That’s why proof of ‘standard income’ is often something we don’t have when it comes to applying for a home loan.
Yet research shows that 26% of Aussies that were turned down for a loan were declined because of employment status3. What’s the alternative? It’s Pepper Money – Australia’s Best Specialist Lender.
If you’re having trouble because of your type of employment or because your income type doesn’t tick the right boxes (non-standard income) talk to us at Pepper Money, we'll do our best to help find a way forward.
A simple home loan for borrowers with a clear credit history.
A balanced home loan for borrowers who haven't had a credit problem in the last 2 years.
A real home loan for borrowers whose circumstances have made getting a loan challenging.
There are two types of income documentation options available for self-employed borrowers; full documentation (Full Doc) and alternative documentation (Alt Doc). Note that we consider self-employed borrowers who have been in business for at least 6 months.
|Full Doc||Alt Doc|
We also consider a range of income types for the self-employed including:
- Net profit before tax
- Dividends and trust distributions
- Addbacks such as depreciation and non-recurring interest charges
- Superannuation contribution in excess of 9%
Note: All applications are subject to thorough credit assessment and loan suitability criteria. If you have any questions, give us a call on 13 73 77.
At Pepper Money we can finance home purchases of up to 95% LVR (subject to the loan meeting our eligibility criteria), which means you can start to look at buying once you have saved around 5% of the purchase price.
However, we recommend at least 10% as an ideal target as it is important to factor in the additional costs you will need to cover when you are taking out a loan.
At Pepper Money, we offer a range of variable interest rates depending on your individual circumstances. A decision on your rate will be based on a range of different factors including;
- The amount you need to borrow against the property value; known as the Loan-to-Value Ratio (LVR)
- The size of your deposit
- Your source of income
- Credit history
- Assets and liabilities
- And whether the loan is to purchase an owner-occupied property or an investment property.
There are fees associated with every home loan application which should be factored on top of your deposit. For example, establishment and ongoing administration of your loan account, legal fees, stamp duty and mortgage insurance fees.
Get in touch with one of our Lending Specialists on 13 73 77 to understand the full list of fees on a Pepper Money home loan and when these might apply. Alternatively you can view a high level summary of our home loan fees here.
Your Pepper Money Home Loan Journey can take up to six weeks – this is the typical timeframe for a home purchase, however the process may be quicker if all the necessary documentation is provided sooner.
Delays in decisions are often caused by incorrect or missing documentation.
We are Australia’s number 1 non-bank lender, as voted by the Australian Lending Awards 2018, and we live our mission every day: to help people succeed.
We specialise in working on each individual application so we can fully understand your real life situation and help find a suitable solution.
We were set up in 2001 because so many people needed home loans that banks weren’t prepared to offer. Since then we’ve helped over 200,000 Australians who don’t tick all the traditional boxes for home loans – and we also provide personal loans as well as professional equipment and car loans. Learn more about us here.
To see the full FAQs, click here.
For more of your questions answered visit our Help Centre.