With the number of self employed Australians on the rise, it’s quite common for people to apply for a home loan as a the director of a company. While there is nothing at all wrong with this, it can lead to a few complications.
So you started up a new business and things are going well. So well that you’re thinking of getting a car for your business. There’s just one problem. You haven’t done your tax returns yet. This is a problem that many business owners face in the earlier stages.
At Bee Finance Savvy, we often have self employed clients who need a home loan. Some have their own proprietary limited company. Often their income alone isn’t enough to service the home loan they want. Many people think that they can just add their company profits to their income in the loan application. But this isn’t as straightforward as you might think.
At Bee Finance Savvy, we often have customers who have, or are about to start a new business. Many businesses require a vehicle for deliveries, pick ups and other purposes. Few people have the cash to purchase a business vehicle in these early stages. So, naturally, they turn to vehicle finance. This is where things
Every business goes through good times and bad, as many Aussie business owners know. Often bad years can be mixed in with good years of higher profits. This is especially true of new businesses. Many businesses start slow, but grow and have better cash flow, as it strengthens … many lenders don’t look favourably on relatively sudden increases in income when you apply for a home loan.
It’s not hard find yourself in a situation where you have a black mark listed against your name on your credit file. Perhaps it’s a telephone bill that you were disputing. Maybe an electricity bill wasn’t forwarded to your new address when you moved. Or maybe it was a small credit card balance that you thought had been taken care of. These simple things can leave you with a default in your credit history. You might therefore think you can’t get a car loan.
