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LEZLI

1 year ago

Hi Kathleen. No problem - i have heaps of lenders who love lending to businesses from 1 month ABN with GST registration. Please feel free to contact me via my Profile page. thank you

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Michael

2 years ago

Kathleen, certainly is a possibility. All Financial Institutions will need to see income you derive for servicing of the proposed debt. Mainstream lenders will request to see tax returns covering two years of trading in business. However, we have some lenders offering options for ABN registered from 3 months. Low Documentation lending is specifically designed for clients who haven't been in business the required 2 years (conditions apply) and cannot prove income, you may be able to self declare income, however, your accountant will need to sign off on this. The other factor is a deposit, do you have at least 20% available? If not, there're other ways we can structure your loan to enable purchasing a property. Please get in touch and we can then discuss the options further. Cheers Michael

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Andrew

2 years ago

Hi Kathleen, with a wealth of experience in assisting business owners with finance for either their own home or start up / business expansions, I am well placed to assist. Even if you are not in WA, I have assisted business clients on the east coast through my network of lenders. Please view my profile for my contact details.

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Andrew

2 years ago

Hi Kathleen, with a wealth of experience in assisting business owners with finance for either their own home or start up / business expansions, I am well placed to assist. Even if you are not in WA, I have assisted business clients on the east coast through my network of lenders. Please view my profile for my contact details.

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Laurayne

2 years ago

Hi Kathleen, we would need to know more about your circumstances and financial situation before we can comment on whether you are able to borrow funds for another purchase. I am happy to help if you wish to connect. Cheers Laurayne

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kelvin

2 years ago

Possible. For all lenders you need to show income servicing. Major lenders want to see tax returns and 2 years in business. There are some lenders who will do from 3 months ABN but these require proof via bank statements. Lo Doc lending is for those 2 years in business who cant show the income servicing the tradional way but there account agrees and will sign a declaration. The other consideration is a deposit - most of this lending requires 20-30% deposit + costs. Happy to review your specific circumstances and advise at what stage it would be possible. PS - For business - there are times when cashflow is needed short term and so caveat lending does not need income proof but a clear exit strategy - when a loan can be paid back - generall 3-12 months.

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Liz

2 years ago

Hi Kathleen, interesting question - generally speaking you will have 3 things to consider when borrowing money to purchase a new home; 1. The security Value of any property you will offer to the financial institution and 2. The ability to service the loan. and 3 . the purpose and use of the money. Your personal circumstances will be considered when assessing your ability to borrow and your selected broker should be able to point you towards a deal that is suitable for your needs. Regards Liz Stockell

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George

2 years ago

Hi Kathleen, if you own you own home unencumbered then there is always a way. We do have lenders who will lend on a start up business, it just depends on how much you are willing to pay. Please feel free to contact me if you would like to discuss this further. Thanks, George

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Phil

2 years ago

Hi Kathleen, It really comes down to your income position. If you have just started a business and your personal income is solely based on the success of this business than it may make is somewhat difficult to obtain finance as a many banks will require 2 years tax returns, notice of assessment and A&L to validate your income. That being said, if you haven't ceased your previous or current employment and still receive regular weekly, fortnight or monthly income than you may be safe. Does that help??

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Rose

2 years ago

Hi Kathleen, in my experience you may find it difficult to source funding from a conventional lender. I would need more information about the business income structure and whether you will be keeping your current home and renting it out. If you wish to take a few minutes to give me a call, I would be more than happy to chat further. Thanks, Rose

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Umit

2 years ago

Hi Kathleen, To answer your question we'd need more information on your financial situation. Having an unencumbered property is a great start though. Tell us more about your income and liabilities or feel free to contact myself through my profile for more information. Cheers

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Jeremy

2 years ago

Hi Kathleen, A big consideration would be servicing, as you are starting a new business it may be difficult to service of the business financial statements. You would need to consider if you have any other income for servicing, you could also use the equity in your existing property to go towards your new purchase, if you hold onto your existing house you will also be able to use the rental income for servicing, this should have a significant impact as the property would be positively geared. Would need to do complete a full credit review to give accurate credit advice. Jeremy

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Bez

2 years ago

Hi Kathleen, thanks for your question. It's always trickier to apply for finance when you are self employed, especially if you don't yet have a track record in the business, but there are ways of getting you finance. I would have to learn more about your situation before I can provide the correct advice. Happy to help if you connect with me on my profile page. Thanks, Bez

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