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Home Loans / Self-Employed Home Loans

Self-employed home loans.

Discover the home loan options for self-employed Aussies.

If you are one of the over two million Australians who enjoy the freedom of being self-employed, then you may be aware of the frustration that emerges when seeking a home loan.

This is because most lenders like the security of a regular payslip when assessing your home loan application. However, many who have started out on their own haven't established a history of regular income and securing a mortgage can come to be a real challenge.

So what home loan options are available for self-employed applicants?


Full Doc Loans

If you are self-employed and seeking a home loan and already have your income evidence documentation organised, then you may be eligible for a traditional Full Doc Loan. These type of loans typically offer the lowest interest rates.

The lender will require the last two years’ tax returns and tax assessment notices as well as balance sheets and detailed profit and loss statements from the last two financial years.

Lenders use different methods of assessment for self employed people. Some use the average of your last two years’ income and some the lower of the last two years. Others may use a variance method.

Low Doc Loans

Low documentation loans are a flexible solution for people who are self-employed and have income and assets, however are unable to provide the required financial statements or tax returns at the time of application.

With low documentation loans, you won't need to provide proof of your income, however we will ask you to complete an income declaration form along with our standard loan application.

Not all lenders offer these loans and different lenders have different requirements. It is important to discuss your specific needs with a mortgage broker who can assist you to find the right lender for your particular circumstances.

These loans may be suitable for the following situations:

  • You've been self-employed for a minimum of 2 years
  • Your financials are not yet done
  • Your financials don't reflect the full story
  • Your business shows a fluctuating annual income

While some of these loans have interest rates and loan features comparable to standard variable loans they are often around 1% higher. Lending criteria varies between lenders but they generally lend a maximum of 80% of the property’s value.

If you establish a track record of on-time loan repayments on your loan, after two years you usually have the option to transfer to a traditional Full Doc loan with a standard variable rate.


Get in touch with a Mortgage Broker today!

Let our Mortgage Brokers find you a suitable home loan option and take the stress out of finance. Request your free appointment or call us today on 1300 657 184.

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