Tips to help Self-Employed through the home loan process
Recently awarded Best Self-Employed Lender at the 2017 Australian Lending Awards, no one knows the home loan journey better than RAMS. The challenges and complexities of the home buying process can be overwhelming, particularly for the self-employed, and can often stop would-be buyers in their tracks. Tony Leggett, has been a RAMS franchisee for four years and owns and operates the only RAMS Home Loan Centre in Tasmania. Having been in the industry for over 40 years and an active member of the Hobart community, he has supported many home buyers throughout their home ownership journey. Some self-employed local residents may be missing out on home ownership because they think it is unattainable, with some believing they don’t have the right documents and paper work. However, Tony says that being self-employed and qualifying for a home loan doesn’t have to be challenging.
“The key for self-employed customers is to be prepared, do your research and to speak with a home lending expert.
Andrew Leggett, Jenny Cole, Tony Leggett, Colin Kelly
“The first thing to focus on is getting your finances in order. At RAMS we’ve developed five simple steps to follow which can help you along the way,” said Tony.
1. Know your business: It’s important you know your key financial figures including your current income, net profit, expenditure and future projections. 2. Check your credit file history: Run a credit file report on your personal and business credit file history. 3. Work out your Loan to Value Ratio (LVR): The LVR is your loan amount shown as a percentage of the market value of the property you want to buy. The percentage that lenders are willing to accept will vary. 4. Keep track of cash flow: Lenders will look at your personal and business cash flow to analyse your ability to make loan repayments. 5. Collate supporting documentation: It’s good to get together some of the supporting loan documentation you may need prior to your appointment to support your loan application.
At RAMS, we recognise that many Australians are self-employed business owners and we specialise in taking these factors into consideration when reviewing a customer’s ability to meet home loan repayments.
For Tony, helping customers achieve their home ownership goals is one of the main reasons he comes to work every day. “Seeing the look on a customer’s face when you tell them they have been approved for a loan is a real highlight of being in this business.”
For more information visit Tony Leggett at his RAMS Home Loan Centre at 106 New Town Road, New Town, Hobart or call him on (03) 6228 2033. Alternatively, contact 13 RAMS - that’s 13 7267 or go visit RAMS.com.au
June 2017 www.australianhotels.asn.au
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