Sure, I’m self-employed, but why do I need a special loan?

Being self-employed can be a rewarding experience but when it comes to applying for a loan, providing proof of income can be difficult. Maybe your business has only recently begun trading, or you have a lot of business expenses going through your books, like vehicles, fuel etc. which may make it tough to prove that your bottom line is healthy.

Self-employed people may wish to structure their business for growth or tax efficiency or they may wish to buy their own home or an investment property. To get a traditional ‘full-doc’ loan, generally a profit and loss statement for the business is required and the last 2 years of financials from both personal and business tax returns – plus so much other evidence you’ll be made to feel like you’re in court being judged!

There are a number of loan options for self-employed people, including ‘lo-doc’ or ‘no-doc’ loans which do not require mountains of paperwork like a traditional loan and they generally don’t require formal proof of income or up-to-date financials. One of the benefits of this is, no need to bug your accountant, which means no need for him to send you a bill!

Funny bumper sticker... “If you can read this, then where the hell is my caravan?”

What’s different to getting a regular loan?

When self-employed, the loan application process does not differ much to the usual process. The only exception will be providing proof of income and the documentation of the loan. Depending on the purpose of the loan (i.e. if it is to buy property or be utilised within the business), the new property being purchased (or a property already owned) will be required as security for the loan. The steps are generally as follows:

• Research how much you can borrow – FirstRock will do this for you
• Locate a suitable property  – You’ll need to do this part
• Complete a self-assessment of your income to submit with your application – FirstRock will help you with this
• Arrange finance, insurance, legal and conveyancing – FirstRock will help you with this

or call
1300 884 944

Why get a ‘lo-doc’ loan with FirstRock?

We know that when you work for yourself, your business is your life. We also know that typically, self-employed people get raked over the coals when applying for a loan, especially when it comes time to prove their income. The daily task of simply running your own business can often leave you little time to shop around for the best deal on a loan, and even less time to jump through hoops. You can trust FirstRock to get you the right loan, and get it done fast.

If you prefer, we can even handle your entire loan application and process over the phone. And don’t even think about wasting your time driving back and forth to the bank, we’ll come to you at your office or at home – at a time that suits you – if you want to have dinner and put the kids to bed first, that’s fine by us – we’ll be there, because we want this to be all about you.

Where we really differ is in our service. We are here to give everyone a fair go, so you can trust us to help you save time and money.

Most people know that a bank is only going to sell you a loan that they offer and they aren’t going to tell you about a better loan from the bank down the street. So when you deal with a bank, the most you can hope for is that you get the best loan that they have on offer. For many people, a lot of time is also wasted ‘shopping around’ and leaving them quite confused as to what the best deal would be for their needs.

At FirstRock Mortgage Centre, you will not only have access to our top range of FirstRock Loans, but we can also show you hundreds of other loan products from over 35 different lenders, including the banks. 

FirstRock Mortgage Centre has a range of ‘low-doc’, ‘no-doc’ and line of credit loans that are tailored to suit you. We can offer a free comparison on how your current loan compares to a FirstRock Loan. Our range of FirstRock loans is designed to suit just about anyone, from the self-employed to first home buyers and investors, those wishing to refinance their current loan and the credit ‘impaired’. So whether we find you a FirstRock Loan or a loan from one of our lenders, you can be sure that it will be a loan that is right for you.

One of our brokers can come to you at your convenience and explain the details to you in plain English so there’s no more confusion when it comes to ‘shopping around’. Give us a call and we’ll compare your current loan to a FirstRock loan, chances are we’ll find you a better deal.

A piece of wisdom… When everything appears to be coming your way, you might just be in the wrong lane!

Things you need to know about loans for self-employed people…

• Some lenders may initially charge a higher interest rate for ‘low-doc’ or ‘no-doc’ loans, however, the rate may be reduced after a specified period of time or when trading history, tax returns, financials and proof of income are provided
• Low-doc and no-doc loans may have less features than a traditional loan and a clear credit history is generally required as these loans are classed as a higher risk than a traditional loan, hence the higher interest rate
• The usual paperwork is required for the application and a ‘self-assessment’ of your income is required along with an ABN number
• In most cases with the self-employed, a deposit over 15% of the value of the property is required and you can usually only borrow up to 80% of the property value – a lot of ‘full-doc’ home loans these days will lend you up to 100% of the value of the property
• Usual fees and charges may still apply, including lenders mortgage insurance, application fees etc. which can be costly for some business owners

Can FirstRock really save me money?

At FirstRock, we can offer you a choice from either our own range of FirstRock Loans or another loan product from over 35 different lenders, including the banks.

One of our mortgage brokers will compare your current loan to a FirstRock loan to see how it stacks up…now that’s something the banks won’t do.

or call
1300 884 944

Where to now?

Find out how much FirstRock can save you...

• Do our 'how much money will I save' form
• See the real life story of Gerry and Karen - FirstRock customers who saved nearly $17,000 in their first year

Read some important info on...

• Self-employed loans
• Investment property loans
• Buying your first home
• Loans for over-60's
• Commercial finance & leasing

You can count on us...

First home buyer, property investor, self employed, credit impaired, 60 & over, commercial finance. What ever the reason, no matter who you are, FirstRock has a loan to suit you, and if we don't, we'll find you one that does.