Self-Employed Home Loans
- Available Australia wide, 7 days a week
- Negotiation power for lowest interest rates
- Experienced team with expert knowledge
- Priority status with banks for quicker outcomes
Self-employed & looking for a
home loan? We can help.
Get your self-employed home loan approved
Self-employment gives entrepreneurs unparalleled freedom and flexibility. However, it can present unique challenges, especially if they want to take out a home loan.
At Zenith Financial, we have years of experience getting 1000+ loans approved and have worked with all self-employed borrowers. We’ve got you covered, from sorting out your finances to turning in and facilitating your loan application.
When applying for a home loan, you can be considered self-employed if you:
- Have a registered Australian Business Number (ABN)
- Manage your own taxes and superannuation fund
Who Qualifies For Self-Employed Home Loans?
Banks and non-bank lenders often look at the following points when evaluating your eligibility for a self-employed home loan:
- Your ABN registration
- Business type and characteristics
- Your trading structure
People who work in the following roles can be considered as self-employed:
- Business & SME owners
- Franchise owners
- Sole traders, partnerships, and start-up founders
- Freelancers & independent contractors
- Tradies: Plumbers, Builders, Electricians
- Fitness instructors, Personal Trainers
- Creative professionals: Designers, Filmmakers, Musicians
- Professionals like accountants, lawyers, consultants
Contact our mortgage brokers at 1300 312 712 or fill out our assessment form, and discover whether you qualify for self-employed home loans.
Self-Employed Home Loan Requirements
Self-employed home loan applicants must prepare the following requirements:
- Two years of consecutive tax returns and financial statements
- Proof of stable income
- Business records
Home Loans for Self-Employed applicants under 2 years
Applicants who have been self-employed for between 1 to 2 years can apply for a home loan from lenders on our panel. As long as you can prove that you’re active in the same field of work for a long time and can provide at least 1 year’s business financials, you should be good to go.
Contact our mortgage brokers at 1300 312 712 or fill out our assessment form or any concerns about whether your past employment or career situation may make you ineligible to apply. We specialise in helping self-employed applicants qualify for home loans at excellent rates.
Home Loans For Self-Employed Under 1 Year
For applicants who have been self-employed for under 12 months, we can take their income from their last job and use it to support their home loan application. Note that your options may be far less, but that’s because new businesses are more financially unstable and uncertain.
However, by using your last job as a basis for your borrowing capacity, it may be reasonable to say that should you decide to close your business, you can always reapply for a job with a similar salary.
In doing so, you may get approved for home loans up to 80% of the property’s value.
What documents do I need to apply?
Self-employed home loans are usually full doc loans. That means you must provide as much information about your financial circumstances as possible. Lenders would often require the following documents:
- The latest two years’ consecutive personal tax returns
- The latest Australian Tax Office (ATO) Notice of Assessment or an accountant’s letter confirming that tax returns have been lodged with the ATO.
- Business tax return for 2 recent financial years
- Financial statements prepared by an accountant, including the latest 2 years of Profit & Loss statements, depreciation schedules, and balance sheets
- Proof that your business has profited in the 2 latest financial years
- Active and registered ABN for 18 months to 2 years
Businesses earning more than AU$75,000 annually must be registered for Goods & Services Tax (GST). You must then lodge a regular BAS to determine how much GST has been collected.
What if I can’t provide all the documents?
We have lenders offering low-doc options. They will accept a declaration that confirms your income and assess your loan with fewer requirements.
However, note that these loans may come with higher interest rates and you may have to pay Lenders’ Mortgage Insurance (LMI) to cover the higher perceived risk of low-doc home loans.
Contact us at 1300 312 712 or fill out our assessment form to discover whether you qualify for low-doc options. You can also choose from our panel of lenders and access competitive self-employed home loan deals.
Our Lenders
Self-Employed Home Loans FAQs
Lenders will look into your previous tax returns to evaluate how stable your business will perform in the future. They tend to be wary if your income has decreased by a huge sum in the last 2 years.
On the other hand, some lenders in our panel will take the average of the two years and may or may not add back expenses indicated in your tax returns. Some lenders accept payslips for the latest 6 consecutive months if you can’t provide these documents.
We advise speaking with our senior mortgage brokers to accurately determine your unique financial position, enabling us to provide the most effective financial advice.
Where experience counts
Having encountered thousands of different scenarios, our team is well equipped to find you suitable solutions. Having the right mortgage broker by your side is essential to ensure you are getting the absolute best deal for your unique situation.
client satisfaction
loans
approved
different lenders
Your success is our success
We understand everyone’s circumstances are different and we take the time to understand you and your goals. We value forming lifelong relationships with all our clients and we are fully committed to adding value every step of the way.
We know that mortgages can sometimes be complex and hard to understand. We focus on simplifying the process for you and we treat your loan as if it were our very own. Let us do what we do best so there’s one less thing for you to worry about.