Self-Employed Borrowers
Welcome to Cresco Finance, where we understand the unique financial challenges faced by self-employed individuals. Our mission is to empower entrepreneurs and self-employed professionals on their path to homeownership and finance by offering tailored mortgage solutions. With our expertise and commitment to transparency, we aim to provide not just financial assistance, but a partner in your journey towards securing the home or property of your dreams.
Self-Employed Document Requirements
To facilitate a smooth mortgage application process, there are specific documents that self-employed borrowers should be prepared to provide. Many of these document requirements vary from lender to lender. These may include:
- Tax Returns: Comprehensive tax returns, typically for the last two to three years, can offer lenders insights into your income stability and financial history.
- Financial Statements: Business financial statements, such as profit and loss statements and balance sheets, provide a snapshot of your business’s financial health
- Business Registration and Licensing: Proof of your business registration and licensing helps establish the legitimacy and legality of your entrepreneurial venture.
- Bank Statements: Personal and business bank statements offer a detailed view of your financial transactions, showcasing your income and expenditure patterns.
- Proof of Business Ownership: Documentation proving your ownership of the business, such as partnership agreements or company searches, may be required.
- Business Debt Information: Details of any outstanding business debts, loans, or lines of credit may be requested to assess your overall financial obligations.
Understanding the Self-Employed Landscape
Being your own boss comes with numerous rewards, but securing a mortgage as a self-employed individual can present its own set of challenges. Traditional lending institutions may have rigid criteria, making it difficult for entrepreneurs to navigate the mortgage landscape. At Cresco Finance we specialize in bridging this gap, offering a range of mortgage options designed specifically for self-employed borrowers.
Turnaround Times
We understand the importance of efficiency, especially when it comes to securing a mortgage. Our commitment to providing timely service is reflected in our streamlined processes. While individual cases may vary, our turnaround times for self-employed mortgage applications aim to provide you with a decision as soon as possible.
Low Doc Options for Self-Employed Borrowers
Recognising the unique documentation challenges faced by self-employed individuals, we also offer Low Doc (Low Documentation) mortgage options. These options are designed to streamline the application process, requiring less extensive documentation while maintaining the integrity of the application.
Low Doc Requirements can include:
- A completed Low Doc Declaration Form.
- Business Activity Statements (BAS) for the last 12 months
- A signed Accountant’s Letter verifying your income.
- Proof of GST registration for your business.
Benefits of Low Doc Options:
- Reduced documentation requirements.
- Faster application processing times.
- Flexibility for those with variable income streams.
We are partners in achieving financial growth and property ownership.
Our commitment is to provide expert guidance, tailored solutions, and a seamless experience throughout your home financing journey. Explore the possibilities, discover your eligibility for home buying assistance, and take the first step towards the property of your dreams. Contact us for a consultation and embark on your path to property ownership with confidence.