If you are self-employed, you may qualify for an easier home loan application process.
This article was created in sponsorship with Westpac
Buying a home is a big decision and can therefore be a time-consuming process.
However, for the self-employed, including freelancers, freelancers, and those operating as a partnership, corporation, or trust, they may encounter additional hurdles.
Research from global data analytics group RFi has found that self-employed borrowers are more likely to experience difficulties during the home loan application process.
This is not surprising given that there are more document requirements for independent applicants than for pay-as-you-go individuals. This is because self-employed applicants are required to provide additional information with their application, including the last two years of company financial data and the last two years of their personal Australian tax returns.
People in business partnerships, corporations and trusts may also have to provide additional financial information such as profit and loss statements and balance sheets.
However, whether they are buying a first home, planning an investment property or looking to move into their next home, independent borrowers can still access a range of home loans with the same rates, features and benefits available to PAYG customers.
To simplify applying for a home loan, Westpac has created a simplified fast-track application process for self-employed borrowers, where applicants only need to provide two years of personal tax returns.
To be eligible for Fast-Track, customers must have a 20% down payment saved and be able to adequately cover their mortgage payments and other financial commitments with only the income shown on these tax returns.
To learn more about the expedited evaluation process, visit Westpac’s website. And if you’re ready, you can apply online, over the phone, through a mortgage broker, or by visiting your local Westpac branch.
This article was brought to you by Westpac