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Morris

2 years ago

Hi Dean, i need more information to be able to give you a clearer picture on what you need to do and how? but let me simplify it for you: 1- based on the declared personal income from the business and existing liabilities, i will be able to determined you borrowing capacity 2- if you managed to save a deposit of at least 5% of the property value you wish to purchase, this will qualify you for a home loan with most of the lenders, unless you're from WA then we may consider Key start which required 2% deposit. happy to help if you want to talk.

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Dhaval

2 years ago

Hi Dean, Happy New Year, I would love to provide you with the step-by-step guidance on purchasing your first dream home and the steps involved in making it a reality for yourself. To discuss the process involved and how I can assist you please click on my profile. Thank You Dhaval

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Jonathan

2 years ago

Hi Dean, Happy New Year! Congratulations you're ready to buy a place by the sounds of things. My firm Bee Money specialises in self-employed individuals. Feel free to click on the link below to find out more about us and see what others are saying about us. www.****emon****.au. Click on my profile when your ready and we can start getting the ball rolling today, Cheers

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LEO

2 years ago

Good Morning Dean, as mentioned by Kenneth & Guido we need to determine your borrowing capacity to determine if you are eligible for a loan plus we need to determine if you have sufficient deposit/funds required. As most brokers are on holidays , I suggest you click on the profile of a broker that has responded to your question and is close to you - I am in Melbourne Regards LEO

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Kenneth

2 years ago

Dean, Good morning and thank you for your question. Being self employed you would have two possible options, The first to apply for prime lending which would involve having your ABN and GST registered for a period of two years. plus having at least one year of good financial results (company profits or declared income in your tax return). The second option may be a low documentation loan. This would be at slightly higher rates and you would need the full 20% deposit plus all costs as your contribution. Your ABN / GST would need at least twelve months registration for this option and your declared income would need to be supported by your BAS statements and funds being deposited to your business bank account. This is a broad based answer only. There would be a number of other things that we should also discuss, however if you feel you are ready and based in the Sydney region then please give me a call. Regards Ken Olds

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Guido

2 years ago

Hi Dean Thank you for your question The first step is to establish your borrowing capacity, we using your after-tax income minus living expenses. Your business has to show it can support a mortgage loan repayment. Your current rental payments will be taken out of your living expenses, as you will not have to pay it after you bought your property. Based on your age I assume 25 years’ loan term will apply to you. You also need a deposit which is different in any state for fist home buyers, in some states you can use the part of the first home buyers grant. I’m from WA; the first home buyers grant for new residential properties wold be $15 000 and no stamp duty for properties under 440 000 other states has other requirements. I would recommend to fill in the enquiry form on this web page, and a broker close to you will contact you, to fully establish your requiremtns and your borrowing power. If you would like to talk with me, you can find me, using broker finder under postcode 6162 All the best and a prosperous 2017

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