Hi,
Quick question.. What classifies someone as been self employed. When i purchased my PPOR i had just started my own business and was operating as a sole trader. As such i had to apply for a low doc loan.
It's now 3 years down the track and as of September last year have been operating as a pty ltd company. As such i'm now technically an employee and receive a wage with pay slip from an accounting point of view. However from a financing point of view am i still classified as self employed? Can i just present pay slips like any joe blogs off the street and have my serviceability determined from my pay slips?
Obviously i can give myself any job title i like, however ultimately i guess any search on the employer will show me as the shareholder / director of the company.
Cheers,
Troy
I'm pretty sure you'd still be classed as self-employed but that the ability to show 2 years of tax returns both for your own self and for your company would make things a lot easier than they were 3 years ago. One of the brokers will no doubt clarify when they are awake and finished eating Easter Eggs
Jacqui Middleton | Middleton Buyers Advocates
http://www.middletonbuyersadvocates.com.au
Email Me | Phone MeVIC Buyers' Agents for investors, home buyers & SMSFs.
Sounds to me like your self employed.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Sleep is for whimps but chocalate is a different matter.
No if's or but's about you will be considered self employed payslips or not.
Unless the business is losing money however after paying yourself it will be of benefit to you.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
The lender will classify you as self employed as you are the director of the company.
What is the issue exactly with being self employed vs PAYG? Are you not able to provide adequate documentation or is there an issue with servicing?
Regards
Shahin
TheFinanceShop | Elite Property Finance
http://www.elitepropertyfinance.com
Email Me | Phone MeResidential and Commercial Brokerage
You be classified as a self employed, they will require 2 years full tax returns for them to consider you on their standard full doc loan/mortgage.
OR accountants letter only OR 6 month BAS OR 6 month trading statements for low doc loans.
Mick C | Shape Home Loans
http://www.shapehomeloans.com.au/
Email Me | Phone MeSame Banks. Better Rates. Served With a Passion.
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