Hi everyone! We are self employed and having just sold our IP have a cash Deposit of $45k to purchase a block of land. We were originally informed by ANZ that we could borrow enough to buy the land and then build. However, they have now changed their position on this and will only lend us enough to buy the land and then will look at us again after our next Tax Returns are done. We applied for and were approved for, the Home Builders Bonus (Stamp Duty was $4k). Unless we find a construction lender ASAP, we won't qualify for the Builders Bonus (slab must go down within 26 weeks from Settlement to comply) and will have to pay the Stamp Duty which would otherwise top up our Deposit if we remain exempt from the Stamp Duty. Settlement is expected to be about 10 weeks away as the subdivision is still with the Council.
This financial year will see our 3rd Business Tax Return under our belt, the first one didn't include a full years trade starting out. Last year we had strong profits, this year is looking even better so far. As the ANZ will only look at our Taxable Incomes (which don't show about $30k of Drawings, Carers Allowance and Carers Bounuses) we are looking at other lenders for the build. Can anyone tell me which lenders would look favourably on us considering we are self employed (co-owning the Business with another couple), have a cash Deposit, also have 3 kids and are renting til we move into our 'build'?
We are waiting to hear from RAMS, are these guys a good option? I have been Googling and checking Infochoice/Cannex etc but information from real people tends to be far more accurate than Bank websites in my experience!
Any advice will be greatly appreciated!
Best Regards,
Nicki Warren
This financial year will see our 3rd Business Tax Return under our belt, the first one didn't include a full years trade starting out. Last year we had strong profits, this year is looking even better so far. As the ANZ will only look at our Taxable Incomes (which don't show about $30k of Drawings, Carers Allowance and Carers Bounuses) we are looking at other lenders for the build. Can anyone tell me which lenders would look favourably on us considering we are self employed (co-owning the Business with another couple), have a cash Deposit, also have 3 kids and are renting til we move into our 'build'?
We are waiting to hear from RAMS, are these guys a good option? I have been Googling and checking Infochoice/Cannex etc but information from real people tends to be far more accurate than Bank websites in my experience!
Any advice will be greatly appreciated!
Best Regards,
Nicki Warren