- Home
- Services
-
Professional Loans
-
- About Us
- Calculators
- Location
- Blogs
- Contact Us
Securing a home loan often presents added complexities for self-employed Australians. Traditional home lending specialists tend to focus on standard income structures, making it challenging for self-employed business owners with irregular income streams and fluctuating cash flows to qualify. At Ausfirst Lending Mortgage Brokers, we recognise these challenges. We provide specialised home loan options that cater to the unique financial realities of business owners, sole traders, and small business owners.
We are expanding the range of financial documents considered. This includes business financials, taxable income records, personal ATO notices, and financial statements. By doing so, we make it easier for self-employed borrowers to demonstrate a viable business and consistent income. Our solutions include low doc loans, fixed home loans, and eligible home loan products designed to offer flexibility while ensuring that business owners’ home loans remain accessible and fair.
We also simplify the home loan application process with a fast-track assessment. Our team ensures you have access to the best loan options at competitive interest rates. Get started today and take advantage of self-employed home loan solutions designed to work for you.
Securing a home loan differs significantly between self-employed borrowers and salary earners due to variations in income verification, documentation requirements, and lender policies. Traditional lenders view PAYG customers as lower-risk applicants. This allows them to enjoy a simpler application process. In contrast, self-employed business owners must provide extensive financial records. These documents are necessary to prove their consistent income and financial stability.
The table below outlines the key differences between the two:
| Criteria | Self-Employed Borrowers | Salary Earners (PAYG) |
| Income Verification | Must provide tax returns, business financials, profit & loss accounts, and sometimes an accountant’s letter | Verified using payslips, employment contract, PAYG summary, and bank statements |
| Loan Application Process | More complex, requiring a fast-track assessment or low doc loans | Straightforward, with pre-approval often granted faster |
| Financial Documents | Requires business financials, taxable income records, balance sheets, and profit/loss statements | Needs only recent payslips, employment details, and financial statements |
| Income Consistency | Must demonstrate consistent income over 2+ financial years | Stable monthly salary from employer |
| Lenders Mortgage Insurance (LMI) | May require LMI unless a higher deposit is provided | Can avoid LMI with a lower deposit requirement |
| Interest Rates | Often higher due to perceived risk, but competitive rates available with the right lender | Typically lower interest rates |
| Loan Approval Time | Longer due to additional document verification | Faster as salary verification is simpler |
| Minimum Trading Period | Must have at least 2 years of self-employment history | No trading period required, just proof of stable income |
| Loan Repayment Options | More flexibility with interest-only repayments, fixed-rate home loans, or variable home loans | Usually defaults to principal and interest repayments |
We understand that self-employed business owners face unique challenges when securing a home loan. Traditional lending models often overlook the complexities of business partnerships, business liabilities, and fluctuating income streams, making the home loan process more challenging. That’s why we offer a modern, digital-first approach that streamlines applications and ensures a seamless experience tailored to your dynamic lifestyle.
Our commitment to transparency means you’ll always have access to clear information on interest rates, home loan repayments, comparison rates, and fixed rate periods, empowering you to make confident financial decisions. Whether you’re applying for a business loan or financing your owner-occupied property, we provide personalised solutions designed to support your long-term financial stability.
Let Ausfirst Lending help you navigate the complexities of self-employed home loans with expert guidance and innovative technology, ensuring a smooth and stress-free home financing journey. Contact us today to explore your options.
Ausfirst Lending Group is proud to be recognised as a finalist in the 2024 Sunshine Coast Business Awards under the Professional Services category, showcasing our commitment to excellence and dedication to serving the community with integrity and expertise.
We don’t just find you a loan that fits; we aim to get one that exceeds your expectations in terms of rates, options, and service.
We work with over 40 lenders, including big banks and non-bank lenders, giving you unparalleled mortgage choice—you have plenty of options to choose the most suitable home loan for you.
Our team is dedicated to guiding you throughout your homeownership journey, whether it’s securing your first home or an additional investment property. We provide ongoing support, including a 6-month review process to keep your loan competitive.
Every mortgage broker on our team has over 10 years of industry experience, ensuring expert advice every step of the way.
We tailor home loan solutions that prioritise your best interests, not the bank’s.
Our entire process is transparent and easy to understand, making the entire journey hassle-free.
Lenders require proof of consistent income, usually through business financials, personal income tax returns, and bank statements. Low doc loans and specialist lenders can provide more flexible options. With a strong credit history, stable business performance, and an adequate deposit, sole traders can secure competitive interest rates and home loan approvals.
Most lenders require self-employed people to have at least two years of business financials and tax returns to demonstrate stable income. Some lenders offer low doc loans with just one year of trading history, provided you have a strong credit score and significant deposit. In some cases, alternative income verification methods, like accountant’s letters, can help secure a loan with less than two years of self-employment.
Yes, business owners can qualify for a self-employed home loan, but the application process differs from PAYG borrowers. Lenders assess your taxable income, business financials, and cash flow stability. If you lack traditional payslips, low doc loans allow alternative income verification. A solid credit history, sufficient deposit, and strong business performance increase your chances of approval. Consulting a home lending specialist can help find the best loan options.
The required deposit for self-employed customers varies, but most lenders prefer 20% to avoid Lenders Mortgage Insurance (LMI). Some lenders accept 10% deposits, though LMI applies. With a strong financial profile, you may qualify for low doc loans with a higher deposit (20-30%). Providing additional financial documents, like business financials and tax returns, can improve approval chances with a smaller deposit. A home lending specialist can explore tailored options.
Memberships
Business Information
Ausfirst Lending Group Australian Credit Licence Number: 387366 | ABN: 68 845 798 048
Finsurance Pty Ltd t/a Ausfirst Lending Group credit representative number 414391. Finsurance Pty Ltd is a credit representative of Oshawa Pty Ltd Australian Credit Licence number 387366. AFCA 42404
Your full financial situation and requirements need to be considered prior to any offer and acceptance of a loan product.
Copyright © 2024 Ausfirst Lending Group | All Rights Reserved | Design & SEO by Marketing Agency Pro
