Self Employed Mortgage advice
May 11th 2011 | 8:56 pm
#16
BE Enthusiast
Joined: Jan 2007
Posts: 446
From: Watford, UK and now Hervey Bay
Re: Self Employed Mortgage advice
Hey guys
in answer to some of the questions:
Vic_Eddy: the first home owners grant is $7000 if you buy an established home or $14000 if you buy a brand new home. Not sure if you have to be in the country a certain amount of time before you qualify but I don't think so. You do have to live in the property for at least a year after you get the grant, if you sell it or rent it out within a year you have to pay the grant back.
jon n bec: the VAT threshold (or GST as it is here) is $75K as the other poster said. I work at the bank so not sure how LTD companies work here and if that is the best option of someone who is self employed but look on the Australian Tax Office (ATO) website and that will tell you. The bank I work for here in Oz will not really look at your hubbies UK tax return, they really are only interested in your Oz self employment history.
Lois1: Technically the bank I work for in Oz states you must be self employed for 2 years, but we do get approval for customers who have been self employed less than 2 years. Basically, the less you need to borrow the better the banks will like you. So if you're only borrowing 25-50% of the value of the house then my advice is get a years worth of quarterly BAS statements sorted and then apply for a mortgage.
The important things to note are: the rules change fairly frequently regarding what the banks will & won't do, and every bank is different.
in answer to some of the questions:
Vic_Eddy: the first home owners grant is $7000 if you buy an established home or $14000 if you buy a brand new home. Not sure if you have to be in the country a certain amount of time before you qualify but I don't think so. You do have to live in the property for at least a year after you get the grant, if you sell it or rent it out within a year you have to pay the grant back.
jon n bec: the VAT threshold (or GST as it is here) is $75K as the other poster said. I work at the bank so not sure how LTD companies work here and if that is the best option of someone who is self employed but look on the Australian Tax Office (ATO) website and that will tell you. The bank I work for here in Oz will not really look at your hubbies UK tax return, they really are only interested in your Oz self employment history.
Lois1: Technically the bank I work for in Oz states you must be self employed for 2 years, but we do get approval for customers who have been self employed less than 2 years. Basically, the less you need to borrow the better the banks will like you. So if you're only borrowing 25-50% of the value of the house then my advice is get a years worth of quarterly BAS statements sorted and then apply for a mortgage.
The important things to note are: the rules change fairly frequently regarding what the banks will & won't do, and every bank is different.
May 11th 2011 | 9:17 pm
#17
Account Closed
Joined: Oct 2008
Posts: 114
Re: Self Employed Mortgage advice
Hey guys
in answer to some of the questions:
Vic_Eddy: the first home owners grant is $7000 if you buy an established home or $14000 if you buy a brand new home. Not sure if you have to be in the country a certain amount of time before you qualify but I don't think so. You do have to live in the property for at least a year after you get the grant, if you sell it or rent it out within a year you have to pay the grant back.
jon n bec: the VAT threshold (or GST as it is here) is $75K as the other poster said. I work at the bank so not sure how LTD companies work here and if that is the best option of someone who is self employed but look on the Australian Tax Office (ATO) website and that will tell you. The bank I work for here in Oz will not really look at your hubbies UK tax return, they really are only interested in your Oz self employment history.
Lois1: Technically the bank I work for in Oz states you must be self employed for 2 years, but we do get approval for customers who have been self employed less than 2 years. Basically, the less you need to borrow the better the banks will like you. So if you're only borrowing 25-50% of the value of the house then my advice is get a years worth of quarterly BAS statements sorted and then apply for a mortgage.
The important things to note are: the rules change fairly frequently regarding what the banks will & won't do, and every bank is different.
in answer to some of the questions:
Vic_Eddy: the first home owners grant is $7000 if you buy an established home or $14000 if you buy a brand new home. Not sure if you have to be in the country a certain amount of time before you qualify but I don't think so. You do have to live in the property for at least a year after you get the grant, if you sell it or rent it out within a year you have to pay the grant back.
jon n bec: the VAT threshold (or GST as it is here) is $75K as the other poster said. I work at the bank so not sure how LTD companies work here and if that is the best option of someone who is self employed but look on the Australian Tax Office (ATO) website and that will tell you. The bank I work for here in Oz will not really look at your hubbies UK tax return, they really are only interested in your Oz self employment history.
Lois1: Technically the bank I work for in Oz states you must be self employed for 2 years, but we do get approval for customers who have been self employed less than 2 years. Basically, the less you need to borrow the better the banks will like you. So if you're only borrowing 25-50% of the value of the house then my advice is get a years worth of quarterly BAS statements sorted and then apply for a mortgage.
The important things to note are: the rules change fairly frequently regarding what the banks will & won't do, and every bank is different.
Thankyou mrskiwi, thats what i wanted to know, from previous posts (think i misunderstood ), i thought that they needed your uk accounts, but if its only Australian that will be fine, I would think that my husband would initially be looking for an employer rather than being self employed to begin with until he finds his feet and gets established. Thanks again.
May 12th 2011 | 12:20 am
#18
BE Enthusiast
Joined: Jun 2008
Posts: 730
Re: Self Employed Mortgage advice
I asked the question today whilst opening a business account at westpac, their answer was a low doc home loan can be applied for with a years worth of business activity statements.
So defo varies by bank!
So defo varies by bank!
