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How To Apply For A Home Loan If You're Self Employed

Saving for a home loan deposit and going through the motions of applying for mortgage loans is a handful for any Australian, but it can get that much trickier if you’re self-employed. As well as juggling your business you also need to prove your worth.While you might need to jump through a few extra hoops, it’s not impossible to own your home or upgrade if your existing home is getting a little small.

What is Property Depreciation?

The ATO acknowledges the decrease in asset value and has set up a timeline for individual asset life expectancy. This means that even though the expenses of asset depreciation might not be covered in rental earnings, you can claim investment property depreciation against your taxable income. ‍For example, if you buy a new carpet for $6,000 ATO lists this value expectancy as ten years. This means you can claim a $600 tax deduction every year for ten years under straight-line depreciation (Prime Costs). We’ll get into the formula for calculations a little later in this blog.

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How To Apply For A Home Loan If You're Self Employed

Saving for a home loan deposit and going through the motions of applying for mortgage loans is a handful for any Australian, but it can get that much trickier if you’re self-employed. As well as juggling your business you also need to prove your worth.While you might need to jump through a few extra hoops, it’s not impossible to own your home or upgrade if your existing home is getting a little small.

What is Property Depreciation?

The ATO acknowledges the decrease in asset value and has set up a timeline for individual asset life expectancy. This means that even though the expenses of asset depreciation might not be covered in rental earnings, you can claim investment property depreciation against your taxable income. ‍For example, if you buy a new carpet for $6,000 ATO lists this value expectancy as ten years. This means you can claim a $600 tax deduction every year for ten years under straight-line depreciation (Prime Costs). We’ll get into the formula for calculations a little later in this blog.

How To Use Super To Buy A House?

In an effort to make owning a home more manageable for average Australians, particularly those renting and looking to purchase their first home, the Australian government is opening up more and more incentives to make it possible.‍One of these boosters is through Superannuation.

Auction or Private Sale: Which Is Better?

Selling your home is a big decision, but even after you choose to put your home on the market you still need to decide on the best approach.‍ There are two roads you can choose to sell your home:‍ Auction or private sale.

What happens to property values as interest rates rise?

Despite the current constraints, Mr Lowe said many households had built up very large financial safety nets during the pandemic, saving an extra $250 billion over the past two years, and also stated that the number of people falling behind in their mortgage payments is currently declining. So what happens to property values as interest rates rise?

Things to know before buying a property

To make good on your goal to own an amazing property, all you need is to find the right professional support: a quality mortgage broker, supportive lender, qualified conveyancer as well as making sure you complete third-party property inspections for building faults and pest control.These professionals will be able to see problems and challenges you might miss through being rushed, emotional or just not having the proven experience to know what to look for.Looking for ways a property won’t work for you is just as important as determining what will work. 

How much deposit do I need to buy a house?

Saving enough the required money for a home deposit can seem like an achievable dream for first-home buyers.‍The question is, how much of a deposit do you really need to buy a house in the current housing situation?

What is the Regional Home Guarantee?

To reduce the pain of buying a first home and helping renters in the property ownership door, the government introduced a number of incentive plans. In 2020 the First Home Loan Deposit Scheme was introduced to allow first home buyers to get into their own homes with a reduced deposit and no added bank penalties. In the 2022 Federal Budget, this was changed to be called the First Home Guarantee. 

What is the Family Home Guarantee?

With housing prices still rocketing out of control it’s a daunting task for single parents to get into their own property and secure a safe and stable home for their families. Luckily the federal government is looking to do something about it with a family home guarantee that allows single parents to apply for a home with only a 2% deposit.

Stay True to Your 2022 Home Buying Goals

New Year’s parties are behind us so it’s time to get serious about stepping up on that property ladder. If your 2022 goal was to become a first-home buyer, saving for that deposit needs to be your number one priority starting yesterday.In order to get the right frame of mind and really get moving on your SMART goal, there are some everyday habits you can ingrain in your brain right now.

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