Buying guide
Getting a mortgage if you’re self-employed
Experts explain why it can be more difficult to get a mortgage if you're self-employed.
AI summary
Getting a mortgage when self-employed presents unique challenges. Banks base lending on your on-paper income after business expenses, which can lower your borrowing power. You'll need at least one year of financial accounts to apply.
Non-bank lenders like Resimac offer a flexible alternative. They take a common-sense approach, often accepting business bank statements as income verification. While initial interest rates may be higher, you may be able to secure a lower rate later with a good repayment history.
What you’ll learn:
What mortgage advisers say about options for self-employed
Taking the alternate lender route
Q & A with Luke Jackson, General Manager of Resimac NZ
Luke Resimac anwers questions on lending for the self employed
Will more lenders be catering to self-employed people as they become a bigger part of the workforce?
How do you assess a self-employed borrower?
Are mortgage rates higher for self-employed people?
Would you be more confident about a loan if, in a couple, one of the borrowers was on a salary and the other was self-employed?
Any other pieces of advice for self-employed home buyers?
Author
Search
Other articles you might like
