Being Your Own Boss: Get the Idea of Lo Doc Home Loans
Being one’s own boss is certainly the dream of many individuals who are just waiting to leap in the world of entrepreneurship the first chance they get. The reason it’s becoming the dream of many is because of the many opportunities that arise which are better than those when you have to work for someone else. First things first, the working hours are flexible and your earnings equal the amount of effort you invest in your work. You can have as many breaks as you want without depending on a boss allowing you to get all those breaks, and the only remarks you could get are those your own subconscious mind tells you.
Though being self-employed has its own advantages and it all seems ideal, there are certain situations where it doesn’t turn out to be as attractive as being an employee in a company, for instance wanting to invest in a property but lacking the funds. It’s the kind of situation when you get to feel what it’s like to receive all the bank rejections when applying for loans and mortgages and feel inclined to give up on the dream altogether. If you ever get to the stage of changing your mind on being self-employed, be aware there’s hope in the form of lo doc home loans specialised mortgage finance companies offer – the loans created to make it easy for people like you, as well as contractors and those with poor credit history.
In other words, as you might guess from their name, they are meant for everyone who doesn’t exactly have all the required documentation, in the form of proof of income, tax returns and financial statements, to apply for a loan or mortgage. What’s more, lo doc home loans won’t only be the light at the end of the tunnel for you in helping you out with investing in properties, but they’re also created with the purpose of aiding with debt consolidation, business expansion, replacing costly overdrafts, payment of tax debt and refinances with unlimited equity release among others.
Considering there’s lack of documents that are usually required from banks, for the application of these loans as self-employed a mortgage finance company would require you to be registered with an active ABN (Australian Business Number), supply a letter from your accountant, BAS (Business Activity Statement) or a bank statement to show your income and expenses, i.e. self-certifications confirming you can afford the loan. The interest rates of these loans are variable, with a cover up of 80 to 85% of the property’s value you are securing against.
Depending on how eligible a person is, there are account statement, asset land and self-declared income as the three types of lo doc loans. You can count on credit, repayment and self-employed history as well as net asset position and property location as the keys to proving your eligibility. If you decide to get this sort of financial help, make sure you find the reliable company that can give you the solution tailored to your needs.
