For those buyers that view these current market conditions as an opportunity, we can give you some pointers! Many of our residents fall into the
self-employed category and, with lending rates the lowest they have been in years, this could be a chance to expand your property portfolio. People will always need accommodation, no matter what the market conditions are. We have some incredible purchase opportunities within the Dainfern, Fourways, Lonehill and Broadacres suburbs for the astute buyer today.
The criteria for obtaining a bond if you are self-employed are as follows:
- Company bank statements for 6 months;
- 3 months personal bank statements for the owner of the business (each page must be stamped by the bank);
- 2 years audited financials and management accounts up to date, depending on the company financial year end;
- A letter from Auditor/Accountant confirming personal income;
- All the company documents;
- The resolution to sign on behalf of the company.
It is very important when you own a company that you pay yourself a salary. The banks will all look at the salary going into your personal account. You can structure things like phones, cars, etc... to be paid by the company but, you must have sufficient funds going into your personal account to pay for all your expenses. So, the message today is PAY YOURSELF A SALARY.
If you have any questions regarding this article and being a self-employed purchaser please feel free to contact me on 083 601 1593.