i just quit my full-timeday job to start my own business…am i still able to borrow $$ to purchase a property? my business is not making a huge profit at this stage, but i suppose it's making enough $$$ to pay my own salary, and i don't have any assets really….?!?! do you think the bank would still lend me $$?
Hi richie
Regretfully without a decent asset backing of around 20% of the purchase price i think you have very little chance at this stage.
Richard Taylor | Australia's leading private lender
No Doc loans are generally hard to find and have high rates – you will need decent deposits too.
Low Doc loans generally require 2 years ABN these days as well as 1 to 2 years GST registration if your earn more, or declare more than $75,000 pa. ( you would be required to be registered for GST if your turnover is more than this – not profit).
Paying yourself a wage or your 'business' paying you a wage doesn't really help either as you are self employed. They will want 2 years tax returns for both business and personal if you are director of the company. If someone else was director and you received a wage, then you may be ok.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
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