Solution for self-employed borrowers

A borrower is considered self-employed when the income they receive, and which is used to repay their loan, comes from working for themselves rather than an employer.

Self-employed applicants include those working as a sole trader or in a partnership, or where their income is generated by a company or trust of which they are a shareholder or unit holder. Borrowers who are working as PAYG employees of a company they own more than 25% of are also regarded as self-employed applicants.

Often self-employed home loan applicants are turned away by the traditional lenders. This could be because they haven’t got the required financial records, or they have a poor credit history.

But Finsure Loans as a Non-Bank Lender can find an affordable financial solution for self-employed borrowers with a low-doc loan option.

This type of loan involves less documentation when compared to prime full doc home loans and in most cases, approval is faster and easier. The downside, however, is the interest rates may be higher than that of prime loans. But when you consider the speed and convenience, low-doc loans are a viable and advantageous financial solution.

Finsure Loans know what is required to assist someone who doesn’t pass the traditional lender’s check list. Contact us if you need help.