Flexible solutions to get you into your
new home the easy way.
Being self-employed shouldn’t make it hard for you to get a home loan
Working for yourself can be hard work but also brings lots of great benefits. The only thing is, sometimes the banks make it harder for you to get a home loan.
But by selecting the right loan type and structure, applying for a self-employed home loan can be easy.
At Mortgage Innovations, we offer a range of solutions to help self-employed home loan applicants including full-doc, low doc, alt-doc and flexible loans.
What that means is we find the right loan structure and type to suit your needs while we make it easy for you.
Access a range of flexible options to give you the best chance of approval
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Enjoy buying your first home as our team answers your questions and guides you through the process
Elite Broker Status
so you get lower rates and faster approval times
Get self-employed home loan approval ready
Give yourself the best chance of approval with our top tips. It’s everything we’ve learned in the 15+ years we’ve been helping self-employed home loan applicants get their loans approved.
We’re specialists at coming up with solutions for self-employed home loan applicants like you. We understand that not all self-employed people can show two years of tax returns and financials, and offer alternatives if needed. Talk to our team to find out more.
Yes, you read that right – this stuff is important because it will help get you into that home you’re dreaming of:
Know your numbers
The numbers are important because they determine how much you can loan and the right type of loan to suit you. By numbers, we mean your:
- Income: how much you make, or combined household income.
- Living expenses: how much your day-to-day life actually costs and what your budget is moving forward.
- Savings: how much you have saved, and how much you need to put towards your deposit and purchase costs including conveyancing and building and pest reports.
- Savings history: lenders may check if you have a pattern of regular savings in the past 6–12 months.
- Rental history: lenders may look for 6–12 months of good rental history through a property or on-site manager. Some lenders will consider this in lieu of genuine savings.
- First home buyer benefits: see below.
- Spending patterns: lenders have recently started analysing what you spend including things like dining out and UberEats.
- Costs: the amount you can loan is impacted by costs like government and legal fees.
- How much you can borrow: aka your lending capacity. Calculate yours here.
If that seems like a lot, our team is here to help make it easy for you. Just get in touch with us and we’ll talk you through all of this and answer your questions.
Check your credit
Did you know that applying for finance or paying bills late can impact your ability to apply for a home loan? We all have a personal credit score; it’s something lenders look at when you apply. Your credit score can be affected by repeatedly paying bills late or declined applications for finance.
What does that mean for you? Pay your bills on time so when you apply for finance, you have the best chance of approval.
If you’re freaking out at this point, that’s OK. Why? Because we’ll be honest with you about your chances of approval. We’ll then match your finance profile and history to the lender that gives you the best chance of approval.
Prep your paperwork
To save time and get ahead, prep the following documentation:
Most self-employed home loan standard documentation includes:
- Two years business tax returns & financials
- Two years personal tax returns
However, we can also look at alternate options which may only ask for the below:
- Six months BAS statements OR
- Six months business statements OR
- Accountant’s letter
Find the right finance professional
If you’re reading this, it’s because you’re trying to find the right finance professional. To give you the best chance of a hassle-free process and loan approval, take the time to check that they:
- Are experienced with self-employed home loans
- Take the time to answer your questions
- Can find the right loan to suit you from a range of lenders
- Explain the numbers to you in detail
With over 100 five-star reviews and experience helping lots of self-employed and low doc loan applicants, our team would love to help you:
How it Works
LOOKING FOR A SELF-EMPLOYED HOME LOAN?
LOOKING FOR A HOME LOAN?
Our step-by-step Loan process is designed to:
- Find you the right home loan product to suit your needs
- Save you time
- Give you the best chance of approval
- Make it easy for you
- Support you throughout the process
To save you time, we’ll do some research on which lenders and loans might suit your needs before we catch up. Then we’ll talk in more detail about your circumstances and goals so we can find you the right loan.
Once your application is submitted, our Elite Broker status gives you a faster turnaround time. We’ll update you on the progress of your application and let you know as soon as it’s been approved.
The first step in finding your finance is a chat with one of our friendly team. We won’t waste your time and will let you know if you’re eligible for a loan:
Dave was a plumber and was looking to upgrade his property. His last year’s tax return had a loss but this financial year was tracking well. He had found the perfect home and wanted to move forward before getting his next tax return done.
Dave had completed his last two quarterly BAS statements which showed good income and minimal expense for that period. Dave spoke to his bank who said he would have to wait another six months and miss out on the property he loved.
We were able to provide Dave with a flexible non-bank lender that would allow him to purchase now based on the updated BAS statements. This lender did charge a slightly higher rate on his home loan but was so much more flexible and the home loan repayment was still affordable.
The great news was we were able to help Dave move forward rather than having to wait. What’s more, the next year when his tax returns showed a good profit for that financial year, we were able to refinance his home loan back through a more traditional lender at a lower, more competitive rate.
Do I need to show two years of tax returns to get a self-employed home loan?
No, not necessarily. Most lenders request two years of tax returns and financial statements. The good news is there are some lenders that can work off just one year’s tax returns and financials to make the process easier. There are some specialty non-bank lenders that have the flexibility to work off just bank statements or BAS statements, or an accountant’s letter.
Does the lender need to expense my business debts?
Most lenders do expense business debt; however, there are some lenders that leave out your business expenses and just work off the income distributed to your personal tax returns.
Do lenders consider adding back any expenses when working out borrowing capacity?
There are different policies around this topic with lenders. Depreciation and interest are two of the major add backs considered, along with directors’ wages and one-off out-of-ordinary expenses.
How much do you charge?
Our service is at no charge to you.
Why should I talk to you instead of my bank?
Because unlike a bank, we have access to over 40 lenders. That means we find you the right self-employed home loan, which starts with the right structure to suit you. We’ll show you what your bank can do plus compare it to the market, giving you a bigger range to choose from.
How much deposit do I need?
Most lenders will want you to have a deposit of 10% of the purchase price of the property. But the bigger deposit the better, because some lenders may require Lenders Mortgage Insurance.
Still have questions? We’ve got answers:
Find out what your numbers are
Work out how much you can borrow, what your repayments will be and plan how much you could save with our free calculators (or you can request a free consultation to get your questions answered).