How self-employed income is assessed with Alt Doc applications 

      Self-employed woman relaxes after getting Alt Doc loan

      Self-employed client not ticking all the boxes? An Alt Doc loan option could help.

      If your self-employed client is having trouble because of their type of employment or because their income type doesn’t tick the right boxes, then talk to us - we'll do our best to help find a way forward.

      At Pepper Money, we take a commercial approach when considering the applicant's industry sector. 

      For example, if we are looking at a professional I.T. business owner (working from home), the profit margin of sales would differ to that of a retail business owner (with a shop front and staff).

      However, all Alternative Document applications are assessed on their individual merits.

      Clients can verify their income using a range of documentation, including a Pepper Money Accountant's Letter, which doesn't require an Accountant to declare their client's ability to repay. 

      Home loans for clients with ABNs and GST ≥ 6 months

      Declaration of financial position plus one of the following:

      • 6 months business bank statements
      • 6 months BAS
      • Pepper Money Accountant's letter
      Commercial loans for clients with ABN ≥ 24 months and GST ≥ 12 months

      Declaration of financial position plus one of the following: 

      • 12 months business bank statements (inclusive of the last 1 month)

      • 12 months BAS

      • Pepper Money Accountant's letter

      In reviewing this information, we look for a consistent, stable sales history to support the taxable income declared by the applicant. We’ll also speak directly to the customer to understand their business and the income they have declared.

      We have flexible loan options for self-employed borrowers with complex income structure, credit impairment or with limited ABN registration (6 months for home loans and 24 months for commercial loans).

       

       

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