It is not necessarily more difficult, but you will face some different application requirements.Lenders tend to view loans for self-employed loans as being high risk.Running your own business, you may not have the luxury of a stable, regular income like an employee does.Your income may fluctuate instead.The main concern of a lender when assessing any finance application is that the borrower will make their repayments.As a self-employed person, you need to find appropriate documentation to demonstrate that is possible.You can’t just show your regular payslips from your employer as employees can.What documentation do you need to apply for a personal loan for self-employed people?At Professional Lending Solutions, You need to provide as much evidence of your income and your ability to repay the loan as possible.This should include your most recent:tax returns.financial statements for your business.Providing this information for the past two or three financial years will help the lender assess your application.
There are professional brokers who are not restricted by the limitations of Australia’s Big Four Banks, but rather have access to non-bank (Tier 2) and private loans as well.They can be used to purchase raw land and develop it from the ground up, to expand an existing facility and thereby it’s production capacity, or to add new life to a relic in need of up-scale resuscitation to attract high-quality tenants.Get Ready...When thinking of commercial construction loans, think big bucks - typically from hundreds-of-thousands of dollars to hundreds-of-millions.It’s also a good idea to check in with the local council for approvals in the pipeline for other projects that may compete with yours.Supply and demand is part of the success equation.Do your homework and be sure that the demographics and location will support the business.If that’s not an option, consider hiring an experienced commercial real estate valuer to review your project.If you’re planning on constructing a “speciality” building, such as aged or child-care facilities, be aware that the government has “speciality” regulations for them.The ApplicationWhen soliciting a construction loan, whether from a bank, a Building Society (Tier 2 Lender) or a Private Lender, your application package needs to be professional and thorough.
We have successfully funded hundreds of developments including land subdivisions, townhouses, unit blocks, small commercial developments, industrial complexes, prestige residential buildings, service stations, apartment buildings, retail shops and childcare centres.Professional Lending Solutions s Lending team and Portfolio Managers operate across key locations in South East Queensland, Sydney and Melbourne.We focus primarily on the metropolitan regions, greater-city areas, middle-ring suburbs and key regional centres.As the performance of each loan underpins the returns provided to our investors, we go above and beyond to add value and ensure our borrowers’ projects are successful.Borrowers who choose Professional Lending Solutions benefit from limited pre-sale requirements, access to industry experience, personalized service, interest capitalisation, competitive pricing and a timely approval process.Therefore, we consider loans based on a borrower’s property development experience, reputation, quality of the business plan and clarity of expectations set out in the loan proposal, rather than relying solely on the level of pre-sales.
Depending on your credit scores, applying for a mortgage without your spouse or partner could save you a ton of money.If you have an excellent credit score but your partner’s score is much lower, the lender will likely charge you a higher interest rate, based on your partner’s score.Not all lenders follow this rule (when I applied for a mortgage with my husband, they took the average of our scores), but it’s something to watch out for.In Australia, credit card companies, credit reporting agencies, banks and lenders use various methods to calculate a credit score for a person that is used to determine how financially responsible they are.According to mortgage broker Mint Equity: ” They have the ability to affect a lenders decision on whether to approve or decline a loan.But, as lenders seek ways to reduce their risk, credit scores now have the potential to affect interest rates too.”There is also the risk of getting your loan application rejected if you apply with a partner who has a bad credit score.Of course, you might need your partner’s income to qualify for the mortgage amount you want as well.Going for a loan as a single applicant may lower your borrowing power significantly.Get more financial tips from Professional Lending Solutions
A doctor home loan is a mortgage for medical doctors that don’t require private mortgage insurance, or PMI, even with a small or no down payment.This could potentially save a borrower hundreds of dollars off a monthly mortgage payment.Which doctors are eligible and medico packageBelow is a list of preferred medical professionals:AnesthesiologistAnaesthetistCardiologistCardiothoracic SurgeonChiropractorSports chiropractorAnimal chiropractorClinical PharmacologistCosmetic SurgeonDental SpecialistWell, you've come to the right place!If your Are you looking for the Best Home Loan for Doctors that's available on the market today?Get the best home loan for doctors While understanding the income and earning potential of medical professionals is essential, Professional Lending Solutions Specialist consultants also have a good insight into the day-to-day schedules of their clients.While a first home buyer is usually used to purchase a place to live, it’s easy for situations to change in the medical professions consultants can help structure a loan to suit each client’s particular situation.