Self-employed and taking out a home loan: a case study
At Lenny, we see clients from all walks of life with their own stories.
One such human? Natalie.
Let’s set the scene
Natalie was referred to Lenny by her (very clever and wise) sister, who was a client of Lenny herself. Looking to purchase a property, Natalie found herself stonewalled by endless paperwork and requirements due to the nature of her income.
You see, Natalie is self-employed with several businesses with a diverse and complex income stream that was proving headache-inducing when it came to producing the required paperwork for her chosen bank.
Have we mentioned she was also working within a deadline that didn’t leave a lot of room for paper shuffling?
After taking our handy microscope to Natalie’s unique position (and a call or two with her accountant), we were able to devise an ingenious plan.
Enter Lenny
Lenny was able to scour our little book of lenders (41 and counting) to find a lender who was happy to help Natalie get into her home using something called “simple self-employed verification”. As the name suggests? It’s a simpler way of getting a self-employed person into a mortgage with a lot less paperwork.
So… can anyone who’s self-employed use this method?
This lending model can be used if you’re paying yourself a regular wage that can be backed up by payslips and myGov income statements. You know, like any regularly employed human can.
Happily Ever After
Natalie was able to supply just one payslip and her MyGov income statement (the bank of course still needs to see you can service the loan) and bippidy boppidy boo she was a bonafide homeowner!
Being self-employed can make getting a mortgage seem like a gargantuan undertaking, but with the right knowledge and guidance, it can be a positive experience.
“The experience of working with The Lenny team was exceptional. Dean supported me every step of the way in navigating to a great outcome. The process was easy, streamlined and even fun! I will be recommending 🙌”
Want to see how Lenny can help you?