Home loan help for the self-employed

Being self-employed doesn’t mean home ownership is out of reach.  The key is to be prepared, do your research and speak with a home lending expert.

RAMS, which was named Best Self-Employed Lender at the 2017 Australian Lending Awards, has developed five simple steps to help you along the way.

1. Know your business: It’s important you know key financial figures including your current income, net profit, expenditure and future projections. 

2. Check your credit file history: Run a credit file report on your personal and business credit file history. 

3. Work out your loan-to-value ratio, which is your loan amount shown as a percentage of the market value of the property you want to buy. The percentage that lenders are willing to accept will vary. 

4. Keep track of cash flow: Lenders will look at your personal and business cash flow to analyse your ability to make loan repayments. 

5. Collate supporting documentation: It’s good to get together some of the supporting documentation you may need before your appointment to support your loan application.

For more information, advice or assistance, phone 13 RAMS (13 72 67) or go to RAMS.com.au

RAMS HOME LOAN CENTRE
A: 3/490 Nepean Highway, Frankston
T: 9770 2277
W: RAMS.com.au