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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 lending specialist will call you back, you can upload your documents later.


Why choose Westpac for your home loan?

At Westpac, we assess your home loan application using the same process as salary-earners, taking into account things like:

 

  • financial and income statements 
  • savings history
  • outstanding loans or debt (car or personal loans, prior home loans, credit cards)
  • existing assets (real estate, vehicles, investments, superannuation)
  • loan amount and serviceability
  • your deposit (based on the property value and loan-to-value ratio)
  • whether you need Lenders Mortgage Insurance (LMI) to top up your deposit

 

The good news? You won’t be put on a higher interest rate just because you’re self-employed: your loan comes with the same rate, features and benefits as salary-earners.


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 lending specialist.

2. Talk it through

A home lending specialist 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

 

Featured basic variable rate

6.44% p.a.

2-yr intro discount on variable rate^^^ 

|

6.76% p.a.

Comparison rate*

Variable rate includes 2-year 1.64% p.a. discount from loan settlement, reverting to 1.24% p.a. life-of-loan discount thereafter^^^ (excludes refinances within Westpac Group), and a 0.10% p.a. discount for LVR+ up to 70%. For new Owner Occupier loans and P&I repayments. Credit criteria, T&Cs apply.

 

Frequently asked questions

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.

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

Conditions, credit criteria, fees and charges apply. Residential lending is not available for Non-Australian Resident borrowers.

This information has 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.

Key Fact Sheet for Home Loans

 

*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.

 

+LVR stands for the loan-to-value ratio. 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 won’t change during the life of the loan as the LVR changes. 

 

^^^Flexi First Option offer: This offer is only available on new Flexi First Option Home Loan applications with Principal & Interest repayments received from 24/11/2023. Rate includes a 1.64% p.a. discount for two years from the loan settlement date, at the end of the period it will revert to a 1.24% 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.

 

^^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 89KB)


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