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Are you a small business needing finance?

November 28, 2022

Getting a home loan is already difficult enough but getting a home loan as a small business owner is even harder. Lenders like to see regular amounts of money coming in as it makes them feel less at risk. When you run a business for a living, your income can be anything but steady as its directly tied to the ebbs and flows of your business.

However, there are some measures you can take to ensure that your home loan application results in a swift and smooth approval.

Have All Your Documents Ready

Your lender will need to see valid proof of your income from the last two years of financial documents. This can include personal and business tax returns, financial statements and a notice of assessment from the Australian Tax Office. Your lender then uses this to assess how well you will be able to service the loan based on your known taxable income.

Get in Touch with an Accountant

It’s possible you may be underselling how well your business is performing. A good accountant will ensure your financial records are accurate reflections of your business’s performance. Any unseen costs or changes in income can be confirmed with a letter from a qualified accountant to your lender.

Work with a Mortgage Broker

A mortgage broker will help you find the right home loan that suits you and your situation. Importantly, they will also negotiate with a lender for you so that any issues that might be an obstacle for approval will be addressed by the mortgage broker.

While applying for a home loan as a small business owner may be difficult, completing these steps will make the process a little easier.

If you would like to learn more about applying for a home loan as a small business owner, please get in touch with us today.

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Kapil Bhatt
About the Author
Kapil Bhatt

I love my job of making people's dreams come true. The joy it brings when people thank me for having helped them secure a property they can call home or investment they can lean on when they retire is priceless. I have helped hundreds of people save thousands of dollars on their mortgage, unlocked valuable equity from their assets to buy investments, businesses etc., and helped them repay their debts and get their finances in order. I have been fortunate enough to help young couples grow from first home buyers to property investors by helping them at each step on their financial journey. In addition, I have helped many businesses seek finance when their banks would not lend them money because of their credit history.

With a Diploma of Finance and Mortgage Broking, a Bachelor's Degree in Business Accounting and experience working with several financial institutions, I started Euphoria Loans in Feb 2015. The goal was to make finance easy for people from all kinds of life, and I am proud to say we have been able to do just that.