Self Employed or Business Owner without Tax Returns
Time gets away, the business is busy or you just switched your software systems or accountant. Whatever the reason, you haven’t completed your last years financial’s and tax returns. In fact, for many, you simply don’t have them done until the year after. So for the 2014 financial year, it’s May 2015 before you need to lodge anything.
The trouble is, banks don’t want to know that. They want all your tax returns done now before providing you with a home loan. Luckily, there are plenty of other options. Most people in this situation would have heard of Low-Doc (that’s low documentation) loans. These loans are built for people like you. There are a range of options available at different prices, depending on how much information you can provide.
Here is a list of some options:
1. You can provide 12 months bank statements, 12 months Business Activity Statements (BAS) and a letter from your accountant confirming your profits.
2. You can provide BAS only, or Bank Statements only, or an accountants letter only, or maybe just two of them.
There are plenty of combinations and each one has a different product and price. The key here is to find the best combination for you and your business. One that provides the right amount of information to support your numbers. Get it right and you can have a Low-Doc loan at almost the same pricing as one with all financial information provided. A good broker can generally give you this option after a short discussion with you about your business.
Don’t be discouraged that you don’t have all your financial information right now, you can still buy property when you have the right people on your side.