Self Employed Finance Doesn't Have To Be Difficult

Self-employed loans are financial products specifically designed for individuals who run their own business or work as freelancers or contractors. These loans cater to those who have a fluctuating income or irregular cash flow and are looking to access funds for their business or personal needs.

For owner occupied properties, you can finance up to 95% of the property value. For investment properties, you can finance up to 90% of the property value. In the instance where you are financing more than 80% of the property value, Lenders Mortgage insurance will apply.

Generally you need to be self-employed for 2 years. We can always work with you to achieve the desired outcome if you have been employed for less than 2 years. Just reach out to one of our expert brokers to discuss your unique situation.

Requirements generally vary depending on the lender, however, below is a general guide of what most lenders require.

• Identification
• 1 or 2 years of business tax returns
• 2 years of personal tax returns 
• Most recent notice of assessment (NOA) from Australian Tax Office 
• 6 months of bank and financial statements for your business

If your business is less than 2 years old or if you don’t have above documentation, you may be asked to provide the following:

• Proof of ABN and GST registration for your business
• 6- 12 months of Business Activity Statements (BAS)
• Tax returns older than 2 years 
• A letter from an accountant who can acknowledge your financial position and circumstances

Low doc (low documentation) home loans can benefit people who don’t have access to the level of information banks and lenders often require for your standard home loans. If you are a business owner, contractor, seasonal worker or freelancer, you may not have all the documentation usually required or the employment history often requested. Your income may be irregular, but it may still be high enough and stable enough to make the required repayments.

While low doc loans may be most appropriate for the self employed people, it’s important to note that being self employed does not necessary imply you can only quality for a low doc loan. If your business is older than 2 years, steady and you have all the documentation required for a full doc home loan, it might be possible to meet a lenders criteria for a standard home loan.

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