A Mechanic’s Guide to Home Loans

So you’re a top-notch mechanic, turning wrenches and keeping Springwood’s cars on the road. You’ve saved some cash and dream of owning a place to call your own. But you’re self-employed, and qualifying for a home loan can feel like navigating a tricky racetrack. Breathe easy! While it might take some extra legwork compared to a salaried worker, owning a home is definitely achievable.

The key thing to remember is lenders love stability, and income with a neat tax return to back it up is their comfort zone. But that doesn’t mean you’re out of the race. Here’s how to shift your self-employed status into an advantage:

  • Fuel Up Your Deposit: Having a larger deposit, say 20% or more of the home’s value, shows the lender you’re serious and reduces their risk.
  • Open the Hood on Your Financials: Be prepared to show a healthy business history. Gather your tax returns for the past few years, along with Business Activity Statements (BAS) – these documents are like a financial report card for your business.
  • Prime Time for a Broker: A mortgage broker acts like your pit crew, helping navigate the lending landscape. They can shop around for lenders who understand the world of self-employed borrowers and find the best deal for you.

Remember, a strong track record is your best asset. Consistent income, healthy business financials, and a good credit score will put you in the lead. With some planning and preparation, you’ll be cruising towards homeownership before you know it!