We get it—being self-employed can make the home loan process feel a bit more complicated. But don’t stress, it’s totally doable!
Banks will ask for more proof of income compared to someone on a regular paycheck. Usually, that means you’ll need at least two years of financial statements — your balance sheet and profit & loss — plus your personal and company tax returns.
If your business isn’t quite two years old, some banks might accept a forecast of your expected income, but this depends on how realistic your numbers are and where you’re at in the financial year. It’s a bit of a case-by-case thing.
Contractors with irregular income? A solid income history helps for mainstream lending, but specialist lenders can offer more flexibility if your income doesn’t fit the usual mould.
Lenders also want to see your household expenses laid out clearly. We’ll help you figure out what costs are fixed and what can be trimmed. Plus, if your business covers some expenses like phone or car costs, we won’t double count those against your personal budget.
Don’t forget, banks factor in business debts too — even if your business is covering them or they’re split based on ownership shares.
The takeaway? Self-employed doesn’t mean no mortgage. It just means a bit more preparation and paperwork. But with the right know-how and a few options up your sleeve, you can absolutely get the home loan you need.
Got questions or need help getting your docs sorted? We’re here for you.
