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Nov, 2024
Home Loan Broker Brisbane: Key Qualities to Look For To get the right home loan, you must first find a home loan broker Brisbane residents trust. It’s just as important…
Are you a self-employed individual in Brisbane seeking a home loan? If you are, then this guide to self employed home loans in Brisbane should be helpful. Navigating the property market and securing a mortgage can be a unique challenge when you’re managing your own business. This journey, while exciting, often requires a different approach due to the distinct financial profiles of self-employed individuals.
Our team of expert mortgage brokers specialises in understanding and catering to these unique needs. We’re here to provide personalised advice and solutions, ensuring you find a home loan that fits your self-employed status. Let us help you make your property owning dreams a reality with confidence and ease!
How North Brisbane Home Loans Can Help with Self Employed Home Loans
With over a century of collective expertise, North Brisbane Home Loans specialises in providing mortgages for self-employed individuals. Recognising the unique challenges faced by self-employed borrowers, our team is adept at navigating the nuances of securing home loans for entrepreneurs and small business owners.
Unlike traditional employees, these individuals may not possess standard employment documentation, making the loan process slightly different. Our expertise lies in identifying lenders who are more receptive to loans that don’t require lots of documentation, otherwise known as low doc loans. This helps ensure that your application is evaluated fairly and accurately.
So, whether you’re an entrepreneur seeking to purchase a residential property or an investment asset, our mortgage brokers for the self-employed are here to guide you.
At North Brisbane Home Loans, we celebrate entrepreneurs, tradies, and small business owners. We are dedicated to assisting these clients in realising their dreams of homeownership. Our team of specialised self-employed home loan experts is committed to tailoring solutions that meet your unique financial needs.
Self Employed Home Loans – How To Get A Mortgage
10 Reasons Why You Should Work With A Mortgage Broker For Self-Employed Home Loans
Securing a home loan can be a complex process, especially for self-employed individuals with unique financial situations. This is where the role of a mortgage broker becomes crucial.
Opting for a mortgage broker who is experienced in handling self employed home loans offers significant benefits. They provide professional guidance and customised solutions, ensuring that the specific requirements of self-employed borrowers are efficiently addressed.
Below are 10 key reasons why choosing a mortgage broker for your self employed home loan is a wise and beneficial decision.
- Expertise in Self-Employed Loans
- Time-Saving
- Access to a Wider Range of Lenders
- Professional Advocacy
- Customised Loan Solutions
- Guidance on Financial Documentation
- Simplified Application Process
- Ongoing Support
- Better Rates and Terms
- No Cost to the Borrower
Mortgage brokers have specialised knowledge in self employed home loans, understanding the unique challenges and requirements of borrowers who are self-employed.
They save time for the borrower by handling the legwork of shopping around for the best loan options and managing the application process.
Brokers have access to a broad spectrum of lenders, including those who are more favourable towards self-employed applicants, increasing the chances of loan approval.
A mortgage broker acts as an advocate for the borrower, presenting their financial situation in the best light to lenders.
They can offer tailored loan solutions that fit the specific financial situations of self-employed individuals, which might not be available through traditional banks.
They can provide invaluable advice on what financial documentation is required, which can be more complex for self-employed individuals.
Mortgage brokers can simplify the complex application process for self-employed individuals by guiding them through paperwork and requirements.
Mortgage brokers often provide ongoing support, assisting with future refinancing needs or adjustments to the mortgage as the borrower's financial situation changes.
Brokers often have access to better interest rates and terms due to their relationships with multiple lenders, potentially saving borrowers money over the life of the loan.
In many cases, the broker's fees are paid by the lender, meaning their services are at no direct cost to the borrower, providing professional assistance without an additional financial burden.
Self Employed Home Loans – Additional Helpful Information
Self-employed individuals often face unique challenges when applying for home loans. Unlike traditional salaried employees, whose income is verified through regular payslips, self-employed borrowers must provide more complex financial documentation.
But with the right preparation and understanding of the process, securing a self-employed home loan can be straightforward. Here are a few more things you might want to know when you’re thinking about getting a home loan as a self-employed borrower.
Understanding the Types of Loans Available
When applying for a home loan, self-employed individuals generally have two main options – Full Doc loans and Low Doc loans. Each loan type has its own eligibility criteria and benefits.
- Full Doc Loans – These are traditional home loans that require complete financial documentation, including personal and business tax returns from the past two years, bank statements and a notice of tax assessment from the ATO.
If you have all the required documentation, a Full Doc loan usually offers the lowest interest rates, making it a preferred option for those who can provide comprehensive financial information.
- Low Doc Loans – If you lack some of the financial documentation required for a Full Doc loan, you may qualify for a Low Doc loan. Low Doc loans require less paperwork, such as business activity statements (BAS) or an accountant’s letter, but often come with higher interest rates.
These loans can be a great option for self-employed borrowers who have less than two years of tax returns.
Both loan types allow self-employed individuals to access the same loan features as traditional borrowers. These include fixed and variable-rate loans, offset accounts and lines of credit. However, it’s important to weigh the benefits of a quicker Low Doc application process against the potential costs of higher interest rates.
Key Eligibility Criteria for Self-Employed Home Loans
Self-employed borrowers must meet several eligibility requirements. These are generally stricter than those for salaried employees. Here’s a breakdown of what lenders typically look for:
- Business and Personal Tax Returns – Most lenders require at least two years of tax returns to establish a stable income history. They may use the lower of the two years’ income to calculate your borrowing power or an average of the two years.
- Proof of Income – Aside from tax returns, lenders may ask for bank statements showing consistent cash flow, business activity statements and profit-and-loss statements.
- Good Credit Score – A healthy credit score is crucial for self-employed borrowers. This demonstrates your ability to manage debt and repayments. Improving your credit score by paying off existing debts (such as credit cards or personal loans) before applying for a mortgage can help you secure better terms.
- Business Stability – Lenders want to see that your business is stable and profitable. Generally, the longer you’ve been self-employed, the more comfortable lenders will be. Some lenders may also consider whether your business has been registered for GST (typically required for businesses earning more than $75,000 annually) and how consistently you’ve earned income over time.
How to Maximise Your Borrowing Power
Self employed borrowers often face challenges in maximising their borrowing power due to fluctuating incomes. However, there are several strategies you can implement to improve your chances of securing a larger loan:
1. Consistent Income – Lenders prioritise stability, so maintaining a steady income over the past few years can work in your favour. Avoid large dips in revenue, which can reduce your borrowing power.
2. Pay Off Existing Debts – Reducing outstanding debts, such as credit card balances or personal loans, can improve your credit s core and show lenders that you are financially responsible. This can increase your chances of qualifying for a higher loan amount.
3. Improve Your Financial Documentation – Ensure that your tax returns, bank statements and other financial documents are up-to-date and accurately reflect your income and business performance. This will give lenders a clear picture of your ability to repay the loan.
Common Challenges for Self Employed Borrowers
Self-employed individuals face unique challenges when applying for a home loan, but understanding these hurdles can help you prepare effectively –
- Fluctuating Income – Many self-employed individuals experience fluctuations in their income from year to year. This can make it difficult for lenders to assess your ability to repay a loan. Some lenders may use the average of your income over the past two years, while others may take the lower figure, which can reduce your borrowing power.
- Stricter Lending Criteria – Lenders often perceive self-employed borrowers as riskier than traditional salaried employees. As a result, they may require a larger deposit (often at least 20%) and offer a lower loan-to-value ratio (LVR) than they would for regular employees.
- Limited Lender Options – Not all lenders offer loans to self-employed borrowers and those that do may charge higher interest rates. It’s important to shop around and compare different lenders to find one that offers favourable terms.
Documentation Requirements for Self-Employed Borrowers
The documentation required for self-employed home loan applications is more comprehensive than for salaried employees. Lenders typically ask for –
- Business and Personal Tax Returns – At least two years of tax returns to verify your income.
- Bank Statements – Business and personal bank statements showing consistent cash flow.
- Business Activity Statements (BAS) – BAS are used to demonstrate your business’s revenue over a specified period.
- Profit-and-Loss Statements – These show your business’s overall performance and profitability.
For Low Doc loans, the documentation requirements are less stringent. You may only need an accountant’s letter, proof of your ABN and GST registration and interim financial statements.
Benefits of Working with a Mortgage Broker
Navigating the home loan process as a self-employed borrower can be complex, which is why working with an experienced mortgage broker can be beneficial. A mortgage broker can –
- Help you gather the necessary documentation and ensure your financials are in order.
- Recommend the most suitable lenders for your unique situation, potentially saving you time and money.
- Negotiate on your behalf to secure a loan with the best possible interest rates and terms.
While getting a home loan as a self-employed individual can be more complicated, it is by no means impossible. With proper preparation, the right documentation and guidance from a knowledgeable mortgage broker, you can secure a loan that meets your needs. Whether you choose a Full Doc loan for its lower interest rates or a Low Doc loan for a faster application process, it’s important to understand your options and tailor your approach based on your financial situation.
7 Tips for Self Employed Home Buyers in Brisbane
Navigating the home loan process as a self-employed individual in Brisbane, Australia, requires careful planning and strategic thinking. To enhance your chances of securing the best possible home loan, consider these seven essential tips tailored for applicants of self employed home loans.
01
Prioritise Timely Bill Payments
Consistently paying your bills on time is crucial. Late payments on bills, credit cards, or loans can significantly impact your home loan eligibility. Conversely, a track record of punctual payments demonstrates to lenders your reliability and commitment to financial responsibilities.
02
Organise Your Financial Documentation
A common hurdle in the home loan application process is disorganised or incomplete financial records. Ensure your tax returns for the past two years are complete (including both business and personal) and organise your financial documents for easy access and clarity.
03
Simplify Your Financial Affairs
Lenders generally favour straightforward financial situations. Complex tax strategies or intricate lease arrangements might complicate your home loan application. Aim to simplify these aspects as much as possible for easier understanding by brokers and lenders.
04
Conduct a Thorough Credit Check
A credit check is a vital step in the mortgage application process. Obtain a recent credit report (you’re entitled to one free report every 12 months) and review it meticulously with your mortgage broker to identify any issues or inaccuracies.
05
Consult an Experienced Mortgage Broker
Engaging with a mortgage broker experienced in self-employed loans can significantly ease the application process. They offer tailored advice and practical suggestions, improving your chances of securing a suitable home loan. The earlier you consult a broker, the smoother the process will be.
06
Be Receptive to Your Broker’s Advice
Your mortgage broker’s recommendations, based on a thorough review of your finances, are invaluable. Be open to their suggestions, even if they differ from your initial thoughts. Their experience in securing favourable outcomes is a vital asset in your home loan journey.
07
Assess the Timing of Your Application
Discussing your situation with a self-employed mortgage broker might reveal that delaying your application could be advantageous. If your business is new or cash flow is tight, waiting a few months could lead to better loan terms, such as lower interest rates or a more suitable mortgage product.
08
Maintain a Healthy Debt-to-Income Ratio
For self-employed individuals, maintaining a balanced debt-to-income ratio is key. This ratio is a critical factor lenders consider when assessing loan applications. Keeping your debts low relative to your income demonstrates financial stability and increases your attractiveness as a borrower.
NBHL: Best mortgage brokers for first time buyers
Home loans lenders often require additional paperwork if you’re self-employed, and you may need a larger deposit to secure finance. Let the professional mortgage brokers at North Brisbane Home Loans help you find a self employed home loan to suit your needs.
Why Choose North Brisbane Home Loans?
5 Star Customer Rating
We put you first and genuinely want to help you achieve your property ownership dreams.
Being a top rated first home buyers mortgage broker in Brisbane we delivered the best home loan for first home buyers. We have hundreds of happy customers, find out what they’ve said about working with North Brisbane Home Loans here.
Experienced Mortgage Brokers
With more than 90 years’ combined experience in the industry, our first home buyer mortgage broker can confidently offer you the best advice when it comes to finding the best value loan for you.
We are a team of experienced mortgage brokers in Brisbane that helps to get the best home loan for first home buyers.
We Work For You – Not The Banks
We don’t charge any fees for our first home owner loan services, our commission comes from the lender.
As a personal first home buyers mortgage broker in Brisbane, we’re by your side every step of the way to ensure you select the best first time home buyer loan product for your individual circumstances.
Exclusive Partner Network
Not only do we provide you with the best advice on first home owners loan needs, but we also introduce clients to our network of trusted partners offering discounted rates.
Save time and money searching for reliable building and pest, real estate agents, solicitors and more.
5.0 STAR REVIEWS
Reviews from First Home Buyers Brisbane, QLD
The best customer service ever! The team is still getting us fantastic rates and deals years later after our initial consultation... without asking!! They just do it!! Brilliant to deal with and would absolutely use them again and again.
Pat and Fiona are a dream team. As nervous first home buyers, they stepped us through everything. They were very accessible for appointments and had frequent, open communication I needed at all stages of the process. They are thorough and experts at what they do, helping us to get into a property faster and easier than we thought possible. They also got us an amazing interest rate. Highly recommend to anyone and will definitely be using them in the future for any subsequent purchases or refinancing.
Pat, Di and Jake were amazing to work with. We are first home buyers and they really helped us through the process and took the time to explain every little detail. Very friendly and down to earth. Would 100% recommend!
Brendan helped us find a loan perfect for us and our situation. Always happy to answer any questions and was very friendly. Would recommended the team here at NBH.
Pat and the team helped us secure our second mortgage and could not have been more helpful. They know their stuff and go above and beyond. Would highly recommend!!
Pat and his team are a league to their own, nothing but acute professional care with knowledge to match. Even with the banks being difficult they fought a good fight and got me approval. This is my 3rd mortgage with them and I won’t go anywhere elseA*
Very happy with the product and service provided by these guys, would recommend/use again
Exceptional service. I have used Pat for a number of years and he has always provided exceptional service. He provides clear and professional advice and always made sure the process was easy. I have used him for new mortgages as well as refinancing and every time it is seamless.I highly recommend Pat and his team to anyone looking for finance.
Best broker in town! . We’ve bought and sold a number of properties using other brokers, however our last purchase was the best experience we have ever had! Customer service and skill were on point and the speed and efficiency of the application was amazing. Patrick and his team went above and beyond to give us an experience that left us without stress and got us into our new home with ease. Cannot recommend these guys enough. They will have our business forever!
NBHL provide great service. They provide straightforward advice & their communication is fantastic
We recently engaged NBHL as our mortgage broker. Could not be happier with the whole team. The process was smooth, timely and painless. They provided fantastic advise along the way and went out of their way ensuring that we understood everything. I highly recommend the team at NBHLs. They were brilliant!
Patrick and his team are very people focused. They took the time to walk me through what can be a minefield, provided options and explained the process. I was so grateful for their updates and communication throughout the process. Knowing they were in control gave me confidence and that nothing was missed and the outcomewas exactly as discussed with no surprises. I will continue to use their services, it's a great family and local business.
The best in the businessWe have bought a number of properties over the years. Pat and and the team make everything so easy for us. Pat’s knowledge and expertise has saved us so much money over the years, and we will continue to go back to NBHL time after time.
Excellent service and knowledge. Pat and Jake were able to support through the entire process and were contactable almost every step of the process. They supported my loan preferences and knew the right angles to take to ensure successful loan approval and settlement.
Invaluable advice . We have engaged Pat and his team several times over the last 15-20 years, whenever we have needed to refinance. Each time the experience has been trouble free, taking all the pressure off us to wade through everything ourselves enabling us to make informed decisions about our home loans. We have even recommended Pat and his team to family members who have also had a very positive experience.
We highly recommend the service of Pat and the team at NBHL. Pat is extremely knowledgeable and professional, and works in an engaging and personable manner. Communication is always prompt, and we have been incredibly satisfied with the result each time we've worked with the team.
Outstanding, informative & efficient!Pat and the team have a truly spectacular and streamline business. Their secure platform, digital systems and informative communications & instruction helped us broker a competitive loan and secure a property. With how busy life can get, having North Brisbane Home Loans provide their services has been an absolute stress saver!
Best in the business!I have been doing business with NBHL for quite some time as Patrick is an exceptional Mortgage Broker! He is professional, very knowledgeable, and quick to respond to any questions I had regarding my home loan, he consistently exceeds my expectations. I highly recommend Patrick and his team to anyone applying for a home loan or just wanting to refinance.
We just recently purchased our first home with the help of NBHL amazing team! They have made this process so much easier due to their efficiency and outstanding communication. I cannot recommend them enough. Thank you so much Pat, Fiona and Di!
Pat and Jake helped me and my partner through so many questions when getting our first home loan! I can't imagine having a better crew on my team. I learnt so much, and felt like I had some great friends looking out for me along the way. Definitely recommend!
North Brisbane Home Loans stands out as best in the business for home loans. Pat and his team’s commitment to first class service and transparent communication make them leaders in their field. Their seamless and stress-free approach ensures clients receive a second-to-none service. I confidently recommend Pat and the team at North Brisbane Home Loans. Thanks team!
Pat and Jake were amazing, really want to shout out Jake for the effort he went to making sure that everything ran smoothly I couldn’t recommend the team more they were quick and made sure to follow up on every loose end and we ended up making the deadline and securing the place we wanted, you can see why they have such good reviews, even the little care package at the end with the letter addressed to us with the gifts the reviews really do show how much the team care about the work that that they do.Bogdan & Eleanor
Immense market knowledge and very professional. He has a very good experience and knowledge on the current market. He really paid attention to every detail and updated with the info needed. Due to his timely action, we were able to buy our First Home on time. 🙂 Grateful to him and the Team.
Easy and stress free . My wife and I have used Patrick a number of times and this time was no different to other experiences with him. He was always on hand to answer any questions and put our minds at ease. Patrick’s technology based approach made getting all our documents from our existing bank accounts into a format required for reviewing was brilliant to use. Anyone considering a new loan I would highly recommend Patrick Cranshaw and his services.
Wonderful experience with Pat, Fiona and the team at NBHL. As a first home buyer, they made it simple for me to understand and were very responsive to my questions and concerns. Thank you!
Pat and his team were a pleasure to work with while we were looking for our first home. I want to pay special thanks to Jake, who truly went above and beyond for us and was always happy to answer our questions (which there were many of)
The team at NBHL have been amazing throughout our whole time with them. As first home buyers they’ve made the process a lot more easier & stress free. Huge thanks to Pat & Fiona!
Thank you Patrick, Di and team. We really appreciate all the help and information you provided us with our first home loan. NBHL made the process simple and easy to go through. You and your team were very quick to answer any queries we had and easy to get in touch with. We will definitely be using the NBHL team again in the future.I recently had the pleasure of working with Patrick again after 3 years for our refinance, and I couldn’t be happier with the experience. Patrick, Jake and the whole team were extremely knowledgeable, professional, and patient as we navigated the whole process. They took the time to understand our needs and preferences, and found us the best suited option. The use of their portals to upload information and documents is a game changer! I would also like to mention the articles in the monthly newsletters are quite in depth and have been incredibly insightful. I have highly recommend Patrick and NBHL to friends, family and colleagues. See you next time! Cheers!
Fantastic support and experience! . My partner and I loved our experience with the Brokers, they were always knowledgeable, supportive and friendly in all communications. We were a little sad to stop our regular catch ups once we had our new home!
I can not recommend Pat and his team enough!They went above and beyond to help us get our loan at the best deal and worked around the clock for usCannot thank then enough!
Pat and the NBHL team are so helpful and easy to deal with. I used them for my first home purchase a few year ago, and recently for a refinance. Both times they were responsive and proactive, and able to answer all our questions in easy to understand terms. I won't hesitate to use them again next time
Pat and his team were fantastic to deal with for the purchase of our first home. Not only were we guided to a great rate, the hassle and stress was minimised greatly! Thanks NBHL, we’re super excited to be in our first home with your assistance.
The best mortgage broker I have dealt with. My application was not straight forward due my partner is on a different visa. I did try few other brokers before I reached out to NBHL, none of them had a correct approach or answers for my situation. But Patrick and team have experience dealing with similar situation to mine, he took time explaining every single possibility and how to approach them.Any issues you come across, they will know how to handle it.Would definitely recommend to friends and family.
I can highly recommend Pat Cranshaw and his team for prompt, honest and professional advice. I very much appreciated Pat's knowledgeable advice on refinancing my home loan . Thank you and best wishes to Pat and his team.
Pat, Jake & their team are absolutely great at securing the best rate. I have been using them for many years now, and always consult them for refinancing every 1-2 years to check what is the best rate available to me. They are able to negotiate much better rates with the banks than if you go to the banks directly.
Without pre-approval, Pat and Jake allowed us to buy ourselves the house we wanted. They managed to get us financial approval with a lender perfect for us in only 6 days.We are very happy with our experience and would recommend others to use NBHL when looking for a fast and easy borrowing experience.
Highly Professional and helpful. I would highly recommend Pat and his team!! Our situation was slightly complex, however they guided us through the process and were able to achieve a successful outcome.Their professionalism and communication with us were of the highest order. I would highly recommend Pat to anyone looking for a homeloan!!
Seamless from start to finish! Pat and his team were amazing. The whole process was so easy and painless. The application process was seamless from the upload of supporting docs right through to the actual signing of loan application and mortgage docs. Pat and his team were there to support us every step of the way with regular contact and simple explanations. I can’t thank them enough.
I can’t thank the team at North Brisbane Home Loans enough for getting my home loan unconditionally approved today after an unexpected last-minute hiccup. From the very first call I had with Pat, talking me through the process and various options, to liaising with Di and Jake through the pre-approval process and then having Fiona on speed dial over the past week or so, answering all my calls and diligently working to get full approval while up against the clock - everything was done promptly and efficiently, with all communications clearly setting out what was required at every stage to make the whole process seem less daunting. Nothing was too much trouble for this friendly, helpful, calm-under-fire, amazing team. Woohoo! Thank you, thank you, thank you! Team work really does make the dream work and NBHL are the dream team. Thanks again!
This is the second time we have used Pat and the team; this most recent venture was exceptionally complicated, daunting and stressful. However Pat and Jake almost made it simple. They responded to my 1000 panicked emails with patience and clarity, never sugar coating anything. All the legalities were made transparent and easy to understand. We are so happy to say as from today, this amazing team of professionals played a very big part in bringing a very traumatic previous 18 months for our family to an end, with our new home purchase becoming unconditional literally hours ago. We can't thank them enough, it's been a long journey, but we made it thanks to them. If there was an option to pop down 10 stars, we wouldn't hesitate. Thanks, NBHL
Very helpful. Patrick was very professional and easy to deal with, and I felt that I could ask all the silly questions during the home loan refinancing process and get real answers and still be taken seriously. He took his time to explain my different options thoroughly, and made the process as smooth as possible once a decision had been made.
10/10 recommend. Pat recently helped my husband and I remortgage our home and the whole process was simple and effortless. I always felt like Pat and his team were working hard for us and we were looped in through the whole process. Would absolutely recommend 🙂
Exceptional Broker and Team - Honest, Prompt and Realistic. Highly recommend Patrick and the Team he works with. Our trusted broker that we go to repeatedly for mortgaging and refinancing. Always honest and seeks products that fit primary needs, plus offers valuable and realistic advice. The only broker we refer our friends and family to! Always in touch with us on time, made refinancing easy, friendly and upfront - every member of the Pat's team answered all our questions and laid out the steps ahead well in advance of settlement. Refinancing couldn't have gone any smoother! Only praise to share. We will continue to use Pat indefinitely.
Excellent customer service, advice and attention to detail.Have now used NBHL for re-financing our home loan and to purchase our investment property. Can highly recommend.
Luke and the team at NBHL were a pleasure to deal with throughout the entire process of buying our first home. Luke was always contactable and made the effort to answer all our queries promptly and simplify the entire journey. As first home buyers we couldn't imagine buying without the help of such a knowledgeable team that has put a great emphasis on customer care.
I am writing to express our sincerest gratitude for the exceptional assistance you provided us in navigating the complex process of securing a home loan. Your professionalism, clear communication, unwavering transparency, and adept use of technology truly set you apart.You consistently ensured that we understood each step of the home loan process. Your ability to explain complex financial terms in a simplified manner made us feel confident and empowered in making informed decisions.Moreover, your expertise in utilising technology to streamline the loan application process was truly remarkable. From secure online document submission to virtual meetings, you effortlessly incorporated modern tools into our interactions. This not only saved time but also demonstrated your commitment to staying at the forefront of industry trends, ensuring a smooth and efficient experience.Once again, thank you for everything you have done. I wish you continued success in your endeavours, and may your expertise positively impact many more individuals like myself.Well done Team North Brisbane Home Loans!!
6 years ago we used NBHL service to buy our house/land package as a first time owner in Australia. Pat, Di and the team have been really professional. Everything went so smoothly. A month ago, we contacted NBHL to discuss any possibility to buy an investment property. Luke has been awesome, and went through all the options in details. Here, again the communication was great and everything went smoothly. Highly recommended.
Hassle-free re-finance. Pat and the team from North Brisbane Home Loans made our complicated re-finance very easy. The team go out of their way to ensure a smooth loan application/transfer process. Second time with this great experience from the NBHL team, highly recommended.
Friendly, professional service for expat loan refinancing. Pat, Di and team were incredibly helpful, patient, and flexible while finding an Aussie non-resident refinancing solution for me. These days that is no easy task!They kept me informed at every stage of the process from the solution hunting, to the decision making and throughout the closing process.Their services were invaluable and I couldn’t recommend them highly enough.
I contacted Pat at North Brisbane Home Loans based on their reviews. From the minute I spoke with Pat I felt at ease with his knowledge, experience, friendliness and felt straight away that he had our best interests at heart.Pat, Di and the team at North Brisbane Home Loans are so lovely and took away a lot of the stress of the whole process by communicating regularly and by explaining in detail all answers to any questions we had. They guided us through every step of the way and now thanks to the team we are in our dream home.Thank you all so much, we are over the moon!10/10 recommend!
Pat, Di, and the team at North Brisbane Home Loans are fantastic. They supported us every step of the way in our home loan application/home buying journey, and we couldn't be happier with the service recieved. They made the process so easy for us and we will definitely use their services again. We highly recommend!
The team at North Brisbane Home Loans were phenomenal from the very first point of contact. Pat was amazing in taking us through a step by step guide on how to purchase our first home!They were extremely responsive throughout the entire process with consistent and reliable communication.Would recommend to anyone looking to get into the market with a knowledgeable Broker!Thankyou.
The most amazing service from Pat & Di at NBHL. Their expertise and patience throughout the entire process made it feel easy to buy our first home. Their guidance and support was immeasurable and we couldn’t have done it without them!Thanks to the team at NBHL for everything.
Fantastic mortgage Broker!We used Pat and his team when we originally bought our first home back in 2017, and they were so fabulous that we went back to them this year (2022) to re-mortgage and change up our home loan. They do a wonderful job - great communication and dedication to get you the best rates possible. They also fix any mistakes the bank makes for you, quickly and efficiently. Can't rate them high enough, we will definitely be going back to them in the future.
Knowledgeable, Professional and CalmBack in 2021 a colleague referred me to Patrick, we weren’t ready to buy yet but wanted to meet Pat as he had helped my colleague with his family home, plus 2 additional investment properties. My colleague was so impressed by the services offered by Pat that I had to meet him for myself! He didn’t disappointment, we decided after our first meeting on a plan and locked in to touch base again in a years time!1 year later, everything was in place and Pat helped us put everything in place and we are now proudly living in our new family home!Many healthily conversations were had, and Pat is really knowledgeable but we also appreciate his cool and calm manner.We will not hesitate to refer him and North Shore Home Loans to friends and family. We will also definitely be reaching out again when we expand our investment portfolio in the future.
We had a great experience with North Brisbane Home Loans. Our broker was Luke and he was excellent in listening to what we needed and providing us with loan options that would work for our situation. We liked the videos they provided explaining the product options and recommendations. Being able to watch the videos in our own time was helpful. Fiona was amazing in collating all our information and documents and working with the bank once we did find a house. The communication and customer service was superb. I would recommend NBHL.
The team at North Brisbane Home Loans were phenomenal from the very first point of contact. Luke was brilliant in taking us through a step by step guide on how to achieve our goals, provided us with useful resources, and was very willing to answer all questions we had as first home buyers. We had a tight settlement timeline and the team (Luke and Fiona in particular) made it appear effortless. They were extremely responsive throughout the entire process with consistent and reliable communication. We could not recommend NBHL highly enough!
My husband and I are grateful to Luke, Fiona and the team at North Brisbane Home Loans they are absolutely brilliant to deal with.We had a very pleasant experience with Luke he took the time to investigate several different scenarios to get us the best possible product and solution. Luke and Fiona were very responsive to our queries even calling after hours when necessary. While we were first time home buyers they reassured us every step of the way, confident in their advice and decision. Their patience and willingness to walk us step by step each process over the phone was greatly appreciated.Overall a very efficient and professional organisation you won’t be disappointed.
I had an absolutely amazing experience with North Brisbane Home Loans. I was able to buy my first home with the advice, help and professional guidance of Pat and his team. I was very well looked after from the minute I reached out. Everything was handled in a very friendly, professional and timely manner. Whenever I was worried, unsure or needed assurance I was replied to promptly with everything I needed to know. The team were even willing to drive to my workplace to ensure all of my documentation could be signed and submitted promptly. I cannot recommend them enough!
Frequently Asked Questions About Self Employed Home Loans
Will I have more trouble getting a home loan if I’m self employed?
It certainly used to be more difficult for a self employed person to get a home loan, but thankfully, this no longer has to be the case. Being self employed has become increasingly common in Australia, with 2.1 million registered business owners and 1.2 million sole traders. As a result, more lenders are coming to appreciate the unique situation that self employed borrowers find themselves in. The key difference in applying for a self employed home loan these days is that you’ll be asked to present your tax returns as proof of income, rather than paperwork from an employer. To give yourself the greatest chance of success it’s a good idea to team up with a broker who has experience in submitting self employed mortgage applications.
Is there a minimum amount of time I need to have been self employed before I can apply for a mortgage?
Most lenders prefer for a self employed borrower to have been in the same situation for at least two years (as this means they can provide two full years’ worth of tax returns). However, some lenders will consider applications from individuals who have been self employed for less than two years. These lenders specialise in helping shorter term self employed clients, however the deposit amount required is normally higher as is the interest rate.
I’ve only been self employed for one year – is it worth applying for a home loan?
If you’ve been self employed for less than two years then contact one of our brokers to find out what options could be available to you. Some lenders may assess your eligibility based on how long you’ve been working in a particular industry as opposed to solely how long you’ve been self employed. For example, if you worked as a mechanic for six years as an employee and you’ve now been working as a self employed mechanic for over a year, that may increase your eligibility in the eyes of some lenders. Other lenders may consider applications that come with a deposit of at least 20% of the property price. But individual circumstances will vary and the best course of action is to speak directly with a mortgage broker.
How will my income be assessed for a self employed home loan?
Most lenders will want to see your tax returns for the past few years, rather than proof of a weekly or monthly income. This is good news for self employed borrowers who may experience a more erratic income schedule. In some situations, a lender may also ask for BAS statements or bank statements.
What is a Low Doc loan?
Low Doc loans are a specific type of mortgage product designed for borrowers who don’t have a lot of the traditional supporting documentation typically requested by lenders. They first appeared on the mortgage market in the late 1990s and were offered by non-bank lenders to people who would struggle to qualify for a home loan based on the standard lending criteria. Low Doc loans gradually became more of a mainstream product, and today they are available from most of the big lenders, including the major banks. Low Doc loans can be a great solution for self employed borrowers, but they may also come with higher interest rates or require a larger deposit.
What are the most common application issues with self employed home loans?
Self employed home loan applications can encounter a range of issues, but the most commonly encountered ones include:
1. A successful business with a clever accountant (where your business is performing better than it appears on paper).
2. Applicants who have been self employed for less than two years continuously.
3. Rapid expansion of the business (resulting in raised eyebrows and a lot of questions from the bank).
4. Banks basing their assessment off the lowest figure shown in your tax returns, not the most recent.
If any of these situations apply to your business then don’t give up hope – many of these issues may be overcome by working with an experienced broker.
What should I know about add-backs?
As part of the overall assessment of your self employed mortgage application, a lender will take into consideration any unusual expenditures that don’t make up a regular part of your business expenses. This could include the interest you’ve paid on a business loan, depreciation on assets, company vehicle expenses or even additional contributions you’ve made towards your superannuation. Why are add-backs important? Because some lenders will ‘add-back’ the sum of these expenses to get a more accurate idea of your income – but others won’t. Correctly identifying and presenting add-backs can play an important role in determining whether or not a self employed mortgage application is approved.
My cash flow is a bit irregular – will this be an issue?
Don’t worry too much about irregular cash flow. Most lenders now appreciate the fact that when you’re self employed you’ll typically go through a cash flow cycle of feast and famine. This is why it’s important to have your tax returns in order – so that lenders can assess your annual income rather than a weekly or monthly income. But if you have experienced any major fluctuations in income then it helps if you have a reasonable explanation of why.
What else should I know about applying for a self employed home loan?
Applying for a self employed home loan doesn’t have to be stressful. It doesn’t have to be complicated. And it doesn’t mean you have to settle for higher fees and less competitive rates. Start by talking to a mortgage broker who has plenty of experience in working with people who are self employed. They can work with you throughout the entire process to ensure that you achieve the best possible result for your particular circumstances.
Book A Free Self Employed Home Loan Consultation
To book a free Self Employed Loan consultation, or for expert mortgage broker advice to help you buy your first home, contact the team at North Brisbane Home Loans.
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