At My Money we’re experts in self employed home loans and business finance
My Money, Mortgage broker Auckland, specializes in self-employed home loans, loans on rental properties and small business loans for self-employed New Zealanders. We know how important it is to get your loan approved and for good conditions, so contact one of Auckland’s best mortgage brokers and let me deal with the banks and other possible lenders on your behalf.
Why we can help Self-employed with home loans
Here are a few scenarios and the sort of obstacles that a self-employed individual may face when trying to get a bank loan or another self-employed mortgage. Through my experience and contacts as your local mortgage broker in Auckland, I have helped many individuals and through my knowledge and know how, I can usually secure a deal with the banks or other available lenders on your behalf.
Scenario number one: self-employed business loan and mortgage for a mechanic.
A mechanic has been renting his workshop for ten years and now has the opportunity to buy the premises, but the existing bank refuses him a loan. On coming to discuss the matter with me and negotiating with another bank we can structure the loan by lending some of the equity the mechanic has on his home loan to make the second mortgage a workable and cost-effective option. Through the discussions we have also tied in some of the business outgoings to further reduce the loan amount resulting in the bank approving the mortgage and the mechanic is now able to negotiate the deal through his mortgage broker with the landlord.
Scenario number two: Self-employed Mortgage for a consultant.
A high flyer, an executive had returned from working in London and after 6 months in a consulting role wanted to buy a home. The current bank criteria are for two years trading history but through my presentation the client’s application was approved. Through my strong network of banking contacts and previous experience in the industry I have many more ways to look at the situation and present it to certain people. This client is now able to begin the process of buying her dream home instead of having to rent a property for the next year and a half. Another self-employed home loan secured!
You can see from these scenarios that I can help people, self-employed or employed, just like you to find the business loan, home loan or mortgage you require, call me and we can arrange a meeting to discuss what type of loan is the best one for you.
Stephen Robertson: Your dedicated mortgage broker in Auckland. Call 09 377 4433
Some background on the current situation with lending
Since the financial meltdown and real estate crisis of 2008 that affected most of the world in some way or other the leading banks had to make some drastic changes to their policies over who to lend their (or their shareholders) money to. These changes are making it harder for the hard working self-employed to now secure a self-employed loan for the home of their dreams or a business loan to extend the business they may have been building up for years.
Self Employed lending? Does your business have a history?
When you go to the bank for a loan they generally require that your business has a history of at least two years and this includes all the financial records for at least that period, preferably longer. There was a time when you could walk into a bank and pretty much get the deal you wanted with little or no fuss, as long as you had enough security to cover. Sadly, those days are long gone and now the banks and other possible lenders want proof of your ability to pay back the loan over a long time. They want to see your tax documents, income and expenditure anything to verify your level of income. Another thing is the banks are not quick to make a decision and all of this can lead to a frustrating few weeks of constantly going back and forth.
As an example, the banks are looking for a pattern such as do you always pay your bills on time, this may well determine whether your loan application is approved. If you have had a business for several years with stability in your bank records and have a good credit rating, you have a better chance to be approved. Our services as MyMoney mortgage adviser include that we approach banks and other possible lenders on your behalf and get the deal completed for you and you are not losing valuable time when you should be out there earning money instead of working on your self-employed home loan.
Knowing the paperwork for business finance applications
When you get in contact with a bank or lender to apply for a loan, one of the biggest obstacles is the paperwork you must initially complete and if you complete it incorrectly your loan may be refused on that detail alone. Each bank or lender has its own requirements so what you take to one bank may not be sufficient for the next one. If you can go to the lenders and confidently give them the required paperwork and any additional documents, getting a loan is much easier. This is where I step in as your experienced mortgage broker based in Auckland, I know exactly what it is each bank requires and can determine which lender or bank is the best one to approach for your loan. I will do all the running around, hard work and research for you.
Self-Employed Lending: Consider taking a tax hit
One advantage of being self employed is the huge range of things you can deduct from your taxes. However, should you drive down your tax bill too much those deductions may make it difficult to secure a mortgage through a bank. If throughout the year you keep your taxable income low that becomes a negative point as the lender looks at your gross taxable income some huge write-offs will work against you. Using a mortgage or financial advisor you can offset those expenses to satisfy the bank and then claim those expenses later.
If you are the owner of a company and are in the market for buying a new home, buying business premises you previously rented, arrange a meeting and come and talk to us as we are experts in the mortgage adviser market and are confident of finding solutions and getting you the self-employed (home) loan you need.
We are here to help you ensure your business has the finance it needs to grow.
Give us a call on 09 377 4433 to arrange an obligation free confidential discussion
For more information about small business loans NZ, and ways we can help you with getting the right loan for you and your business, read more here.
There are requirements for business loans in NZ, we can give you more information on our special page ‘business loan requirements NZ‘.
If you have any questions, do not hesitate to call for an appointment on 09 377 4433. We are happy to meet you in person in the Auckland Eastern Suburbs: Newmarket, Remuera, St Heliers, Glendowie, Glen Innes, Mission Bay, Kohimarama, Orakei, Meadowbank and St Johns. We can talk over the phone or on Skype Auckland and New Zealand wide!