Self Employed Home Loans

Just because you are self-employed or a small business owner, doesn’t mean your dream of owning a home has to be put on hold. Obtaining a home loan as a self-employed individual can come with a few additional challenges. However, with the right knowledge and preparation, these obstacles can be overcome to help you get into your new home more quickly. We understand the unique challenges and we are here to help. We will help you secure a self-employed home loan at flexible terms.

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It’s worth noting that interest rates for self employed home loans may be higher than for traditional home loans, and the loan-to-value ratio (LVR) may be lower.

What is a self employed loan?

Self employed loans is a financial product designed for individuals who are not employed by a company or organization, but instead generate their income through self-employment or running their own business. These loans can provide an alternative source of funding for self-employed individuals who may have difficulty meeting the documentation requirements for traditional loans.

How do Self Employed Home Loans work in Australia?

Self employed home loans in Australia work similarly to traditional home loans, but with some variations. The main difference is that self-employed individuals may not have the same level of documentation or income verification as those who are employed by a company.

Different Types of Self-Employed Home Loans

When it comes to self employed home loans, there are a few different types of loans available:

Low Doc Loans

These loans require less documentation than traditional loans, making them a good option for self employed home loans who may not have the same level of documentation. However, it’s important to note that low-doc loans may come with higher interest rates than other types of loans.

Specialized Loans

These loans are specifically designed for self-employed individuals and are available through specialized lenders. These loans may be offered to sole traders, merchants, and ABN holders.

Secured and Unsecured Loans

These loans can be applied for as personal loans, and the lender typically requires proof of income and other necessary documents.

Peer-to-Peer (P2P) Loans

P2P loans are obtained through online platforms that connect borrowers and lenders. These loans may be a good option for self-employed individuals who are not able to obtain traditional loans.

It’s important to research and compare different loan options and terms before applying.

Requirements and How to Apply?

When applying for a low-doc loan as a self-employed individual, lenders may require some or all of the following documents:

Tax returns: Two years of complete personal and corporate tax returns to prove your income
Financial statements: Including profit and loss, a general ledger, and bank statements
Evidence of rental income: Real estate statements and copies of signed lease agreements
Notice of Assessment: A recent one from the Australian Taxation Office that provides tax information
Bank statements: Business and savings transactions, as well as any outstanding credit and loans with other lending institutions
Company-specific information: If you are the owner of your own business, you should prepare to share details such as the company’s ABN and address and other information.
Personal identification: Personal identification includes your Australian driver’s license, passport, and age card. You must duplicate your ID and then fax it; you can scan it and add the digital file to the application.

It is important to note that each lender may have different requirements and it is vital to check with them before applying. Looking for self employed home loans? Fill out our contact form and one of our specialists will be in touch with you quickly.

Is a self-employed loan better than the other ones?

When comparing self employed home loans with other types of loans, it’s important to consider several factors, such as:

  • Interest rate: Make sure to check if the interest rate is fixed or variable, and consider how changes in the rate may affect your ability to make monthly payments.
  • Turnaround time: Consider how quickly you need the loan and whether the lender can provide it within that timeframe.
  • Eligibility: Check if you meet the lender’s requirements for eligibility and be aware that applying for multiple loans at once can be seen as high-risk.
  • Process of applying: Understand the application process and any potential obstacles that may arise when applying for the loan.
  • Cost of the Loan: Be aware of any fees associated with the loan, including one-time and ongoing charges.
  • Secured vs. Unsecured: Determine if the loan requires collateral and what types of assets can be used as collateral, such as business or home equity.

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Advantages of a Self Employed Home Loan

There are several advantages to obtaining a self-employed home loan, including:

  • Flexibility: Self-employed home loans often offer more flexible terms and conditions than traditional loans, making it easier for individuals to qualify for a mortgage.
  • Low documentation: Self-employed home loans typically require less documentation, making the application process quicker and simpler.
  • Tailored solutions: Some self-employed home loan providers offer customized solutions that cater to the unique needs of self-employed individuals, such as the option to use projected income instead of past income.
  • Faster approval times: Self-employed home loans are often processed more quickly than traditional loans, with some providers offering conditional approval within 48 hours.

Disadvantages of a Self Employed Mortgage

Self employed individuals may have difficulty providing the necessary documentation and proof of income to satisfy the lender’s requirements. Additionally, self employed loans may come with higher interest rates and fees compared to traditional loans.

Case Study: Self Employed Home Loan for a Small Business Owner

One of our clients is a self-employed small business owner in Victoria. He has been working for himself for several years but had not yet been able to save enough money for a down payment on a home. He and his wife had also been turned down for a traditional home loan due to their lack of traditional income and employment history.

The client reached out to us. We connected him to a lender that specialized in self employed home loans. After providing documentation such as their tax returns, financial statements, and proof of income, they were able to qualify for self employed home loans. The lender was able to work with the client’s unique financial situation and offer a loan that fit their needs.

Thanks to the self employed home loans, the client was able to purchase their dream home and continue to grow their business. They were also able to take advantage of the tax benefits of being a homeowner and build equity in their property. Overall, the self employed home loans allowed them to achieve their homeownership goals despite their unique financial situation.

Frequently Asked Questions (FAQs)

What maximum amount can self-employed people get?

It is contingent upon various variables, such as your specific lender, money amount, and whether you meet the eligibility conditions.

Do I have any other things to take into consideration before applying?

First, always gather as much information as possible about the Loan and avoid becoming entangled in debt. You should not apply for loans if you do not require the funds. Ensure that you never use it for more than you need.

What should I consider when applying for self-employed home loans?

It’s imperative to ensure you meet the eligibility and document requirements before applying for a loan. Think about the possibility of having a guarantor approve your Loan. It will ease any doubt from the lender. You can also use it jointly with another person, and both parties will share the responsibility for the requested Loan.

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