With the Australian financial climate the way it is right now, especially post-COVID, more and more individuals are becoming self-employed. Typically, self-employed individuals have many challenges when it comes to securing a home loan. In addition to more self-employed individuals, many borrowers find themselves in more complicated financial situations due to job loss or other financial hardships. As such, they may now find themselves in a situation where they cannot afford their loan repayments. It is essential to stand out from the crowded mortgage broker field by providing solutions for your client’s changing circumstances.
Self-employed home loans
Most traditional lenders require a borrower to be self-employed for at least two years before applying for a home loan. Even so, they have to provide many forms of financial documentation. Partnering with Mortgage Street allows you the opportunity to offer your clients a low doc home loan even if they’ve only been self-employed for a year or less.
Adjust to your client’s circumstances
Most lenders are unwilling to adjust to their client’s circumstances. They won’t allow them to refinance or negotiate different loan terms without having the borrower pay a breaking or exit fee. By allowing your client to refinance, enter into an interest-only loan term or adjust their interest rate, you can improve your clients’ experiences and expand your business.
The Mortgage Street Difference
As a non-bank lender, Mortgage Street can help professional brokers gain a competitive edge by allowing them to find loans that match their client’s changing circumstances. From self-employed home loans to flexible loan terms, our product offerings will enable you to provide your clients with the best loan for them to match their financial situation. We make it easier for your clients to refinance their existing home loan, access their home’s equity, switch to an interest-only loan until they can get back on their feet or adjust their interest rate.