Self-employed Mother Unlocks Homeownership with Alt Doc Loan
Occupation
Self-Employed – Bookkeeper
Location
WA (CAT 1)
Loan Amount
$1.15 Million
LVR
67%
Property Type
Established Home
Scenario
Mrs. V, a self-employed bookkeeper for the past four years and a single mother of two, was facing challenges securing finance through traditional lenders. Despite her strong financial management skills, her income documentation did not meet standard criteria, leading to serviceability issues. Her plan to sell her existing home and use the proceeds for a new purchase was further complicated when her property sold for less than expected, creating a funding shortfall. Although initially approved for $900,000, she required additional borrowing capacity to meet her obligations.
How did Brighten help?
Brighten worked closely with Mrs. V and her broker to offer an Alt Doc solution through the Brighten Boss® Prime product, allowing her to provide an accountant’s letter to verify her self-employed income.
Furthermore, the loan was tailored to address Mrs. V’s unique circumstances, factoring in that one of her dependents would turn 18 within two years. To ease her immediate financial obligations, the loan included a two-year Interest-Only period, during which she would only need to pay the interest. After this period, the 30-year loan was structured to transition into 28 years of Principal and Interest repayments, aligning with her reduced financial commitments and stable income outlook.
Brighten’s flexible lending solutions, combined with a deep understanding of self-employed borrowers, enabled Mrs. V and her daughters to secure their new family home.
Fees, charges, lending criteria applies.