Managing Interest Rate Increases With Self Employed Alt Doc Lending
Another rate rise could make securing property finance more challenging, especially if you're self-employed.
The Reserve Bank of Australia (RBA) increased the cash rate by 0.25 percentage points to 4.60%, its fourth increase this year.
Higher rates can reduce borrowing capacity. And if you don’t have the standard income documentation required by traditional lenders, securing finance for a residential or commercial property can come with another hurdle on top of higher costs.
But luckily, ALT Doc or Low Doc lending allows eligible self-employed borrowers to demonstrate their income using alternative documentation, potentially providing a pathway to property finance when standard lending requirements don’t suit their circumstances.
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Navigating rate rises as a self-employed buyer?
Direct Credit Home Loans offers real estate-secured ALT Doc and Low Doc lending for residential and commercial property. Contact us on (07) 3726 1124 or email [email protected] to discuss your options.
