first time buyer- mortgage broker needed for alt doc loan

Hi there! Im a fashion model in Sydney looking to buy my first property, but Ive only been in the industry for 9 months, so Ive gotta get a low doc/alt doc home loan, wondering if there are any mortgage brokers out there that can lend a hand? thanks!

 

Do you have an ABN registered for more than 2 years? Is your income high enough? Can you prove it with bank statements and/or BAS?

I find that some think a low doc means no income is necessary or no proof is necessary.

 

Welcome! Plenty of good advice if you search previous posts. It will come down to income/liabilities/stability.
As for your question, unfortunately most brokers want to keep both of theirs.

Maybe give the "second hand" markets a go?

 

Hi Terry, my income so far has been high and stable enough, with regular statements of payment from my agency. the only liability i have is a HECS debt of 30,000. i have enough of a deposit that i shouldnt need to worry about LMI at all. my first BAS is being prepared by my bookkeeper. i feel like im in a good position to be buying a property, its just a matter of finding a good broker. Thanks!

 

sorry also i have only had my ABN registered for 9 months, the same amount of time that Ive been in the industry.

 

"My first bas" suggests many lenders wont view the income as suitably long term. Some have a 1 year limit (4 x BAS) and some expect 2 years. If the BAS is annual it may be a difference but if you didnt retain and save the tax its another issue. A broker that can personally advise you would be most practical.

 

2 years ABN is essentially mandatory for a lo doc loan. You're probalby going to need more BAS statements as well.

It also raises the question of what figures are actually in the BAS statements available? Simply providing the statements isn't enough to qualify, the figures need to demonstrate enough profit to qualify for the amount you want to borrow.