Self Employed Docs - Which bank

Discussion in 'Loans & Mortgage Brokers' started by Martinez22, 19th Aug, 2019.

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  1. Martinez22

    Martinez22 Well-Known Member

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    Hey, does anyone know which bank other than ANZ will accept 1 year financials?
    I have a client who only has financials for one year, but can't seem to find anyone else that will do it
     
    Martinez22, 19th Aug, 2019
    #1
  2. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    CBA can be a good option

    STG

    many lenders will do by exception if there is good reason for the volume change AND it can be shown that the biz will maintain at that level

    ta
    rolf
     
    Rolf Latham, 19th Aug, 2019
    #2
  3. Martinez22

    Martinez22 Well-Known Member

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    Company commenced in 17/18, good financials for 18/19 and proposed 19/20 figures are even higher ( I don't know if this will be reason enough)
     
    Martinez22, 19th Aug, 2019
    #3
  4. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    Id say may have a chance case by case with a couple of lenders

    ta
    rolf
     
    Rolf Latham, 19th Aug, 2019
    #4
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  5. Peter_Tersteeg

    Peter_Tersteeg Mortgage Broker Business Member

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    St George group changed their policy a few months ago. They now require 2 years financials and returns like most other lenders.
     
    Peter_Tersteeg, 19th Aug, 2019
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  6. hdb

    hdb Active Member

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    As a self-employed person with a 10+year track record but a "new" company (shifted from NZ), be aware that ANZ and apparently every other lender my broker knows won't approve before the ABN is 2 years old. We got knocked back on that and are having to wait until my 2nd anniversary in early October.
     
    hdb, 21st Aug, 2019
    #6
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