process as easy and achievable as possible.
We take the time to understand the complexities and unique financial situations you face and are passionate about ensuring you receive the support and guidance needed to navigate the home loan process seamlessly. Let’s explore some of the solutions we have as your trusted mortgage broker on the Sunshine Coast, to help you successfully secure home finance.
When you partner with Fox Home Loans you have the advantage of getting home loans without waiting for your tax returns. This means you can secure a loan quickly and efficiently. Working with our Team can save you time and hassle in the loan application process and you can access the funds you need for your home purchase, refinance, or equity release sooner. This flexibility allows you to move forward with your home finance plans without the delays typically associated with traditional lenders.
We partner with lenders that accept various forms of proof of income, making the process more accessible for self-employed individuals. These alternatives include:
As your Sunshine Coast mortgage brokers, we have established relationships with lenders who offer cash-out loans for various purposes, including business expansion, equipment purchase, and working capital. This flexibility ensures you have access to the funds you need to achieve your goals and maintain financial stability.
Personal and Business Loans
Fox Home Loans offers flexible loan solutions for both personal and business needs. This versatility is particularly beneficial for self-employed individuals who may require financing for various purposes, including the acquisition of both personal and business assets.
Development and Construction Funding
For those involved in property development or construction, our Sunshine Coast mortgage brokers can guide you through how to obtain funding tailored to your specific needs. Our expertise ensures you can secure the necessary financing to complete your projects successfully.
Our knowledgeable team is dedicated to understanding and meeting the unique needs of self-employed business owners, and our comprehensive approach ensures you receive the support and guidance necessary to navigate the home loan process successfully and efficiently.
Our specialists provide personalised service and expert guidance, ensuring a smooth and successful loan application process, all the way through to settlement. With Fox Home Loans, you can confidently pursue your home finance goals as a self-employed business owner, knowing that you have a team of experts supporting you every step of the way, so that you can focus your time and energy where it matters most, in your business.
Whether you need assistance with where to start, what options are out there, or even what documents to prepare for your application, we are here to support you. Contact Fox Home Loans today on 07 3505 3099 or visit us at our Sunshine Coast office to start your journey towards home ownership.
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Bill has over 26 years of experience working in the finance industry. He has worked across a number of different businesses including Home Loans, Personal Loans, Collections and Insurances. Bill's passion is to utilise his knowledge and experience in the industry to assist clients in meeting their financial goals.
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