Home loans tailored for self-employed people
We specialise in working with self-employed people to find the right home loan for you
Being Self-Employed should not mean that you cannot get a home loan, investment loan, car loan, equipment loan or business loan. You just need an experienced broker who understands your situation, who understands that financials and tax returns are not always available, that Self-Employment is not easy and therefore requires a lender who is flexible and understands the intricacies of being Self-Employed.
We understand that being self-employed, your financial statements may not be up-to-date or representative of your business' current performance, or your financial situation may be complex. We offer an alternative solution which is a Self-Employed Low Doc Loan.
Our Difference
We are privately owned and not a franchise
The owner operates and manages the business
We think ‘outside the box’ and don’t just consider loans from the major lenders
Our brokers are all MFAA Approved Credit Advisers
We are lender agnostic – we do not favour any particular lender
We monitor your loan post settlement and advise you when a better deal is available
We disclose all fees and charges as well as our commissions
Types of self-employed loans available
This loan is the most common amongst borrowers. The interest rate is variable and can move up or down, thereby adjusting your repayments. This loan offers more flexibility than other loans as you can usually make unlimited repayments and redraws without penalty.
Many standard variable interest rate loans also offer a 100% offset account whereby any balance in the offset account is deducted from the outstanding loan prior to calculating the interest payable.
A basic loan is also a variable loan but usually offers less features than standard variable loans.
Generally there is a minimum amount that can be redrawn and there is usually a fee involved. These loans generally don’t include an offset account.
A fixed loan allows you to fix the interest rate for a period of time, generally between one and five years, with some lenders seven, ten and even fifteen years.
After the fixed term, the loan usually reverts to the standard variable rate on offer at that time or you may choose to refix the loan for another term. With fixed loans the interest rate is fixed on the day of settlement unless the rate is locked at application which incurs a fee.
The repayments on a fixed loan do not change during the fixed period and provide customers with certainty about their repayments. The majority of fixed rate loans limit the amount of additional repayments which can be made each year, however some lenders offer fixed rate loans with unlimited repayments and redraws. If you decide to sell your home whilst on a fixed interest rate, a penalty will generally apply unless you replace the security with a new security.
These loans are extremely flexible and are similar to a credit card with a large limit. You can repay as much as you want and redraw as much as you want.
With this loan it is important to budget appropriately so that you repay more than you redraw otherwise you could end up owing the same amount for a long period of time.
With a line of credit some lenders require the borrower to make an ongoing repayment while others allow the interest to be capitalised such that the loan outstanding increases.
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Your Principal Mortgages broker will meet with you, discuss your options and assist you to select the most appropriate loan. Thereafter your broker will complete the application forms and submit the application to the lender.
Once the application has been lodged the lender may request additional information. Thereafter they will either reject or approve your loan. A conditional approval is subject to a property valuation and any other conditions of the lender. Usually takes 5 days.
Unconditional or formal approval is provided once the property has been valued and all other conditions have been met. This process usually takes 3 days after all the conditions have been met.
Under normal circumstances, it will usually take 5 days until the lender sends a copy of the mortgage documents to either yourself or your conveyancer. Once you receive these documents you will need to sign them and return them to your lender within 5 days.
Once your loan documents have been returned to the lender the lender will certify your file and will then book in settlement. At settlement, you will officially be granted the amount of the loan.