How to buy a home if you are self-employed or a freelancer
By Advantage Property | 8th Jul 19
Get all the tips and facts.
For many who work in industries where they work from contract to contract or even if you are a small business or self-employed, buying a home can be a little tricker. It may feel like it is impossible but this is not the case.
If you are a freelancer, a lender or bank will want to look at your tax returns over the last two years to see proof of your income and expenses as a starting point. Remember having a higher income will always increase your borrowing capacity, so if you have just started contracting, you may want to wait a few years so you are able to show steady workflow over a two year period.
If you are self- employed, you will have to show the most recent year’s personal and business tax returns including business financial statements as well as the most recent ATO Notice of Assessment.
Ensuring you have as much savings as possible will also be a huge benefit. Having the upfront deposit as well as capacity to service the loan will always be favourable for your bank or mortgage broker to help find the best loan for you. Essentially, saving as much as possible before you apply for you loan will be in your favour – so save, save, save!
Remember, buying your first home doesn’t just have to be a dream. Our team are here to help guide you through the various steps to get to home ownership. Email firstname.lastname@example.org today for your free consultation.