Full Doc Self Employed - When Does Tax Year Expire?

[aaaces]

Hi,

I need bridging finance.

Have a PPOR#1 worth 500K unencumbered, buying a new PPOR(#2) for $705K. I plan to sell PPOR#1 asap

I have full tax and income records for Financial Years 2012 and 2013.

NAB are telling me I need FY 2014 records.

I have been told by another lender (that doesn't do bridging loans) that 2013 records can be used for another 2-3 months.

I would like to avoid low doc if possible.

Any advice appreciated.

 

[Rolf Latham]

Quite a few lenders will allow u to use 2012 and 2013 till middling next year.

CBA AMP et al

Most lenders are now wanting interims at least for 2014s

On the surface, lo doc shouldnt be necc for you

ta
rolf

 

[Peter_Tersteeg]

The rules vary from one lender to another. Personally I think December is too conservative as self employed are legally allowed a couple more months to get their returns done.

 

[Mick C]

Nab ( retail ) and NAB broker is still accepting 2013...from my last few self employed deals just before x mas it was all fine....no notice/eamil to say they will only take 2014. Traditionally NAB accepts old tax return right up to end of January.


Depending on the banks, some goes as far as March!

 

[aaaces]

Thanks for the advice - very helpful.

 

[tobe]

issue isnt who accepts 2013 returns, its who does bridging finance. If thats what you actually need. A lot of the time you might be purchasing another investment property instead, which you decide to move into at a later date and sell off the old one....

 

[Brady]

Not exactly sure of the issue.

But CBA will do both 2013 financials and bridging.

For bridging need to show affordability of peak debt and residual debt, if can't show affordability of peak debt then still can be approved by showing cash surplus to cover shortfall during bridging period. In cases the shortfall can also be funded.

 

[Paul@PFI]

Perhaps completing 2014 tax at least to determine tax liability may be a better strategy. Lenders do not like unexplained tax liabilities. Income tax, GST etc.

One of the benefits of extended agent lodgement is the "final" 15th May due date. That doesn't mean you should wait until then.