When it comes to applying for a home loan, there is a perception that it is harder for self-employed individuals but this is not quite true.
The main consideration for getting a bond is whether you can afford it.
Michael-Anne Abrahams, bond originator from MyProperty Home Loans says there may have been a time when being self-employed was a challenge if you wanted to apply for credit or a bond, but these days the process is far more sophisticated and equitable.
Abrahams's advice to self-employed people looking to apply for a bond is to approach the process methodically, and by doing the necessary prep work in terms of paperwork ahead of time.
Most financial institutions conduct a pre-qualification assessment as the first step in every application, whether you are employed or self-employed. This provides a clear understanding of affordability and improves your chances of approval. It also helps identify any potential red flags upfront, making the process smoother and more predictable.