AMP has recently updated its credit assessment process, making it simpler for self-employed borrowers. The decision follows NAB and Bankwest, who have also recently simplified their self-employed policies. These changes are designed to streamline the documentation requirements, making it easier for you to secure a home loan.
Key Changes Include:
One-Year Tax Returns: AMP now accepts just one year of tax returns for self-employed applicants.
Established ABN: Your business must have an ABN active for at least two years.
Simplified Documentation: Submit only your latest tax return and Notice of Assessment. No additional financials are needed if you meet the servicing criteria.
These updates mean less paperwork and a faster approval process (for qualifying applicants), allowing you to focus on what you do best – running your business. With these simplified requirements, you can spend less time on administrative tasks and more time on growing your business.
Bottom line: Navigating the home loan process as a self-employed individual can often be challenging due to extensive documentation requirements. AMP’s new policies alleviate some of this burden, making the path to homeownership more accessible. This change reflects a growing trend among major lenders to recognise the unique needs of self-employed professionals and adapt their policies accordingly.
If you would like to know more about the policy, your eligibility, pricing, terms and conditions, feel free to reach out to the Esho Capital team using the link below. Or if you prefer, you can send us a message on WhatsApp instantly and start a conversation.
Peter Esho is an economist and Founder of Esho Capital. He has 20 years of experience in investments.
Commentaires