Today's Big Stories

Are you self-employed and in need of a home loan? Here's what to do

Most people dream of having their own home with a white picket fence - but what happens if you have no pay slip.

Applying for a home loan when you are self-employed can be a tedious process and this is acknowledged by Guy Saville, Director of Information Technology, Systems and Credit at SA Homeloans.

He says the problem is that most self-employed people don't have their finances in order to prove to the banks that they have a stable income.

You need to be able to show clearly and convincingly how much money your business actually earns, how much is spend and how much you get to take home with you.

Guy Saville, Director of Information Technology, Systems and Credit at SA Homeloans.

A lot of business people don't have their finances in order, they don't have clear accounts and don't separate their personal expenses from their business.

Guy Saville, Director of Information Technology, Systems and Credit at SA Homeloans.

You need to be able to show that you can afford to make those payments... if all is in order it becomes much easier to obtain a loan.

Guy Saville, Director of Information Technology, Systems and Credit at SA Homeloans.

So that's the answer - make sure your finances are organised and accounts are in order so you can show the bank a consistent track record of your income.

To find out more about how self-employed people can get home loans, listen below:


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