Avoiding 2 years self employment lending

sash · 7th Aug, 2018

Brendon said: ↑

I have read a few threads of people who have had issues once they have become self employed as they need a minimum 2 years of tax returns before banks will lend and am wondering if this was a potential way around this:

This would only work for someone in a good financial position who can afford to set up a company and will be able to generate good income as soon as that company starts.

Theory:
Start a Company pay yourself or your spouse a wage. After 3 months you would have adequate payslips to borrow through a big 4 bank.

I understand there would be potentially some hurdles to jump through but in theory could this work without being illegal?
Click to expand...

You are asking the wrong people...a lot on here only look at the majors...there is a whole slew of lenders who will do this. But they will charge more...and you might need to go low-doc.

Jess Peletier · 7th Aug, 2018

As Rolf suggested, if you're working/contracting to the biz you previously were PAYG too, you'd have a pretty good shot at getting a loan, especially under 80%. It just depends on the scenario.

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Avoiding 2 years self employment lending

sash Well-Known Member

Jess Peletier Mortgage Broker & Finance Strategy, Aus Wide! Business Member

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Avoiding 2 years self employment lending

sash Well-Known Member

Jess Peletier Mortgage Broker & Finance Strategy, Aus Wide! Business Member

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