Home loans for self-employed and business owners
Self-employed? Be your own boss with our full choice of Westpac home loans, and our Fast Track assessment process.
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Simpler income verification
You could qualify for our Fast Track or 1 year income assessment policy, making it easier to get into your home sooner.
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Same loans, same rates
Borrowing under your own name? Apply for the same home loans as salary-earners and get the same features and benefits.
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Dedicated lender supporting you
Apply now and connect with one of our home loan specialists, who'll guide you along the way. You can upload your documents later.
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Get into your home faster
Less paperwork and a streamlined home loan application process.
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How will I be assessed?
If you can provide a few extra documents, we can speed up your assessment. Here’s how:
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Our Fast Track process means your home loan application can be assessed without needing your business financials – giving you the same experience and turnaround time as salary earners. You’ll need 20% of the property’s value as the deposit.
You can still qualify for Fast Track even if: you have PAYG income from your own business; you have rental income; you’re applying with someone else and one or both of you is self-employed.
What documents do I need to get started?
- Your last 2 years of personal ATO Notices of Assessment.
Don’t qualify for Fast Track, but still want to keep things simple? Book an appointment with one of our helpful home loan experts to see if you qualify to be assessed based on 1 financial year’s income.
What documents do I need to get started?
- Your latest year’s business and personal tax returns (sole traders only require personal tax returns)
- Your latest year’s personal ATO Notice of Assessment
- Your latest year’s business liabilities
If you have a more complex business structure, want to use income from more than one self-employed business or you need to pay LMI, we just need to find out a little more about you.
You may also be able to borrow more using our standard 2-year assessment.
What documents do I need to get started?
- Latest 2 years business and personal tax returns (sole traders only require personal tax returns)
- Your latest year’s personal ATO Notice of Assessment
- Latest 2 years business financial statements
It's a good idea to have any financial documents handy to provide proof of expenses, like depreciation, asset write-offs and other business liabilities.
To qualify, you’ll need to:
- Be self-employed for more than 2 full financial years
- Have a registered ABN as a sole trader, business partnership, company or trust
- Ensure you have the most up to date financial information available, including lodgements with the ATO.
If you have an accountant, it's also a good idea to let them know you are applying for a loan so they are ready to supply any additional information you may need.
Not sure if you qualify? Book an appointment and a home loan expert will be in touch to guide you through your options.
How to apply for a home loan if you're a business owner
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Step 1 - Apply online now
Tell us some details about you; it should only take around 20 minutes to apply. Don’t worry, we’ll save as you go and there won’t be a credit check until you’ve spoken with a home lending specialist.
Step 2 - Talk it through
A dedicated lender will be in touch to go over the finer points of your loan. If you qualify for Fast Track, you just need your last two years of ATO income assessments docs. Otherwise, you’ll go through our alternative self-employed assessment methods which require a bit more time and documentation.
Step 3 - Conditional approval, if needed
We may be able to provide you conditional approval to help you confidently bid or make an offer knowing how much you can afford. Conditional approval is valid for 90 days. Need more time? We can renew it.
Step 4 - Full approval
Once we’ve valued your property and completed other verification, we’ll let you know when your application’s been approved. Accept our loan offer and you’re on your way to settlement – congrats!
Already started an application? Retrieve your application
Frequently asked questions on home loans for business owners
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What home loans can I get if I’m self-employed?
A range of residential home loans are available, whether you’re:
- Operating as a sole trader, a partnership, company or trust
- Buying your first, next home, investing or switching your loan to us (refinancing)
- Building a new home or buying an established property.
Borrowing under your name
You can choose from our full range of home loans, each with the same rate, features and benefits available to our PAYG customers.
Borrowing under the business name
If you’re borrowing through your business, you can choose from our selection of home loans for business. Book an appointment and one of our lenders will call you to talk through your options.
Where can I find my ATO Notices of Assessment?
Your Notices of Assessment are in your MyGov inbox: for step-by-step instructions on how to find them, visit the Australian Government ATO site.
What if I’ve had my business less than 2 years?
Under all our self-employed assessment methods, your business needs to have been established and trading for at least 2 full financial years.
That said, if you haven't been self-employed for 2 full financial years, or have changed your business structure, we may still be able to help you. Simply start your application online or book an appointment with one of our home loan experts.
What ways are there to apply?
No matter how we assess your self-employed income, there are 4 ways to apply for a new home loan, conditional approval or refinancing to us.
Option 1: Apply online and track your application
Save, submit and track online, all the way to settlement. It should only take around 20 minutes to apply online. Your dedicated lender will be in touch to chat through your financials, let you know how much you could borrow and progress things to the next stage (online is available for Bridging Loans and home loan increases).
Option 2: Apply by phone
Book an appointment with one of our home loan experts, or call 132 558, if:
- You’d prefer an expert to begin your application
- You’re applying to increase your current Westpac home loan, or for a Bridging Loan.
Option 3: Apply through your mortgage broker
They’ll guide you through your application and answer your questions.
Option 4: Apply in-branch
Get in touch with your nearest branch to arrange a meeting. Locate a branch.
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What to know & how to apply
Applying for a home loan when you're self-employed might sound complex – but it doesn't have to be.
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Apply in around 10-20 mins to buy a home or refinance to Westpac.
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8am-8pm, Mon-Fri
9am-6pm, Sat-Sun (Sydney time)
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Pick a time and place that suits you to talk to a home loan specialist.
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