Welcome to HJQ Group Pty Ltd
If a borrower has no tax liabilities and owns a fully paid-off house, they can secure a 100% loan against their business. The seller must provide a two-year tax return showing profits (both chain and independent stores are acceptable). If the borrower owns commercial properties with no tax liabilities, they can also secure a 100% loan against these properties. To qualify, 65% of the rental income must be sufficient to cover the loan repayments, and the lease should have a term of 3 to 5 years. If rental income is inadequate, alternative income documentation can be provided. Builder loans can be substantial. For commercial loans, if no income documentation is available, some banks offer Lease Doc products, allowing for borrowing up to 60% LVR.
Loans for self-employed individuals require certain documentation, including the company’s financial statements and personal tax returns for the past two years. These documents are crucial for securing a loan. If tax returns are unavailable, a continuous record of business deposits for one year can also be used to support the loan application.
It's advisable to avoid purchasing vacant land or undeveloped land if you lack experience. Funds can remain tied up for extended periods without generating rental income. This situation differs from buying a house and land package, which typically involves existing approval documents, or from demolishing and rebuilding old houses, where council and government approval processes are relatively quicker. Feel free to meet with us for further assistance.
1. Individuals under 18 years old, and elderly people who rely solely on pensions without family support.
2. Excessive loan applications resulting in noticeable records on the credit report (CRAA).
3. Applications for relief in Australia where both partners have no income.
4. Presence of bankruptcy records or ongoing legal disputes (bankruptcy or court matters).
Many advertisements for low-doc loans that claim no income is required can be misleading. Banks offer Low Doc products specifically for self-employed individuals whose businesses are new and haven't yet filed tax returns or completed financial statements by year-end.
Although these loans don’t require various income documents like tax bills, banks still rely on business account transactions, or BAS from the past 12 months, to verify the accuracy of reported income.
Low Doc loans are designed for self-employed individuals without income proof, not for those without any income. Each bank's Low Doc policy varies, so please contact us to discuss your specific situation. We can help prepare you for a home loan application based on your circumstances.
When you sought a loan consultation, you provided your total income verbally, such as $100,000, but did not submit a salary slip. Upon reviewing your actual salary slip, we found that the bank only considers your base salary and consistent overtime pay, while short-term bonuses, irregular overtime, and allowances are not included in your loan capacity. This discrepancy significantly impacts the amount of loan you can be approved for. Additionally, the bank frequently updates its loan assessment rates and standard living expenses based on market conditions, so your borrowing capacity can vary over time.
HJQ Group highlights the importance of formal approval documents in our advertisements, on our website, and during phone consultations. We advise against using verbal consultations as the basis for paying a non-refundable deposit without a cooling-off period for a home purchase.
HJQ Group has a highly skilled construction loan team that can assist you in securing the necessary loans from banks or other institutions to finish your house construction. Please reach out to an HJQ Group broker for more detailed assistance.
The main risk of buying a house at auction is that buyers do not benefit from the five-day cooling-off period and deposit refund policy available for standard home purchases. Auctions often lead to impulsive decisions, with prices typically exceeding market values. Banks approve loans based on actual property valuations, so if you haven't thoroughly researched the property—its area, structure, and municipal planning—the bank might either refuse the loan or reduce the amount. This risk is higher if the loan-to-value ratio exceeds 80%. Therefore, HJQ Group advises potential auction participants to prepare a loan application and appraisal report beforehand.
Yes, it's true. Many banks will automatically reject loan applications from customers with a history of bad debts, even if those debts have been settled. We recommend that you request a free five-year credit history check from our loan manager before applying for a loan to avoid unnecessary rejections.
Additionally, it's advisable for new immigrants to maintain a positive credit history, including timely payments for bills, housing, and credit cards. We can also assist in explaining any past bad debt records due to oversight to the bank, helping to facilitate a smoother loan process.
Based on your current circumstances, banks can still offer loans to new immigrant PRs, with a maximum loan-to-value ratio of up to 90%, similar to local customers. However, you will need to provide detailed information about your income. Currently, banks do not offer loan services to overseas buyers. For assistance with loans from institutions or funds, you can contact HJQ Group loan brokers. They can help with loans starting at an interest rate of 4.99%, with a maximum loan amount of 70%-80%.
