Loan rules get tougher for self employed borrowers

RAMS has followed the lead of Westpac and St George and further tightened up lending rules for self employed mortgage borrowers. Low doc loan applications now have to be supported by Business Activity Statements (BAS) for the past 12 months, an Australian Taxation Office Lodgement Reference Number and account statements for the last three months that show evidence of tax payments.

Source: Mortgage Business