Being self-employed can make applying for finance more complicated. Your income may fluctuate, your business expenses can affect your taxable income and you may have a shorter trading history than a traditional PAYG borrower.
Different lenders also assess self-employed income in different ways. To discover what may best suit your circumstances, we’ll look at your financial position, explain what lenders are likely to consider and identify lending options for you.
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When you’re self-employed, your income can look quite different from that of a PAYG employee. Lenders may look beyond a regular payslip and consider things such as:
Lenders can also assess this information differently. That’s why the lender you approach can affect the options available to you.
For some self-employed borrowers, traditional income documentation may not fully reflect their current financial position.
Depending on the lender and your circumstances, a low-doc or alt-doc loan may allow your income to be assessed using alternative documentation, such as BAS statements, business bank statements or an accountant’s declaration.
These loans aren’t suitable for everyone, and lender requirements vary. We’ll help you understand whether an alternative documentation option may be available to you.
A short trading history doesn’t necessarily mean you can’t apply for finance, but it can affect which lenders may consider your application.
Some lenders may take your previous employment and experience in the same industry into account. Others may have specific requirements around how long your business has been operating.
We’ll review your circumstances and help identify lenders whose current criteria may apply.
If you’re self-employed and looking for finance, the type of loan you need will depend on what you’d like to purchase or fund.
Buying a home: Self-employed home loans, including options for borrowers whose income may require alternative documentation.
Buying commercial property: Finance options for purchasing commercial property for your business or as an investment.
Business vehicles or equipment: Finance for vehicles, machinery, equipment and other business assets.
Working capital or business expansion: Finance to support business expenses, expansion or other capital requirements.
Your borrowing power depends on more than your business turnover or personal income. Lenders may consider your income, business expenses, existing debts, living costs, assets and liabilities, and how you document your business income.
Because lenders assess self-employed income differently, your borrowing capacity can vary between lenders. We can assess your financial position and give you a clearer indication of how much you may be able to borrow.
Investment and business loan rates vary between lenders and depend on factors such as the loan type, amount, LVR and your individual circumstances. We can compare available loan options and rates from our lender panel, so you can see what may be available to you.
It’s always nice to talk to a human, and when you’re self-employed, it’s extra nice (and important) to discuss your situation. Self-employed lending isn’t always straightforward, so if you’re unsure how a lender might assess your circumstances, talk to us.
We’re a proud Perth-based & people-first company. We listen carefully and use our deep market knowledge to personalise mortgage options that suit your future. From first-time buyers to self-employed borrowers and property investors, we bring clarity, confidence, and smarter lending solutions to every step of the process.
