Loans for

self-employed

Many Kiwis enjoy the freedom of working for themselves, but because business cash flow can fluctuate, self-employed borrowers often find it challenging to meet standard home loan criteria. The good news is that there are competitive home loan options available to them.
Loans for self-employed

How do I get a home loan when I'm self-employed?

Many self-employed borrowers talk to a mortgage adviser over a lender because they want a wider range of home loan options. If you’re self-employed, your Loan Market adviser can discuss flexible ways to prove your income and can often find solutions that traditional lenders can’t.

What home loan options are available for self-employed borrowers?

For borrowers not able to meet the assessment criteria for a full document loan, there are a range of home loans developed specifically to address the differing needs of those who are self-employed, including low document (low doc) and alternative documentation (alt doc) home loans. These types of loans are usually provided by a non-bank lender.

What’s the difference between low-doc and alt-doc home loans?

Typically, an alt-doc loan requires more income documentation than a low-doc loan but offers greater flexibility than a full-doc loan.

A low-doc home loan could be taken out using fewer proof-of-income documents than what’s required for a traditional home loan. However, due to the introduction of responsible lending laws, low-doc home loans are no longer widely available. Many low-doc loans come with high interest rates and additional fees as they’re considered to be higher risk, so it’s important that you understand what you’re getting into.

While alt-doc loans still require a full credit assessment and responsible lending checks, the required documentation accommodates a broader range of financial situations. This option can make it easier for borrowers who don’t work traditional 9-5 jobs or haven’t been in business for an extended period.

Your Loan Market adviser can help you determine whether a low-doc or alt-doc home is right for you and help you secure a competitive home loan with the right lender.

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Let us know what your goals are and we will connect you with a Loan Market adviser directly.

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Understand how much money you have coming in compared to what you spend using this calculator to help you identify where you could save.

Find out how much of you income you will take home after tax. 

No two loans are the same and there are a number of costs to weigh up. Compare two side by side to see the difference.

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