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Here’s a quick guide on Fast Track applications for your Self-Employed clients.

Fast Track your way into this fast growing market.

Take advantage of a growing self-employed market with more people starting a side hustle. In 2022, 400,000 Self-Employed Australians intend to take out a mortgage, and with a 40% larger average deal size*, it could be a great opportunity for brokers to tap into further.

Our Fast Track assessment process aims to make it simpler for you to help your eligible self-employed clients into their homes sooner.

*based on historic data

Key benefits for customers and brokers.

Our Fast Track assessment process requires only 2 years of ATO Notice of Assessments, and nothing else! With the reduced documents required, the application joins the PAYG assessment queue which is historically faster than the regular self-employed assessment for approval.

Who’s eligible? What’s required?

A Self-Employed client is eligible for Fast Track if they: 

  • Provide the last 2 years personal ATO Notice of Assessments
  • Don’t require Lenders Mortgage Insurance (Eligible Medico clients, excluding Chiros & Physios, can still get LMI waivers up to 90% LVR if using Fast Track)
  • Meet serviceability purely using income derived from 2 personal ATO Notice of Assessments
  • Don’t have >$100k in business lending products with Westpac
  • Don’t have foreign income included in the ATO Notice of Assessments

Then follow these 5 easy steps.

  1. Confirm Fast Track eligibility  
  2. Test serviceability using 2 years ATO Notice of Assessments. Where capital gains exist on ATO Notice of Assessments, deduct it from the taxable income. Ensure rental income and/or negative gearing haven’t been included separately unless income commenced after the ATO Notice of Assessments period.
  3. Tick ‘Fast Track’ in ApplyOnline
  4. Lodge nothing else but 2 years ATO Notice of Assessments! 
  5. The application then joins the PAYG assessment queue 

If the application does not meet the Fast Track eligibility, or if more documents are supplied, the application will revert to the regular self-employed method.

Frequently asked questions

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. 

To qualify for Fast Track, your client will need to: 

  • Provide their last 2 years of personal ATO Notice of Assessments. 
  • Be self-employed for more than 2 years. 
  • Not require LMI. 
  • Not rely on any other sources of income to afford their home loan repayments.

Fast Track document checklist: 

  • Their last 2 years of personal ATO Notice of Assessments.

: Only provide their the last 2 years of personal ATO Notice of Assessments; if you provide more the application will be processed under our regular self-employed assessment.

Guides and Resources

Self-Employed Flyer

We’re here to help our self-employed customers with their home buying journey.

Fast Track Flyer

Find out if your self-employed client is eligible for our Fast Track assessment process.

Document Checklist

Help guide your self-employed clients through the required documents.