New job: from $ per hour to paid by commission on own abn. HELP

Discussion in 'Loans & Mortgage Brokers' started by 1474, 30th Sep, 2015.

Join Australia's most dynamic and respected property investment community
Page 2 of 2
  1. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

    Joined:
    14th Jun, 2015
    Posts:
    10,629
    Location:
    Gold Coast (Australia Wide)
    Hiya

    There are mainstream full doc lenders that will look at 12 ish mths ABN and full year financials for 80 % lvrs

    If you need more than 80 %, then you are pretty much stuck with 24mths

    ta

    rolf
     
    Rolf Latham, 27th Oct, 2015
    #21
  2. 1474

    1474 Active Member

    Joined:
    1st Jul, 2015
    Posts:
    26
    Location:
    Country NSW
    @Redom thanks for the info everyone.
    what does low doc mean?
    and why would I wait 1-2 years if I can get low doc after 6 months.

    What are the benefits and or disadvantages of low doc
     
    1474, 31st Oct, 2015
    #22
  3. tobe

    tobe Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    1,814
    Location:
    Melbourne
    The benefits are it can be simpler than a full doc loan. There is less documentation required to show your income.
    The disadvantages are the interest rate and fees and charges are higher and they require at least a 20% deposit.

    There isn't an easy way round this. You either go payg and get a loan or you work on your own business for a year or two and revisit getting a loan later.
     
    tobe, 31st Oct, 2015
    #23
Page 2 of 2