Home loans for business owners
Same loans, same rates
Business owners are able to apply for the same Westpac home loans, offers and rates as salary-earners.
2 years of financials
You need show two years of business financials, so we know you're operating as a viable business.
Get started and apply now. A home finance manager will call you back, you can upload your documents later.
Get $3K cashback when you refinance to us**
Apply by 30th November 2021, settle by 28th February 2022. Owner Occupier loans (P&I repayments) and Investment Property loans, with LVR+ less than 90% and min $250k loan. Flexi First Option or packaged# home loans only ($395 annual package fee). Only one cashback offer available per primary applicant within a 12 month period. Excludes refinances within Westpac Group.
What kind of home loan are you looking for?
Frequently asked questions
The income documents you need to provide are quite different to those needed for PAYG salary-earners. To work out your taxable income, we’ll need to see financials that show you’ve been operating as a viable business, preferably for the last two years.
Sole traders. You’ll need the last two years of:
- Personal Aussie tax returns, supported by each year’s ATO notice of assessments.
Business partnerships. You’ll need the last two years of:
- Personal Aussie tax returns, supported by each year’s ATO notice of assessment
- Partnership tax returns
- Financial statements (including profit and loss accounts, and balance sheets).
Companies and trusts. You’ll need the last two years of:
- Personal Aussie tax returns, supported by each year’s ATO notice of assessment
- Company/trust tax returns
- Financial statements (including profit and loss statements, and balance sheets).
It’s a good idea to have your tax-deductable expenses ready too (like interest, rental property and one-off expenses, depreciation, asset write-offs, company car deductions and family trust distributions).
We may be able to assess your application quicker if you're eligible for our Fast Track Assessment Process.
If you are self-employed, Fast Track gives you a way to apply for a home loan using only your last 2 years of personal tax returns, rather than your business financials.
You may be eligible for Fast Track assessment if you:
- are self-employed
- have a 20% deposit saved
- can provide the last 2 years of personal notice of assessment from the ATO
- pay yourself a salary from the business or receive distributions from your partnership or trust
- won't need to rely on any other sources of income to afford your home loan repayments
Want to learn more?
We generally need to see the last two years of business financials, though there may be other ways we can review your application. Simply start your application online and one of our home finance managers will be in touch.
As part of your application, you’ll need to prove the income from your business is stable, and that your business is viable. Your assigned home finance manager will then calculate how much you could borrow based on the documents you provide.
There are four ways to apply for a new home loan, conditional approval or a switch (refinance) from another financial institution.
1) Apply online and track your application
You can save, submit and track your application online, all the way to loan settlement. It should only take around 20 minutes to apply. Then your assigned home finance manager will be in touch to chat through your business financials, let you know how much you could borrow and progress things to the next stage.
Online applications are available for all loans (unless you’re buying with the help of our Family Security Guarantee, building a new home, applying for our Bridging Loan or increasing your current Westpac home loan).
2) Apply over the phone
- You’d prefer an expert to begin your application
- You’re planning to buy with the help of a Family Security Guarantee
- You’re building a new home, or applying for a Bridging Loan.
3) Apply through your mortgage broker
If you’re going with a Westpac-affiliated broker, they’ll guide you through your application and answer any of your questions.
4) Apply in-branch
Get in touch with your nearest branch to arrange a meeting. Locate a branch.
Home loan tools and calculators for the self-employed
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 objectives, needs and overall financial situation into account. For this reason, you should 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.
*Comparison rate: The comparison rate is based on a loan of $150,000 over the term of 25 years. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.
**$3K refinance cashback offer: Conditions, credit criteria, fees, charges, eligibility criteria and exclusions apply. Apply between 1st July 2021 to 30th November 2021 and settle by 28th February 2022 for refinance applications. Offer may be varied or withdrawn at any time. Min Loan amount $250k and LVR must be less than 90% (LMI may apply). Offer available for Owner Occupier with Principal & Interest repayments and Investment Property Loans (Principal and Interest & Interest Only repayments). Premier Advantage Package ($395 annual package fee and T&Cs apply) and Flexi First Option Loans. Limit of one $3,000 cashback payment regardless of the number of applications, applicants, properties or loans involved per 12 month period. For joint applications, only one cashback payment will be paid to the primary applicant. Excludes Owner Occupier Interest Only, Equity Access Loans, residential lending originated under family or company trusts and refinances within Westpac Group (Westpac, St.George, Bank of Melbourne, BankSA and RAMS). The cashback will be paid into an open Westpac Choice transaction account within 60 days of settlement. This account must be in the same name as the home loan account and linked to the home loan at settlement. Tax consequences may arise from this promotion for investors and customers should seek independent advice on any taxation matters.
+LVR stands for the initial loan to value ratio at loan approval. LVR is the amount of your loan compared to the Bank’s valuation of your property offered to secure your loan expressed as a percentage. Home loan rates for new loans are set based on the initial LVR and don’t change because of changes to the LVR during the life of the loan.
^Flexi First Option Intro offer: Offer commences 24/08/2021 and may be varied or withdrawn at any time. This offer is only available on new Flexi First Option Home Loans with Principal & Interest repayments. Rate includes a 1.84% p.a. discount off our Flexi First Option Home Loan Variable Rate for two years from the loan settlement date, at the end of the period it will revert to a 1.34% p.a. discount for the remainder of the life of the loan. Excludes internal refinances or switches within the Westpac Group, which includes refinances from Westpac, St.George, Bank of Melbourne, BankSA and RAMS. Not available to company and trust account holders. Interest rate is subject to change.
#Premier Advantage Package: Conditions of Use and $395 annual package fee applies. You must either hold or be approved for a Westpac Choice transaction account in order to qualify and continue to receive the benefits of the Premier Advantage Package. Applicants must have a Westpac Choice transaction account linked to the home loan at the time of settlement and must keep this account open for 60 days after settlement. Before deciding to acquire a Westpac Choice account, read the terms and conditions, and consider whether the product is right for you. Tax consequences may arise from this promotion for investors and customers should seek independent advice on any taxation matters.