I run my own business which does ok and I pay myself 80K a year in wages fairly consistently. I'm having a tough time getting a loan because I'm self employed, are there particular lenders out there more geared to my situation - I'm happy to pay a bit more in interest, just want someone to lend to me. Thanks in advance for your assistance.
Who Are The Most Flexible Home Loan Lenders for Self Employed?
mreddie on 11/06/2021 - 12:08
Comments
For customised circumstances like yourself it's best to go through a good , trustworthy mortgage broker that has comprehensive knowledge about the current lending market and banking rates. Each bank has their own risk/reward profile for loans they want to take on at any point in time. That's it's hard to shop around for cases like yourself because while one bank might say no, another one is more than happy to do it. So you can either go to every bank and give them the same information over and over, or have one broker as point of contact.
The hardest part is finding a good broker. Since they are directly paid by the bank, many will choose one which pays the most to them rather than act in your interest. You can PM me if you're interested in talking to the one I use.
FYI all mainstream banks pay equal rates of commission so whilst I agree it's hard to find a good broker, your reasoning isn't entirely correct
CBA is good
Came here to say this, CBA through a broker. They accepted less than 2 years worth of financials for my business as well.
Same situation. Strong asset position but Irregular income. Better luck speaking to a mortgage broker.