- In Bee Savvy - Getting the most out of your loan, Building wealth - Finance for investors, Business matters - Loans for business owners
Those of you whom are running a pty ltd company, or are a major shareholder in one, will understand that its not always viable to pay all remaining earnings as wages to yourself and the other directors/shareholders.
Yet, what happens when you find that your individual declared income does not allow you to borrow for a home or investment that you know you can afford?
Just like all bank policy, lenders will vary as to their rulings on retained company profits derived from the current financial year.
Some lenders will not allow this to be added back as income unless it has actually been drawn out from the company. Others will make allowances, depending on the structure of the company and the involvement of the remaining directors in your proposed individual financial transaction.
Don’t waste time and your credit rating by making multiple applications. Instead, get the right information upfront, and learn how much you can borrow, and which lenders will favourably consider your current company retained profits along with your individual income returns.
To find out more, about how we can assist you with finance for your intended purchase, whereby your financials are a somewhat complex, talk to us at Bee Finance Savvy, on 1300 140 554.
You may also enjoy – Professional-packages-for-lawyers-doctors-and-accountants