If you're self employed, the State Custodians Self Employed Home Loan could be a solution for you
As a self-employed borrower, it’s likely that you understand how difficult it can get to produce the amount of paperwork that will get your application across the line. State Custodians offers a solution that can cater to many different situations, while making sure that your loan suits your personal and financial situation.
Pre-approval is available and you can switch to a fixed rate at no extra cost. You only need to have had your ABN for a minimum of two years and GST for a minimum of one year. This loan is available for both owner occupiers and for investment purposes. Refinancers and first home buyers are also eligible to apply, although this loan cannot be used for construction purposes.
Features and benefits of this home loan
- Loan to Value Ratio (LVR). You can borrow up to of the property, and you can also add your Lender’s Mortgage Insurance (LMI) onto your principal however this is only charged if you borrow over LVR.
- Repayments. You can make principal and interest repayments, and interest-only repayments are available for a maximum of 10 years. You can choose to make repayments weekly, fortnightly or monthly.
- Additional repayments. These can be made as often as you like, up to an unlimited amount at no extra cost.
- Split option. You can split your loan up to six times for free including a line of credit portion at no extra cost.
- Redraw facility. You can make unlimited redraws of additional payments you've made, though there is a $100 minimum if you want to redraw online.
- 100% offset account. It’s free to link an offset account to your loan and it can help you reduce the amount of interest payable and pay your loan off sooner. It’s an online account with BPAY facilities, plus phone banking too.
- Westpac ATM access with your linked debit MasterCard. The offset account also comes with a debit MasterCard that you can use for free at any Westpac group ATM. This is only available for individual borrowers and not loans in company or trust names.
- Portability. If you’re moving from one property to another but want to keep your loan with you, you can use this feature, though a fee applies (see below).
Fees and charges
Fees you can avoid
- Portability, $499 excluding LMI. This fee is charged if you change properties and want to keep your loan with you.
- Application fee, $0. An application fee isn't charged for supplying the paperwork for your application.
- Account keeping fees, $0. This type of fee covers the maintenance of your account once you’ve settled into your loan.
- Early exit fee, $0. Usually, this fee is charged if you pay out your loan before the agreed loan term.
Fees you can’t avoid
- Property valuation, $286 per valuation. Typically you’ll need to have one valuation done per property as part of the application process.
- Title discharge fee $300 plus legal fees. This fee is charged when the loan is paid out.
Know how much you want to borrow? Use our calculator to find out what your repayments will be
How to apply
If you would like to apply or find out more information about the State Custodians Self Employed home loan, please click on the secure 'Go to Site' links on this page to be take to the lender’s enquiry page.
- You must be at least 18 years old
- You can supply your driver’s licence, Medicare card or Australian passport
- You must have an ABN that has been registered for a minimum of 2 years and been registered for GST for a minimum of 1 year.
- If you currently have bad credit or receive Centrelink income as your primary source of income, it’s advisable that you speak to State Custodians regarding your options and eligibility
Information you’ll need to provide
- Personal information - this is to start your application with State Custodians.
- Financial details - this includes information about any debts or expense you may have, any assets, equity etc.
- Employment details - Your two most recent payslips, last year’s Group Certificate if one borrower is PAYG; for self-employed, you'll need to provide a Declaration of Income, four BAS and six months of personal account statements.
- Property details - Contract of Sale and deposit receipt, though this isn't necessary when seeking pre approval.
You can submit your documentation online, through the post, fax or email.