Media Features

Self-employed borrowers are thrown a bone as delta strain bites

Big lenders including Commonwealth Bank and ANZ are easing some of the traditional hurdles for self-employed people to purchase property as another wave of COVID-19 outbreaks slows sales, hits profits and weakens prospects.

Barry Thatcher, of Thatcher Finance, which specialises in residential and commercial mortgages, says: “It’s a moving feast for borrowers and self-employed need to be really well prepared before going to the banks to avoid poor outcomes.”

“Lenders rates, policies and conditions are all different.”

Beware long bank delays in mortgage approvals

Borrowers are facing long delays in having their loan applications approved, increasing buyer fears that offers will be beaten by rival bidders in fiercely competitive residential markets.

Barry Thatcher, of Thatcher Finance, which specialises in residential and commercial mortgages, adds: “All the major banks are very slow and, in many cases, are not picking up files for a first review for 15-20 days, as opposed to second-tier banks that have managed to keep processing times to one to three days.”

Properties that are driving spring sales – and those left behind

Borrowers are facing long delays in having their loan applications approved, increasing buyer fears that offers will be beaten by rival bidders in fiercely competitive residential markets.

Barry Thatcher, a director of Thatcher Finance, says “the pandemic is changing the dynamics of the nation’s market, particularly the way major lenders are financing lenders.

Investors have disappeared and lenders are becoming more conservative, demanding more evidence about borrowers’ income and tightening the amounts they will lend, despite record low rates.nvestors have disappeared and lenders are becoming more conservative, demanding more evidence about borrowers’ income and tightening the amounts they will lend, despite record low rates.”