• Facebook
  • Youtube
  • Instagram
  • About
  • Careers
  • Testimonials
  • Blog
  • Login
  • Subscribe to Our Newsletter
Assured
  • Home Loans
    • Home Loan Application
    • Buyer Types
    • Loan Types
    • Mortgage Process
    • Check your rate with Assured
    • How to Refinance
    • First Home Buyer Saving Tips
  • Personal loans
  • Commercial Loans
  • Other Services
    • Financial Planning in Adelaide
    • Legal Wills
    • Insurance
    • Property Investment
    • Loan Protection
    • Accounting
  • Calculators
    • Home Loan Calculators
      • Basic Loan Repayment
      • Bi-Monthly Repayments
      • Complete Loan Comparison
      • Extra Repayment
      • Comparison Rate Calculator
      • How Long To Repay
      • How much can I borrow
      • Lump Sum Repayment
      • Reduce My Mortgage Offset
      • My Mortgage Offset Calculator
      • Principal Interest
      • Remaining Balance
      • Reverse Mortgage
      • Stamp Duty
      • Split Loans
      • What Can I Afford To Borrow
    • Finance Calculators
      • Budget Planner
      • Achieve My Savings Target Calculator
      • Income Tax Calculator
      • Lease Calculator
  • Resources
    • Blog
    • FAQs
    • Download Your FREE ebooks
    • FREE Budget Planner – Assured Home Loans
    • FREE Property Report
    • Home Loan Glossary
    • Home Loan Health Check
    • Money Saving Tips
    • Property Tips
    • TV Adverts
  • Contact Us
    • Book Appointment
    • Join our Monthly Newsletter
  • 83 600 200
  • Search

83 600 200

Assured makes things simple

Assured Group Established 1988

83 600 200

Make a time to meet with us

SELF EMPLOYED HOME LOANS

So you work for yourself?  Every year more and more Australians just like you are choosing to sack their boss and go out on their own.  So how does this affect you when it comes to taking out a home loan?

Being a self employed borrower sometimes changes things when it comes to taking out a mortgage.  Whilst you can certainly gain access to all the same home loans as a PAYG or salaried person, it’s become very common for self employed borrowers to look at a Lo Doc (low documentation) home loan option.  Why?  Because let’s face it, being self employed often means complicated financials that may not always tell the full story.

Lo Doc Home Loans (Low documentation)

Generally lo doc home loans are available for self-employed borrowers who are unable to provide full financial statements or taxation returns to verify their current income. Effectively, you can declare what your income is by completing an income declaration form.  This offers flexibility if you’re self employed, especially if you’re borrowing money at a time of the financial year when you haven’t completed all your financial statements.

A lo doc loan could be suitable in the following cases:

  • Self employed for at least 2 years
  • Financials not yet done
  • Financials not reflecting the full story
  • Short term self employed
  • A business showing fluctuating annual income

PROS AND CONS OF A LO DOC HOME LOAN

Pros of Lo Doc Home Loan

  • With the minimal income documentation required, one of the perks of taking a Lo Doc loan is that the approval process is easier and therefore usually quicker!
  • Whilst interest rates can be higher, you usually have the option to transfer over to a traditional loan and therefore a lower interest rate once you can provide traditional forms of income again.
  • Most Lo Doc loans have all the features of standard variable and fixed-rate home loans.  This means options like a 100% mortgage offset account to enjoy interest saving benefits.

Cons of a Lo Doc Home Loan

  • Interest rates can be slightly higher than traditional loans.
  • There can be limits on the amount you can borrow for example you generally cannot borrow more than 80% of the property value.

Why is my interest rate traditionally higher if I take a Lo Doc Home Loan? 

Let’s face it, all decision making in life is about looking at the risk.  If lenders are prepared to take a higher risk by lending you money without you providing your up-to-date financials, naturally they can charge a little extra depending on your situation.

Lo doc Home Loan Purpose

  • Investment loan
  • Purchase owner occupier home
  • Refinance
  • Business cash flow
  • Home improvements
  • New vehicle
  • Construction home loan
  • Any other worthwhile purpose

Let’s take a look at a Lo Doc customer examples:

Jeff the electrician

Jeff had been working as an electrician for over 6 years.  He decided he no longer wanted to work for a wage and was confident he could make more money and enjoy more freedom and flexibility by going out on his own, so about 1 year ago Jeff became self employed and business is booming!  Jeff and his wife decide, now that they are earning more money, it’s time to move into a bigger home.  Jeff and Megan head down to their local bank only to find they can’t get a traditional home loan because their business hasn’t been operating for long enough. They are so disappointed because they have already found and fallen in love with their dream home and don’t want to wait.  This is where a lo doc loan is perfect and gives Jeff and Megan the ability to buy their new home straight away.

Pete the florist

Pete has been operating his florist business for over 5 years now. Recently he decided it was time to buy an investment property and start building a nest egg for his retirement.  It’s now October and the bank wants to see all of Pete’s trading figures for the previous financial year.  Most of Pete’s paperwork is still scattered between several draws in his office and he hasn’t even thought about visiting the accountant yet, let alone preparing in depth figures the bank will want to see. A lo doc loan could be the perfect solution for Pete.

Book an appointment with one of our friendly consultants

GET STARTED

Assured Home Loan Products

Assured offers a wide range of home loans suited to self employed borrowers, whether you’re looking at a traditional or Lo Doc Loan.

Interest Only Home Loan

Perfect for investors, an interest only mortgage will help you maximise the cash flow on your property.

Standard Variable Rate Home Loan

A Standard Variable rate mortgage is traditionally the most popular type of home loan offering plenty of useful features and flexibility. The rate goes up and down depending on the market. A variable rate home loan can be linked to an offset account, helping to reduce your overall interest.

Standard Fixed Rate Home Loan

Fixed rate mortgages are also popular with investors because they offer you the security of a fixed rate (which means set repayments) for a given period. This means you have the peace of mind when it comes to budgeting, knowing that your repayments aren’t going to change on you for the term you have selected. Fixed rates can range from 6 months to 10 years.

Basic Variable Rate Home Loan

A basic variable rate mortgage is simple to understand and easy to use and is ideal for borrowers who are looking to make minimum payments and require less flexibility than a standard variable rate loan.

Line of credit

A line of credit allows you to only pay interest on the money you actually utilise. These products allow you to utilise the equity in your property. You can use these funds for any personal purpose and like a credit card, any principal repaid is available to redraw. This type of home loan is especially attractive to investors who need ready access to funds.

Low Doc Loan

A Low Doc loan (low documentation) requires a declaration and BAS statement. They usually come with a higher interest rate. Assured offers a broad range of low doc loans, which are ideally suited to self-employed people who’re unable to provide evidence of income.

Construction Home Loan

A great option for investing in property is to build. Assured Home Loans offers a range of construction home loans for investors. Construction loans are generally interest only for the building period, but then you are able to select from a variable rate, fixed rate home loan, line of credit and so on.

MAKE AN APPOINTMENT

APPLY ONLINE

Interesting links

Here are some interesting links for you! Enjoy your stay :)

Pages

  • $1500 Cashback – BankSA
  • $20,000 Asset Write-Off
  • $30,000 Asset Write-Off
  • Abolish Stamp Duty For First Home Buyers in SA
  • About
  • Accountants Adelaide
  • Achieve My Savings Target Calculator
  • Angelas Everyday Money Saving Tips – Assured Home Loans
  • Apply online for a home loan with Assured Home Loans
  • Are you looking for a fresh approach to mortgage broking
  • Assured COVID-19 Update
  • Assured Home Loans Customer Centre – Mortgage brokers Adelaide
  • Assured is franchising – Assured Financial Wellness Centres
  • Bad Credit Car Loans Pre-approval Form
  • Basic Variable Rate Home Loan – Assured Home Loans
  • Basic/Standard Variable Home Loan – Assured Home Loans
  • Bi-Monthly Payments Calculator
  • Blog
  • Book an appointment with Dino
  • Book an appointment with Erin
  • Book an appointment with Jason
  • Book an appointment with Jeff
  • Book an appointment with Julie
  • Book an appointment with Keith
  • Book an appointment with Kim
  • Book an appointment with Kym
  • Book an appointment with Matthew
  • Book an appointment with Michael
  • Book an appointment with Sue
  • Borrowing Calculator
  • Bridging Home Loan – Assured Home Loans
  • Bridging Home Loans
  • Budget Planner
  • Building Home Loan or Renovating Home Loan- Assured Home Loans
  • Building or Renovating Loans
  • Buyer types
  • Buying your next Home, Moving Home – Assured Home Loans
  • Calculators
  • Car Loans & Personal Loans
  • Car loans & Personal loans Pre-Approval Form
  • Careers
  • Check your rate with Assured
  • Commercial and Personal Loans Video
  • Commercial Car Loans & Equipment Finance Pre-approval Form
  • Commercial Loans
  • Commercial Loans
  • Commercial loans Pre-Approval Form
  • Commercial Property Loans
  • Comparison Rate Calculator
  • Complete House and Land Packages
  • Construction Home Loans
  • Contact
  • Contact Our Accountants Team
  • Contact us about Property Investment
  • Disclaimer
  • Download Your FREE ebooks
  • Download Your Refinancing ebook
  • Extra Repayments Calculator
  • FAQ
  • Finance Calculators
  • Financial Planning
  • Financial Planning in Adelaide
  • Financial Wellness
  • Find a better rate – Assured Home Loans
  • First Home Buyer – Download Your Guide
  • First Home Buyer – Download Your Pack
  • First Home Buyer Guide – The Assured Way
  • First Home Buyer Saving Tips
  • First Home Buyers
  • First Home Buyers
  • Fixed Rate Home Loan – Assured Home Loans
  • Fixed Rate Home Loans
  • Fixed vs Variable Home Loan – Assured Home Loans
  • Free Budget Planner – Assured Home Loans
  • Free downloads – Assured Home Loans
  • Free Financial Wellness Review
  • Free Home Loan Health Check – Assured Home Loans
  • FREE Property Report
  • Gary’s Top Home Loan Tips as Heard on Adelaide Radio – Archive
  • Gary’s work with kids and the Assured Foundation
  • Get $10,000 to spend on your new home
  • Glossary
  • Handy Home Video
  • Home and Contents Insurance
  • Home Loan Calculators
  • Home loan products
  • Home Loan Review Enquiry
  • Home Loans & Finance
  • Home Loans: Assured Home Loans Adelaide, All Home Loan Products, Buyer Types, Home Loan Application, Loan Types
  • Home Loans: Assured Home Loans Adelaide, Calculator Home Loan, Mortgage Broker, Comparison Home Loan, Low Interest Rates, Refinance – Home Loan Adelaide
  • Honeymoon Rate Home Loan – Assured Home Loans
  • House Inspection Checklist
  • How Long To Repay Calculator
  • How to Refinance
  • Income Tax Calculator
  • Insurance
  • Interest Only Home Loans
  • Introductory Rate Home Loan – Assured Home Loans
  • Investment Property Loans
  • Join our monthly newsletter – Assured Home Loans
  • Learn more about being a First Home Buyer – Download pack
  • Lease Calculator
  • Legal Wills
  • Line Of Credit Home Loans
  • Lo Doc Home Loans
  • Loan Comparison Calculator
  • Loan Protection
  • Loan Repayment Calculator
  • Loan Types
  • Lump Sum Repayment Calculator
  • Make a Financial Wellness Enquiry
  • Make a quick application
  • Make a quick car loan application
  • Make a quick commercial loan application
  • Make an enquiry about a Legal Will
  • Make an enquiry about Financial Planning
  • Make an enquiry or appointment – Assured Home Loans
  • Matt Joraslafsky – Your Local Finance Consultant
  • Meet The Team
  • miketestpage
  • Money Tips
  • Mortgage Process
  • My Mortgage Offset Calculator
  • Non Conforming Home Loans
  • October Rate Offer
  • Other Services
  • Owner Occupier Expect More Home Loan Package -Bank of Sydney
  • Personal loans – Assured Home Loans
  • Principal and Interest Calculator
  • Privacy policy
  • Property Investment
  • Property Investment
  • Property Investors, Property Investment Loans – Assured Home Loans
  • Property Tips
  • Rate Offer
  • Ratebusters Account Access
  • Reduce My Mortgage Calculator
  • Refinancing | Assured Home Loans
  • Refinancing Your Home Loan or Consolidating Your Debts
  • Remaining Balance Calculator
  • Rental Yield Calculator
  • Resources
  • Reverse Mortgage Calculator
  • Reverse Mortgage Home Loans
  • Second Home Owner
  • Self Employed Home Loans
  • September Rate Offer
  • Special offer – Basic Home Loan – Bank SA
  • Special Offer – Professional Package Home Loan – AMP
  • Special Offer back to Basics Owner Occupied >$150,000 maximum 90% LVR
  • Special Offer First Home Buyers
  • Special Offer for First Time Buyers
  • Special Offer for New Owner Occupier Loans
  • Special Offer Owner Occupied
  • SPECIAL OFFER!
  • Special Offers
  • Split Loans Calculator – Assured Home Loans
  • Stamp Duty Calculator
  • Standard Variable Home Loan – Assured Home Loans
  • Success
  • Testimonials
  • Thank you for your enquiry
  • Thank you for your franchise enquiry
  • Thank you for your refinance enquiry
  • Tips
  • TV Adverts
  • Unsubscribe successful
  • Update Your Contact Details
  • Variable Rate Home Loans
  • What Can I Afford To Borrow
  • Your Feedback Matters – Assured Home Loans

Categories

  • Blog
  • Financial Planning
  • Frontpage Article
  • Handy Home Video
  • Home Loans & Finance
  • Money Tips
  • News
  • Property Investment
  • Property Tips
  • Property tips
  • RBA rate
  • Tips
  • Uncategorized

Archive

  • November 2020
  • October 2020
  • July 2020
  • June 2020
  • May 2020
  • April 2020
  • March 2020
  • February 2020
  • January 2020
  • December 2019
  • November 2019
  • October 2019
  • September 2019
  • August 2019
  • July 2019
  • June 2019
  • May 2019
  • April 2019
  • March 2019
  • February 2019
  • December 2018
  • November 2018
  • October 2018
  • September 2018
  • August 2018
  • July 2018
  • June 2018
  • May 2018
  • April 2018
  • March 2018
  • February 2018
  • January 2018
  • December 2017
  • November 2017
  • October 2017
  • September 2017
  • August 2017
  • July 2017
  • June 2017
  • May 2017
  • April 2017
  • March 2017
  • February 2017
  • January 2017
  • December 2016
  • November 2016
  • October 2016
  • September 2016
  • August 2016
  • July 2016
  • May 2016
  • April 2016
  • March 2016
  • February 2016
  • January 2016
  • December 2015
  • November 2015
  • October 2015
  • September 2015
  • August 2015
  • July 2015
  • June 2015
  • May 2015
  • March 2015
  • February 2015
  • January 2015
  • January 2012
© Assured Home Loans. Australian Credit Licence Number 389483. ACN 066 462 977. Privacy | Complaints
Scroll to top