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Recently helped a customer to prove their income was higher when refinancing!

Recently helped a customer to prove their income was higher when refinancing!

company profits loan financeRecently a customer came to us, needing to refinance their home loan urgently and pull further funds out. They both ran their own business and held an additional job.

Many people who run Pty Ltd companies will leave profits in the business, both to help it to expand, and also to reduce the amount of personal tax payable.

You will find that many lenders will not include this income as your own, regardless of how high it is, if it has not been taken out under your personal tax returns.

This can be very frustrating for those that are doing well, yet trying to use appropriate strategies when managing their business finances.

Fortunately there are some lenders who will consider adding back your current company profits, if you are the sole director.

This is a very handy option if you do not want to take out a low doc loan, (which can have extra fees).

There are still hurdles associated with this, which is why it is vital to seek an upfront consultation before applying for your loan, and marking your credit file.

One of those hurdles involves the amount of funds held in your company bank account. This can be viewed in varying ways by lenders.

If you would like to see whether you are eligible to add back company profits to improve your borrowing capacity, speak to us at Bee Finance Savvy on 1300 140 554 or enquiries@beefinancesavvy.com.au

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