Do i need to work for a boss or can i borrow money for a home loan if i am not working, but starting a bussines ?
And i pay high rents which i could be paying off a house.
Please let me know, as we are sick off renting..coil101 [biggrin]
If you are self employed but have not yet done your financials, you can get a lo doc loan. The interest rates are the same as standard loans now but you will need at least 20% deposit. You will also need to pay mortgage insurance in some cases to get the really cheap rates. So many different situations can arise so you should discuss your own personal details with a good mortgage adviser.
To answer your question directly, lenders usually require 2 years self employed before approving a low doc loan but some will allow 1 day self employed. Basically, NO, you do not need to work for a boss to borrow money.
Robert Bou-Hamdan
Mortgage AdviserM: 0414 347 771
E: [email protected]
W: http://www.mortgagepackaging.com.auFREE Finance-Related Newsletter: See – http://www.mortgagepackaging.com.au/index_files/newsletter.htm
Comments made are of a general nature and should not be construed as individual advice.
© 2004 Mortgage Packaging Pty Ltd
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