Self Employed Finance - Brokers help!

[LukeLang]

Hi,
I am after a good creative brokers assistance!

Im looking to refinance my loans and am self employed.

I have recently started trading again under a previously used company which has tax returns a couple of years back showing enough income to refinance. However I have only been operating for 7 months and have just 2 BAS under my belt, this latest BAS annualised shows more than enough serviceability for my loans.

So my question to the brokers on here is can I apply for a loan with 1 ok BAS and 1 excellent BAS and a couple of previous full tax returns under this same company, in the same business, but with a gap of 2 years not trading.

Are two BAS enough? 80% LVR is fine.

My aim is to first refinance off a low doc on one of my existing loans and looking to pull out some equity for another purchase.

Any brokers that believe they can help, please PM me.

Thanks.

 

[Shahin_Afarin]

What is your NOA for 2013?

 

[LukeLang]

2013 was tiny due to taking time off to look after new bub.
2014 looking very healthy so far, but like i said only 2 BAS at this point.

 

[Shahin_Afarin]

Ok so that rules out one option (which was the Westpac fast track policy). What did you do between the first self employed period and the second and what is the line of work?

 

[LukeLang]

I operate in the construction industry.
I took almost 2 years off to help with new bub between company trading round 1 and company trading round 2.

 

[Shahin_Afarin]

It will be tough to get over the line so you would need other areas of the application to be strong to offset this. The lender will be concerned about the regularity of income (even though you stopped the income by choice).

Another option is to beef up the application or make the application fly using your partner's income (if that exists)?

 

[LukeLang]

I have emailed you Shahin, thanks

 

[Mick C]

Low doc loan is what your after- but it needs to be with a non-bank or a tier 2 bank.

1 ok BAS and 1 excellent BAS is fine- as long as the income is enough to service the loan your after ( the figures will be annualised + will take in 60% of the total gross BAS income)

Other option is to use an accountant's letter in support of your application as well.

Cheers

 

[Colin Rice]

Lo Doc options would be;

6 mths business bank statements or 6 mths BAS or accountant's letter.

Rates & fees will be steep.

 

[pinkboy]

Lo Doc options would be;

6 mths business bank statements or 6 mths BAS or accountant's letter.

Rates & fees will be steep.

Hi Colin

Can you give an example of high fees and steep rate please?

pinkboy

 

[tobe]

I can give you Rams low doc.

variable rates start at 5.4% (<60% >$500k) to 6.05% (<80% <$150k). Fixed rates 1yr 4.75 thru to 10 yr 6.69 (same fixed rates as regular borrowers)

No LMI below 60%, above 60% LMI payable between .51% and 2.5% of loan amount depending on LVR and loan amount.

$275 pa package fee.

refi, purchases and cash out (under 60%) ok. Either accountants declaration (loan amount under $50k) or 12 months bas. the bas needs to be consistant.

 

[Brady]

Hi,
I am after a good creative brokers assistance!

Im looking to refinance my loans and am self employed.

I have recently started trading again under a previously used company which has tax returns a couple of years back showing enough income to refinance. However I have only been operating for 7 months and have just 2 BAS under my belt, this latest BAS annualised shows more than enough serviceability for my loans.

So my question to the brokers on here is can I apply for a loan with 1 ok BAS and 1 excellent BAS and a couple of previous full tax returns under this same company, in the same business, but with a gap of 2 years not trading.

Are two BAS enough? 80% LVR is fine.

My aim is to first refinance off a low doc on one of my existing loans and looking to pull out some equity for another purchase.

Any brokers that believe they can help, please PM me.

Thanks.

Who are your current loans with?

Who is the account that you run the business with?
Is the account with the same bank it previously was?
Is the account the same as it was previously?