{"id":656,"date":"2020-04-10T09:53:00","date_gmt":"2020-04-10T09:53:00","guid":{"rendered":"https:\/\/www.carbar.com.au\/blog\/?p=656"},"modified":"2023-12-05T10:52:09","modified_gmt":"2023-12-04T23:52:09","slug":"beating-the-self-employed-loan-bias","status":"publish","type":"post","link":"https:\/\/carbar.com.au\/blog\/beating-the-self-employed-loan-bias","title":{"rendered":"Beating the Self-Employed Loan Bias \u2013 How to Build a Home, Get a Car and Live Your Life"},"content":{"rendered":"\n

Choosing to be your own boss can be one of the best decisions people ever make. The freedom, the independence and the sense of satisfaction are unparalleled, but there can be some nasty surprises.<\/p>\n\n\n\n

One of the most vicious is the realisation that even if you\u2019re earning more money as a self-employed person than you were as an employee, you might not have access to the same easy treatment by the banks when it comes to a loan. This can be for a variety of reasons, but by and large hinges on the fact that as an employee, you\u2019re pulling down a fixed income at regular intervals \u2013 and banks love that. It gives them a single, easy number to calculate your repayments against, and the certainty that you\u2019ll still be pulling down something similar in 6 months, 12 months and 5 years. As a self-employed person, you don\u2019t have that guarantee. It hurts to think about, but ventures can fail, businesses can lose market share and cash-flows can dry up.<\/p>\n\n\n\n

But that doesn\u2019t mean you\u2019re locked out of finance. With some smart thinking, you can beat the self-employed loan bias and enjoy everything that life has to offer \u2013 plus the freedom of owning your own business.<\/p>\n\n\n\n

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