Hi,
I am confused on how the banks view this situation for eg.
A trust with a corporate trustee owns a business. The sole director of the company has a salary of XX amount. How do banks clarify this position as an employee? or a self employed?
Any comments much appreciatedCheers
If the directors solo income is from this “company” then its Self employed.
Regards
MichaelMick C | Shape Home Loans
http://www.shapehomeloans.com.au/
Email Me | Phone MeSame Banks. Better Rates. Served With a Passion.
Shape wrote:If the directors solo income is from this "company" then its Self employed. Regards MichaelHi Michael,
If that is the case, hopefully changing the ownership structure of the business does not affect me. I have been self employed in the same business for more than 8 yrs I wouldn’t want to wait for at least two years to qualify for a home loan if I did change the ownership of the business
Cheers
That’s fine. It happens and all you need too do is explain to the bank + give in your last 2 years tax return + tax notice from the ATO and it’s all good.
Regards
MichaelMick C | Shape Home Loans
http://www.shapehomeloans.com.au/
Email Me | Phone MeSame Banks. Better Rates. Served With a Passion.
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