Posts Tagged ‘60%’

Loans with No Business Activity Statements

March 25th, 2010 25 Comments
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Individuals who are self-employed or who own their own business have the same dreams and aspirations as those who work at a company and are paid a regular monthly income.  In fact, they usually dream even bigger as they had the confidence to take as big a risk as setting up their own business.  However, when it comes to loans, those who are self-employed often have a hard time getting a loan in the first place.  With all the documentary requirements that banks and lenders ask for before a loan can even be processed, they may find it hard to comply with all the documents asked for, and this would result in their not applying for a loan at all.

The problem is that those who are self-employed especially if their business is new, have little to no documents to present as proof of income, and this proof of earnings is what banks and lenders give priority to.

This does not mean that those who are self employed can no longer get a home loan.  There are ways and means for these business owners to get a loan without having to comply with all the documentary requirements.  This is by applying for loans which do not require any Business Activity Statements (BAS) whatsoever.

The banks however do require an Australian Business Number or ABN and certain criteria such as being GST registered, and the requirement of having a good credit history, and you must have a business or job for at least one day.  This specific requirements are good for loans of up to 60% of the property value.

In order to get loans at higher amounts like 80% or even higher the requirements will necessarily differ.

For more information on how to get a home loan with No BAS it would be best to consult the experts on home loans.  They can give advice and help you apply for home loans which do not require you to submit any Business Activity Statements.  Hence, you no longer need to worry about where to look and find documents that you cannot provide, and rest assured that you have a good chance of having your home loan approved.