self employed financials query

[danielt]

hi, looking at borrowing $1.4m (80% of LVR) soon and am self employed.

In speaking to some lenders, some are happy to to accept my 2012 + 2013 tax returns (since I don't submit my 2014 tax return to my accountant until February 2015), whereas some lenders want my 2014 tax return.

Any ideas why some lenders are happy just with 2012 + 2013 whereas some want 2013 + 2014 tax returns?

You would think there would be a standard where all lenders would want the current (ie 2014 tax return)

 

[Rolf Latham]

Lucky there is some variation

Most are ok with 12 and 13

Few will be chasing 14s

Some lenders will just accept the one years either 13 or 14

Ta

Rolf

 

[geoffw]

I had a business loan at one stage. I had to show the company financials every year, including submitted tax returns, by the end of September. That was a real pain.

 

[Brisbane Broker]

Every lender is different, and is guided by different credit policies. Choose a lender that suits your requirements.

 

[Jamie M]

Hi Daniel

All banks assess S/E income differently. Most will want a couple of years financials (not necessarily the most recent) and some will go off one years.

If you're in QLD you should hit up Rolf who responded above - he's a finance guru that knows a few things about S/E finance.

Cheers

Jamie

 

[Qlds007]

If 2013 gets you over the line i would run with someone who will just take this year to avoid any issues with averaging over the 2 years or limiting any increase of 20% from 1 year to another.

Should be able to get a good rate an waived fees at that loan and lvr.

 

[danielt]

Thanks.
Yes, likely 4.55% variable (Macquarie product), no ongoing fees