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Helping business-owners own property

Same loans, same rates


If your client’s borrowing under their own name, they can apply for the same Westpac home loans, offers and rates as regular salary-earners. 

Fast Track assessment 


If your client qualifies for our self-employed Fast Track assessment, all they need to provide is their 2 most recent personal Australian Taxation Office (ATO) Notice of Assessments (NOAs).

Standard self-employed assessment 


Clients who'd like to include additional income from their business (such as business profits and addbacks) or who don't qualify for Fast Track, may be assessed on their business's latest year performance.

Medico low deposit, with no LMI


Certain medical professional clients could qualify for up to 95% LVR, with no LMI. They could also qualify for Fast Track assessment.


Follow this streamlined process  

  1. Confirm Fast Track eligibility (if ineligible, see standard assessment process below).
  2. Test serviceability using 2 years ATO NOAs *
  3. Select 'Fast Track’ in ApplyOnline
  4. Lodge nothing else but the last two years personal ATO NOA
  5. The application then joins the PAYG assessment queue

* Where capital gains exist on NOA, deduct from taxable income. Ensure rental income and/or negative gearing haven’t been included separately, unless income commenced after NOA period. The application will revert to the regular self-employed method if it doesn’t meet Fast Track eligibility.

Self-employed scenarios

Fast Track assessment  

If your client is self-employed, our Fast Track assessment process means their home loan application can be assessed without needing their business financials – giving them the same experience and turnaround time as employees on a payroll.


They can still qualify for Fast Track even if they: have PAYG income; have rental income; are applying with someone else and one or both of the applicants are self-employed.
 

Who’s eligible for a Fast Track assessment?

Your self-employed clients who:

  • Can provide the last 2 years’ personal ATO NOAs. Capital gains is to be deducted from taxable income.
  • Don’t need LMI, as they have at least 80% LVR (Medico clients might qualify for an LMI waiver with up to 95% LVR – see FAQ below)
  • Don’t need extra income to meet serviceability (serviceability is met purely using the income from their 2 personal ATO NOAs)
  • Don’t have foreign income included in their ATO NOAs.
  • Are being paid a salary from their business, receiving distribution from a partnership or trust, or receiving dividends from their company.

Standard assessment, latest year income

Clients who'd like to include additional income from their business (such as business profits and addbacks) or who don't qualify for Fast Track, may be assessed on their business's latest year performance as part of our standard self-employed assessment.
 

The potential for more borrowing power

  • If your client’s year-on-year profit growth is equal to or less than 60%, we may be able to use the latest year's income in the serviceability assessment to offer more borrowing power.
  • This test will be based on unadjusted profit (i.e. based on profit figures in financials / tax returns), so customers and brokers will be able to have certainty even before starting their assessment that we'll use latest year income.
  • Available for client’s paying LMI.
  • You'll need to provide documentation that shows us they’ve been operating as a viable business for the last 2 years (see the 'standard assessment, standard serviceability’ scenario documentation below).

Standard assessment, standard serviceability

What extra docs do I need if my client doesn’t qualify for Fast Track?

You'll need to provide more documentation that shows us they’ve been operating as a viable business for the last 2 years.

In addition to:

  • Last 2 years of personal ATO Notice of Assessments;
     

Sole traders also need the last 2 years of:

  • Personal Income Tax Returns.
     

Business partnerships, companies and trusts also need the last 2 years of:

  • Personal Income Tax Returns
  • Partnership, Company or Trust Tax Returns
  • Financial statements (including profit and loss accounts, and balance sheets).

It’s a good idea to have documents supporting their tax-deductible expenses ready too (like interest, rental property and one-off expenses, depreciation, asset write-offs, company car deductions and family trust distributions), as well as documents supporting their business liabilities (like hire purchases, leases and term loans).

Medico LMI waiver

The following Medico clients qualify for an LMI waiver for borrowing up to 95% LVR, and can be assessed under Fast Track – with no minimum income requirement:

  • Dentists
  • General Practitioners
  • Hospital-employed Doctors (Intern, Resident, Registrar, Staff Specialist)
  • Medical Specialists

The following Medico clients qualify for an LMI waiver for borrowing up to 90% LVR if they earn at least $90k/year from their occupation. They’ll need to be assessed under our standard assessment process.

  • Audiologists
  • Chiropractors
  • Midwives
  • Occupational Therapists
  • Osteopaths
  • Physiotherapists
  • Podiatrists
  • Psychologists
  • Radiographers
  • Registered Nurses
  • Sonographers
  • Speech Pathologists
  • Optometrists
  • Pharmacists
  • Veterinary Practitioners

Frequently asked questions

Your client can retrieve their Notice of Assessments in their MyGov inbox: for step-by-step instructions on how to find them, visit the Australian Government ATO site.

Quick tips, handy tools, and useful guides

Things you should know

Credit Criteria, fees and charges apply. Terms and conditions available on request. Based on Westpac's credit criteria, residential lending is not available for Non-Australian Resident borrowers.

This information's been prepared without taking your clients objectives, needs and overall financial situation into account. For this reason, your client consider the appropriateness of the information and, if necessary, seek appropriate professional advice. This includes any tax consequences arising from any promotions for investors and customers should seek independent advice on any taxation matters.

If any of the information related to (or provided by) Westpac Group that you rely on is printed, downloaded or stored in any manner on your systems, files or otherwise, please ensure that you update your systems and files with the most up-to-date information provided by us and rely only on such updated information.

Westpac Banking Corporation ABN 33 007 457 141 AFSL and Australian credit licence 233714.