NEAR PRIME SCENARIO: SELF-EMPLOYED

Gaining loan approval under a self-employed income can be difficult at the best of times, but what happens when your business has suffered financially through COVID lockdowns?

Read how Select helped the self-employed customer purchase his first investment property under our Near Prime product.

What was the customer’s situation?

The customer was looking to purchase their first investment property. As a self-employed painter, he struggled financially throughout 2021 due to COVID, and being unable to enter the homes of his clients. Fast forward to 2022, the demand for his trade has increased and although he has clear credit and good account history, the bank self-employment requirements meant that he was unable to secure lending.

How did Select help?

Under our near prime product, we were able to use his last 6 months business bank statements and GST returns, instead of the 2 years the bank was asking for. This improved his positioning significantly and meant the 2021 COVID struggle didn’t impact his application with Select. This also allowed his borrowing capacity to be much higher than what the bank was offering.

What product did your customer receive?

Near Prime Alt Doc.