Self Employed

Are you self employed and finding it difficult dealing with your bank? Do you have a “personal banker” who’s happy to tell you how to run your finances but never been in business for themself?

Do you want to buy or refinance a property?

Finance is available by either Lo Doc loans (no proof of income) or Full doc Loans (proof of income required). Which loan you will need depends on how long you have been in business, how much deposit you have and whether you have done any tax returns recently. For lo Docs, we can do loans up to 80% of the value of the property or in full docs, 95% of the purchase price and 90% in a refinance. Full documentation loans are a lot easier to get through the lenders at the moment but require you to have your last two years tax returns done and at least a summary of 2010/11 if not the entire return. If you don’t have those, you should familiarize yourself with Lo Doc loans on the Lo Doc page of this web site.

Want to Finance the purchase of a business?

Business finance is not easy. Usually lenders will require some level of commitment from you by way of a mortgage against property or a large deposit. Each business is different so it’s hard to give a few sentences of general information which will apply to all. If you have a scenario about buying a business send us an email to info@banksaidno.com or call us on 1300 139 883 to discuss your needs with a consultant.

Want to borrow for an existing business?

As with buying a new business, it helps if you have property when doing any sort of business loan but not essential. Most lenders will require some sort of proof of income and possibly some projections as well if the money is for business expansion. If you have a scenario about a business loan send us an email to info@banksaidno.com or call us on 1300 139 883 to discuss your needs with a consultant.

Structuring the loans is probably the most important part of a self employed loan, having the money you need to keep your business running in the bad times or maybe a Line Of Credit as an overdraft at home loan rates with very few fees… Wouldn’t that be nice!