Helping you through the home loan process

THE challenges and complexities of the home buying process can be overwhelming and can often stop would-be buyers in their tracks, particularly the self-employed.

But no one knows the loan journey better than RAMS, the recently awarded ‘Best Self-Employed Lender’ at the 2017 Australian Lending Awards.

Tony Leggett has been a RAMS franchisee for four-years and owns and operates the only RAMS Home Loan Centre in Tasmania.

Having been in the industry for 40-years and an active member of the Hobart community, he has supported many homebuyers throughout their home ownership journey.

“Some self-employed local residents may be missing out on home ownership because they think it is unattainable, with some believing they don’t have the right documents and paper work,” Mr Leggett said.

“But being self-employed and qualifying for a home loan doesn’t have to be challenging – the key for self-employed customers is to be prepared, get your finances in order, do your research and to speak with a home lending expert.”

Listed below are five simple steps to help get your finances in order.

  • Know your business – it’s important that you know your key financial figures including your current income, net profit, expenditure and future projections.
  • Check your credit file history – run a credit file report on your personal and business credit file history.
  • Work out your loan or value ratio (LVR) – the LVR is your loan amount shown as a percentage of the market value of the property you want to buy. The percentage that lenders are willing to accept will vary.
  • Keep track of cash flow – lenders will look at your personal and business cash flow to analyse your ability to make loan repayments.
  • Collate supporting documentation – it’s good to get together some of the supporting loan documentation you may need prior to your appointment to support your loan application.

“At RAMS, we recognise that many Australians are self-employed business owners and we specialise in taking these factors into consideration when reviewing a customers ability to meet home loan repayments,” Mr Leggett said.

“For me, helping customers achieve their home ownership goals is one of the main reasons I come to work every day.

“Seeing the look on a customers face when you tell them they have been approved for a loan is a real highlight of being in this business.”

For more information, visit Tony Leggett at his RAMS Home Loan Centre at 106 New Town Road, New Town or phone 6228 2033 or 137 267 or visit RAMS.com.au.

Caption: From left, Andrew Leggett, Jennifer Cole, Tony Leggett and Colin Kelly from RAMS Home Loan Centre in Hobart.

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About the Author: Hobart Observer

The Hobart Observer is your monthly community newspaper, reaching over 24,000 homes and businesses in and around the City of Hobart. It is the product of Nicolas Turner, Justine Brazil, Ben Hope, Simon Andrews, Tobias Hinds and guest contributors, with support from advertisers.

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