How to qualify for a home loan when you're self employed
Home loans will generally have a very strict application process and criteria that will need to be met before you can be approved. Most people will be able to meet these requirements while others will not be able to.
If you have a bad credit rating or insufficient income, then you may not be able to be accepted for home loans. However, many people will not be accepted for traditional loans because they are unable to prove their income.
Low doc home loans have been specifically designed for people that are not able to prove their income. The St.George Low Doc home loan is one of these low doc home loans.
Who are low doc home loans suited to?
Low doc home loans such as the St.George Low Doc home loan are designed for people that are unable to prove their income. People who are unable to prove their income will usually be people who are self employed and want to borrow between $50,000 and $1,500,000.
Features of the St.George Low Doc Home Loan
The St.George Low Doc home loan comes with a variety of features, including:
- Flexible repayment options. When you are paying off the St.George Low Doc home loan you will be able to choose the way you pay off the loan. You can choose between weekly, fortnightly or monthly repayments. This feature will allow you to tailor the home loan to how you get paid.
- Interest rate. When you apply for the St.George Low Doc home loan you will be able to choose between a fixed and variable interest rate.
- Interest-only option. While you are paying off the St.George Low Doc home loan you may find that you want to reduce the amount you are repaying for a while. The St.George Low Doc home loan allows you to pay only the interest portion of the repayments for a period of time.
- Redraw facility. The St.George Low Doc home loan allows you to make additional repayments whenever you would like, for no extra charge. If you do decide to make extra repayments you will be paying off your loan faster and reducing the amount of interest that you will have to pay. Furthermore, the redraw facility that is available with the St.George Low Doc home loan will allow you to withdraw these funds when needed.
- Interest offset. The St.George Low Doc home loan also comes with an interest offset facility. The St.George Low Doc home loan interest offset facility will enable you to save money on your repayments by offsetting your savings against the loan amount when interest is paid. The more savings you have, the less interest that you will have to pay and the more money you will save.
Know how much you want to borrow? Use our calculator to find out what your repayments will be
Applying for the St.George low doc home loan
The St.George Low Doc home loan helps self employed people get a home loan when they are unable to prove their income or earning potential. The St.George Low Doc home loan allows you to choose between a fixed or variable rate loan and will come with many features.
Some of the features of the St.George Low Doc home loan are the redraw facility and the offset accounts. If used correctly, both these features will save you money. If you would like to know more about the St.George low doc home loan then follow this secure link through to the St.George website today.