Aaron WhybrowGeneral Manager, Strategic Mortgage Broker

Self employed loan approved

Name: Self employed loan approved
Uploaded: 2022-03-24T06:14:30Z
Channel: Aaron Whybrow
Description: Aaron Whybrow got a self-employed client's loan approved using just two quarters of BAS statements instead of the usual full year. He added back the…

24 Mar 2022

Watch on YouTube

Aaron Whybrow got a self-employed client's loan approved using just two quarters of BAS statements instead of the usual full year. He added back the client's wages since they're the sole director, which let the lender approve at 80% LVR with standard fees and no low-doc penalties. The plan is to switch to full documentation later.

Questions this video answers

2/4 (two of four quarters).

Up to 80%.

Up to 0.75% or 1.25% of the loan value.

Standard application fee and standard valuation fee (no additional risk fees).

Sole director, owner, and wage earner.

Hey, it's Aaron here. I've got some exciting news. Being able to get an approval for a client of mine on use of 2/4 of BAS. He's self employed, doesn't have his current tax return up to date, but we're able to look at the bas and be able to use the calculators of the bank to be able to work out what his net profit before tax is. And since he's the sole director and owner and wage earner from the business, we're able to add back with his wages from his bas as well. This allows us to get the annualization of what he's going to do currently and, and move his loan forward quickly. And the approval that came through, we were able to get it at a slightly higher interest rate, but we're able to remove all the risk fees associated with this low DOC or altdoc lending that we see in the market. Sometimes lenders will charge up to 0.75 or even 1.25% of the loan value, but in this case we only got a standard application fee, a standard valuation fee, and we were able to lend up to 80% without much hassle at all. Clients very happy and we're looking forward to continuing our work with him to move him back into the full dock space as soon as he's able. All right, bye for now.