Securing a loan with irregular income

More Australians are taking on different types of employment including casual, self-employed, and contract work.

If you have alternative income sources, it doesn’t have to hold you back from securing a home, car, business or personal loan to reach your goals.

Here are some of the options that could be available to you.

Low doc loans

Non-traditional employment roles may not provide the level of income documentation that traditional lenders use to assess loan suitability.

A low doc loan uses alternative forms of income verification to assess your suitability to service a loan. There are low doc options for home, car, business, and commercial property loans.

Each lender has their own requirements for low doc loans. For example, they may accept Business Activity Statements (BAS) or accountant’s declarations as income verification.

Custom loans and lenders

Borrowers all have different needs, so if you haven’t found a traditional loan that works for your individual circumstances, a custom solution could be the way forward.

Flexible lenders like Liberty take a holistic look at a borrower’s situation to assess loan serviceability and offer more personalised options. This includes considering a range of income types.

If you have imperfect credit, a low deposit, or irregular income streams, it could be a good idea to find a flexible lender. They can look at all aspects of an application to help you find an out-of-the-box lending solution.

Get support on your lending journey

If your situation isn’t straightforward, it may help to speak with a lending expert to work out the next steps.

A Liberty Adviser could help assess your options and support you through the process. Not all lenders have customised or low doc options, so a Liberty Adviser can support you in finding a solution that works for you.

If you’re a borrower who is self-employed, a contractor, freelancer, or has irregular income, chat with a Liberty Adviser today.