Borrowers who are self employed, or own a business, often experience irregular income or fluctuating cash flow. These situations may become a barrier to obtaining a home loan, or any other type of financing.

If you are a small business owner, or are self employed, do not despair, as the market is changing. More and more people are working for themselves, and the financial market is recognizing this shift. It has created additional services to help those with a non-fixed monthly income. As an independent worker, you now have access to self employed loans and self employed home loans. Home loan lenders will provide personalised services to you, to guide you through the technicalities of residential finance. With their assistance, difficulties will be reduced to a minimum.

Recently, mortgage lenders have been offering self employed home loans for those citizens who make a living as self employed entrepreneurs. Not all of these self employed loans are alike. They have slight differences and it will be up to each borrower to find out which one will be best for their personal situation.

One of the self employed home loans offered today is the ‘Low Doc Home Loan’. This financial solution offers self employed or small business owners with unpredictable income, and who have trouble providing the necessarily loan application documentation, a chance to still own their own piece of property. To many it is the only way to give their family a home.

A ‘Low Documentation Home Loan’ does not require the tax return forms or financial statements you have to provide for traditional home loans. These types of loans can be flexible or fixed, and borrowers can select between a number of repayment terms. They can decide if they want to pay it back in, for instance, 5, 7, 10 or 15 years.

Another option to get access to equity is by applying for a ‘line of credit.’ You can take out funds for your home as you need them; you can even use the cash for investment opportunities that unexpectedly come your way. You will have lots of financial freedom and a chance to expand your business. A line of credit is like a convenient all-in-one transaction account for your every day banking, as well as investment transactions.

It is not easy for entrepreneurs to be approved for home loans, but it is possible. Many financial institutions will offer self employed loans, whether they are for business purposes, to finance investments, or to buy property. While low doc home loans and lines of credit are popular options, they are not the only ones. As more hard working citizens make the switch to self employment, more self employed loan services are being created. The financial institutions want to keep up with the changing times and they want to provide their customers with all the financial solutions they need to secure their future.

If you are a small business owner, or you make a living as a self employed, and you are considering buying property, simply contact a financial counsellor at your bank. They will gladly help you figure out which option will suit your needs best.