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Being self-employed, you may not have conventional income verification to provide to lenders. Hence, obtaining a self-employed home loan can be challenging, with your mortgage application being heavily scrutinised and taking a long time.
If you are behind with lodging your tax returns or the income that you are getting is not being reflected in your returns based on your current trading situation, then you may struggle to obtain a home loan. If this sounds like you, do not lose hope as you may still have options.
Our loan specialist can help you connect with lenders who offer more specialised loans that are designed to support self-employed borrowers’ flexible options in terms of proving their income.
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The following are examples of documents you can provide instead of the usual pay slips and tax returns.
If you successfully qualify for a self-employed home loan , then you will complete an income declaration document. Here you will provide details of:
Typically, you will need an income declaration along with one of the documents listed below.
Quarterly BAS statements can confirm your quarterly capital & non-capital purchases as well as gross trading income. These statements can be an excellent alternative if your returns’ income does not reflect accurately your current income or if you are behind with lodging tax returns.
Lenders may ask for two to four BAS statements to get a better picture of your most recent trading history.
An accountant’s declaration will include:
Like Business Activity Statements (BAS), your business bank statements will help lenders assess the expenses you are incurring and the income you are receiving. Generally, lending institutions will ask for around three months of bank statements to give them an indication of your current trading status.
Sam and Stacey were borrowers looking to upgrade their family home and turn their current house into an investment property. They are self-employed and run their electrical business in Modbury.
They planned to refinance their owner-occupied property, extract the deposit to purchase their new home and convert the previous owner-occupied property to an investment property with interest-only repayments.
Sam and Stacey’s business had undergone a period of growth after significant investment in the years prior, so it did not accurately reflect current trading in their financial statements.
With our loan service, we were able to verify their income using an accountant’s verification, thereby creating an investment property for growth and tax reduction, and allowing them to purchase their new home.
Our lending specialists have years of experience in managing and advising the self-employed applying for a home loan. We are here to find you the best solution and guide you through the home loan application process and income verification specific for self-employed home loans.
We would love to answer all of your questions or have a chat with you.
Let’s connect!
Steve Barker
Loan Consultant
Ph: (08) 8263 4009
Mob: 0435 856 649
Jammaya purchased an investment property in Queensland. She’s taking advantage of our HiLo investor loan product which enables clients to get a 0.75% interest rate on their owner occupier home loan! Many clients are saving thousands per year with this amazing investor-only deal!
Leoni completed a purchase agreement for her first rental property. She secured a fantastic interest rate and her new property is optimised for maximum tax deductions.
“I was offered the rate, checked it with my bank, went into another branch and no one could match it!”
Jammaya purchased an investment property in Queensland. She’s taking advantage of our HiLo investor loan product which enables clients to get a 0.75% interest rate on their owner occupier home loan! Many clients are saving thousands per year with this amazing investor-only deal!
Leoni completed a purchase agreement for her first rental property. She secured a fantastic interest rate and her new property is optimised for maximum tax deductions.
“I was offered the rate, checked it with my bank, went into another branch and no one could match it!”
Jammaya purchased an investment property in Queensland. She’s taking advantage of our HiLo investor loan product which enables clients to get a 0.75% interest rate on their owner occupier home loan! Many clients are saving thousands per year with this amazing investor-only deal!
Leoni completed a purchase agreement for her first rental property. She secured a fantastic interest rate and her new property is optimised for maximum tax deductions.
“I was offered the rate, checked it with my bank, went into another branch and no one could match it!”