Buying guide
Getting a mortgage if you’re self-employed
Experts explain why it can be more difficult to get a mortgage if you're self-employed.
AI summary
Getting a mortgage when self-employed is achievable but requires more documentation than for salaried employees. Banks typically require at least one year of financial accounts, and claiming business expenses can lower your on-paper income, reducing your borrowing power.
An alternative is using non-bank lenders like Resimac, which specialise in self-employed buyers. They offer more flexible assessments, sometimes accepting business bank statements as income verification. While initial interest rates may be slightly higher, they provide a viable path to homeownership.
What you’ll learn:
What mortgage advisers say about options for self-employed
Taking the alternate lender route
Q & A with Luke Jackson, General Manager of Resimac NZ
Luke Resimac anwers questions on lending for the self employed
Will more lenders be catering to self-employed people as they become a bigger part of the workforce?
How do you assess a self-employed borrower?
Are mortgage rates higher for self-employed people?
Would you be more confident about a loan if, in a couple, one of the borrowers was on a salary and the other was self-employed?
Any other pieces of advice for self-employed home buyers?
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