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Self-employed home loan assessment made simpler

Same loans, same rates

If you're borrowing under your own name you can apply for the same Westpac home loans, offers and rates as salary-earners.

Fast Track 

If you qualify for our self-employed Fast Track assessment, all you need to provide is your two most recent personal ATO Notices of Assessment.

Apply online

Get started and apply now. A home finance manager will call you back, you can upload your documents later.

What kind of home loan are you looking for?

Fixed rate home loans

Lock in the interest rate for a set period on all or part of your loan amount for peace of mind.

 

Variable rate home loans

Opt for a variable rate and get ahead on your mortgage with no cap on extra repayments.
 

Frequently asked questions

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

You can still qualify for Fast Track even if: you have PAYG income; you have rental income; you’re applying with someone else and one or both of you is self-employed.


To qualify for Fast Track, you’ll need to:

  • Provide your last 2 years of personal ATO Notices of Assessment
  • Be self-employed for more than 2 years
  • Have 20% of the property's value saved as a deposit
  • Not rely on any other source of income to afford your home loan repayments, other than income shown in your Notices of Assessment. 


Fast Track document checklist:

  • Your last 2 years of personal ATO Notices of Assessment.


We may need other documents from you, but for now just provide us with your 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.

If you don’t qualify for a Fast Track assessment (see FAQ above), you'll need to provide more documentation that shows us you’ve been operating as a viable business, for the last two years. 


In addition to:

  • Your last 2 years of personal ATO Notices of Assessment;


Sole traders also need the last two years of:

  • Personal Income Tax Returns. 


Business partnerships, companies and trusts also need the last two 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 your 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 your business liabilities (like hire purchases, leases and term loans).

Under our Fast Track assessment process, your business needs to have been established and trading for at least two full financial years. That said, there may be other ways we can review your application. Simply start your application online and one of our home finance managers will call you back.

 

If you qualify for Fast Track (see FAQ above), your income will be assessed based on your ATO Notices of Assessment. 

Otherwise, you’ll go through our alternative self-employed assessment process, and will 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.

Whether you qualify for Fast Track, or go through our alternate self-employed assessment process, 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 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 applying for our Bridging Loan or increasing your current Westpac home loan). 
 


2) Apply over the phone

Request a callback from one of our home lending managers, or call 131 900, 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.


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.
 

Increasing your current Westpac home loan? Request a callback or call 131 900.

2 year fixed rate

 

2.59% p.a.^^

2-year fixed rate

 

3.58% p.a.

comparison rate*


2 Year Owner Occupier Fixed Interest rate. P&I repayments with Premier Advantage Package# ($395 fee.) T&C’s apply.

Variable rate

 

2.29% p.a.^

variable rate  

 

2.30% p.a.

comparison rate*


Rate includes 1.64% p.a. discount for the life of the loan^. New Owner Occupier loans, P&I repayments. Excludes refinances within Westpac Group.

Get $3K cashback when you refinance to us**

Apply by 28th February 2022, settle by 31st May 2022. Owner Occupier loans (P&I repayments) and Investment Property loans, with LVR+ up to 80% 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.


Self-employed? Applying online is simple

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 finance manager. 

2. Talk it through

A home finance manager will be in touch to let you know how much you can borrow, answer your questions, and progress things to the next stage. If you qualify for Fast Track (see FAQs), you just need your last two years of ATO income assessments docs. Otherwise, you’ll go through our alternative self-employed assessment process requiring a bit more time and documentation.

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.

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

 

Tools and tips

Articles if you’re self-employed

Read more on home loans for business owners.
 

Home loan hubs

We’ll guide you every step of the way, with info matched to you.
 

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 December 2021 to 28th February 2022 and settle by 31st May 2022 for refinance applications. Offer may be varied or withdrawn at any time. Min Loan amount $250k and LVR up to 80%. 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 offer: This offer is only available on new Flexi First Option Home Loan applications with Principal & Interest repayments received from 25/11/2021. Rate includes a 1.64% p.a. discount off our Flexi First Option Home Loan Variable Rate for 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.

 

^^Fixed rate home loan: The Bank will apply the fixed rate that is available at the loan settlement date, unless the customer locks a fixed rate in on the loan using our Rate Lock feature. The Fixed Rate - Lock-In fee is 0.10% of the loan amount. At the end of the fixed rate period the interest rate will convert to the applicable variable home loan interest rate unless a new fixed rate term is selected and then the fixed rate is determined two business days prior to the refix. Interest rate(s) displayed is for Australian Residents only. Rate lock is not available for progress draw loans under the construction option.

 

#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.
Premier Advantage Package Conditions of Use (PDF 88KB)