Home Loans

Self Employed Home Loans

Are you one of the 2.2 million Australians who is now self employed?

Being self employed can be an incredibly rewarding experience. You get to be your own boss, set your own hours and pursue the career goals you’ve always dreamed of. But as a self employed professional, it could also be challenging to obtain a mortgage.

Fortunately, Sunshine Coast Financial Solutions can help. We are experts in self employed home loans and can work with you to find the best mortgage solution for your needs.

What Does It Mean to Be Self Employed?

What Does It Mean to Be Self Employed?

What does it mean to be self employed in Australia? And how will understanding the definition of self employment help you with your application for a self employed home loan?

In Australia, a self employed person can be an independent contractor, a business owner, a sole trader, a PAYG (Pay As You Go) professional or a partner in a partnership. 

Being self employed means that you work for yourself rather than being an employee of a company. As a self employed individual, you are responsible for managing your own business. You’re the one bringing in customers, providing goods or services, handling the finances, paying taxes and complying with any relevant industry or government regulations.

Being self employed in Australia used to mean running a small business in your local town. But these days, self employment can take various forms. It could mean being a freelancer, acting as a consultant or operating as a sole trader (a common business model for tradespeople).

According to the most recent data, Australia now has around 2.2 million self employed individuals, representing almost 16% of working Australians.

Why Is It Important to Understand What “Self Employed” Means?

Understanding whether or not your working situation classifies you as “self employed” will help you to maximise the benefits that come with this type of employment.

For example, you may:

Perhaps more importantly, you will be able to apply for home loans for self employed individuals. These specialised mortgage products are specifically designed to help self employed people get a foothold on the property ladder.

For example, some lenders will allow self employed individuals to borrow up to 95% of the property value if they can provide sufficient documentation.

A self employed consultant makes a business call from his home office

Mortgage Broker VS Bank: What’s the Difference?

If you are shopping for self employed home loans right now, you might be wondering if you would be better off finding a mortgage broker or going directly to a bank.

What are the differences between a bank and a mortgage broker? And which option is better when it comes to obtaining a self employed home loan?

A bank is a financial institution that operates as a direct lender. This means that they originate, process and fund home loans themselves. A bank is not obliged to let you know if a competitor has a more suitable product, and they are not required to act in your best interests.

A mortgage broker is an accredited professional that works for the customer (that’s you!). The goal of a broker is to find each customer the best deal to suit their individual needs. They are legally obligated to always work in the best interests of the customer.

A mortgage broker will source the best loan for you from a bank or other financial institution (such as a non-bank lender). They generally do not charge their customers a fee for their services – instead, they will receive a standard commission from the lender once the loan is finalised.

Mortgage Broker VS Bank: Which Option Is Better for Getting a Self Employed Home Loan?

The only way to secure a competitive home loan is to compare loan products from a variety of lenders.

The downside to going straight to your bank for your mortgage is that they will not tell you what loans are available from other lenders. They may not even tell you if they have another loan product that would be more suitable! You’ll have to make sure you ask all the right questions to find out whether the loan they’re offering is really the best fit for your needs.

To compare your bank’s mortgage offerings with other home loan products, you will need to thoroughly research the market and then approach other lenders directly to enquire about their products and best available offers. This requires a lot of time and effort and still may not yield the best results. You might identify an excellent loan product, but if the lender is unfavourable towards self employed applicants, you could just end up having your application rejected.

However, when you go to a mortgage broker, you instantly gain access to an extensive panel of lenders. Your broker will be able to quickly and accurately compare the various loan products available and then identify which ones represent the best value for you.

A broker will also be able to tell you which lenders are favourable towards self employed applicants and may even have access to special deals tailored for self employed borrowers.

A carpenter shakes hands with a broker after discussing self employed home loans

Should I Use A Mortgage Broker for Self Employed Home Loans?

Mortgage brokers work with a variety of lenders and have many customers with a range of financial situations. This means they have access to a lot of information, including the most up-to-date products and rates available on the market.

Brokers have a wealth of experience in helping clients to secure the most suitable loan product for their needs. They also have established professional relationships with a range of lenders, enabling them to negotiate successfully on behalf of their customers.

With an experienced mortgage broker, you’ll have access to unbiased expert advice. They can help you to understand and accurately compare interest rates, fees and loan features. They’ll also answer all your questions, handle the paperwork and follow up with the lender.

In other words, a good mortgage broker will help you find the best home loan for your situation and financial goals. And they’ll do it quickly, accurately and entirely for free!

Work With A Mortgage Broker to Get Home Loans for Self Employed Borrowers

If you’re self-employed, finding the right mortgage can be tough. However, while lenders used to view all self employed borrowers as high-risk applicants, a growing number are now much more understanding. These lenders will assess each application on a case-by-case basis and appreciate that self employed borrowers can still be counted on to reliably service their home loans.

At Sunshine Coast Financial Solutions, we’re familiar with the unique challenges associated with self employed home loans…and we’re here to help! We have a wide range of mortgage solutions to choose from and our brokers will work tirelessly to find you the best deal possible.

You deserve to have a home that you can be proud of, and we’ll do everything in our power to make that happen for you. We understand the importance of securing a mortgage, so let us take the stress out of the process for you.

Why Use Sunshine Coast Financial Solutions for a Self Employed Home Loan?

Free Service

Our mortgage brokers receive a commission from the lender you choose to go with, only after your home loan is approved and processed. This means using a broker won’t cost you any extra money.

Save Money

Because mortgage brokers have access to many different lenders and a wide variety of home loans, we can determine which loan product is the most cost-effective for you, potentially saving you thousands.

Best Interest

Our mortgage brokers are legally bound to always work in your best interest. We aren’t aligned with one specific lender, so we don’t have ulterior motives. Our goal is to secure the best loan to suit your needs.

Reduce Stress

Our experienced mortgage brokers will oversee your paperwork, double-checking all of the documents before submitting them. Not only will this streamline the process, but it could potentially save you time and stress.

Get Pre-Approval

A pre-approval can help give you confidence when shopping for your dream home. Our broker will work out how much you can realistically borrow and secure pre-approval for a speedier process, once you’re ready.

Be Educated

Our mortgage brokers have extensive knowledge about a wide range of mortgage products and the industry as a whole. They will help you understand what’s on offer and can even match deals.

Specialty Loans

Our lending panel includes loan products specifically designed for self employed borrowers. This may give you access to improved loan features, interest rates or borrowing capacity.

Industry Expertise

At SCF Solutions, we specialise in helping self employed borrowers find the best loan product to suit their needs. This industry expertise gives us unique insights into self employed home loans.

Our team of mortgage brokers is experienced and reliable, and we will work with you every step of the way to make sure the process is as easy as possible. We want to help you achieve your dreams, and that starts with finding the right self employed home loans for you.

Apply now on our website or give us a call to speak with one of our experts!

How to Secure a Home Loan for Self Employed Individuals: Our Top Broker Tips

If you’re thinking about applying for a home loan for self employed borrowers, there are some simple steps you can take to strengthen your application. Here are our top broker tips for self employed applicants:

Keep Up-to-Date

Without a regular payslip, lenders will look to your business tax returns for proof that your business is successfully turning a profit. This means you need to have up-to-date tax returns on file.

Use Business Addbacks

Addbacks such as car allowances, depreciations, interest expenses and excess superannuation contributions will help increase the income a bank will use to determine if you can afford a loan.

Improve Credit Rating

A positive credit rating will go a long way towards convincing a lender that you’re a lower risk borrower. Reduce existing credit limits (but keep these accounts open) and avoid applying for new credit.

Pay Your Bills On Time

Make sure you pay all your bills on time! While a day late may not seem like a big deal, any late or missed debt facility payments will stay on your credit file for up to 2 years and can cause a lot of issues.

Consistent Income

Lenders prefer to see stable income, so try to maintain steady profits over time by securing long-term contracts. Alternatively, try implementing strategies to offset seasonal fluctuations in business income.

Minimise Debt-to-Income

Aim to reduce your overall debt burden by paying down existing debts or consolidating high-interest loans. A lower debt-to-income ratio indicates a lower-risk to lenders and improves your application.

Ultimately, one of the most important steps you can take when considering a home loan for self employed borrowers is to talk with a mortgage broker. A broker who specialises in self employed home loans will be able to answer all your questions, do an assessment of your current borrowing capacity and provide expert advice on how you can improve your application before you start applying.

FAQs on Home Loans for Self Employed Individuals

Of course! Being self employed certainly doesn’t mean you can’t qualify for a home loan. However, it does mean you might not have all of the standard documentation required for a traditional mortgage or the ability to accurately demonstrate your real cash flow. At SCF Solutions, we have professional finance brokers specialising in home loans for self employed borrowers. They understand the unique documentation requirements of self employed applicants and can assist in finding the right home loan for your needs.

While you can go straight to a bank or non-bank lender, we recommend speaking with a home loan broker who specialises in mortgages for the self employed. This will ensure a more streamlined application process that is tailored towards your needs. When you’re ready to purchase your next property, contact us for a personalised appraisal to see if you qualify for a home loan for self employed borrowers.

If you’ve been self-employed for less than two years it may become a little tricky to apply for a home loan. However, this doesn’t mean it is impossible. Some lenders will look at your past income and take that as proof you can afford the loan, so long as it is backed up with similar figures over the trading life of your current business. Certain lenders are also willing to approve these kinds of loans for self employed applicants who can produce a larger deposit.

To find out more, contact a broker for some tailored advice.

More often than not, a poor credit history is going to negatively impact your application. However, some lending institutions offer a range of home loans specifically designed for people with a less-than-stellar credit history, and a good mortgage broker may be able to help liaise with them for you.

Alternatively, if you’re not in a huge rush to buy, it may be worth taking steps to improve your credit rating before you apply for a home loan.

When applying for a self employed home loan you’ll typically need to supply the following documentation:

  • Two years of financial statements including personal tax returns, company returns and business profit and loss statements (some lenders will be willing to accept just one year).
  • A Business Activity Statement (BAS) with periods from the most recent financial statements through to the loan application date.
  • Business bank statements.
  • Depending on the lender, you may also need to supply a letter from your accountant projecting your income for the next 12 months.

Note: All mortgage applications are subject to a thorough credit assessment and loan suitability criteria. For personalised lending advice, contact a mortgage broker today.

What our Clients Say

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I’ve recently had the pleasure of working with the team at Sunshine Coast Financial Solutions to secure a new mortgage. Throughout the entire process, communication was clear, professional & friendly. I was kept up to date and was well informed every step of the way. I wholeheartedly recommend Sunshine Coast Financial Solutions to anyone in need of expert mortgage advice & assistance.
This is the 3rd time we have used SCFS, this time for an investment property and refinance overall.Chris advised us to what our best options were taking into account taxable nature of investment and how best we structure between that and our owner occupied.The team at SCFS found us a much better rate overall and have infact reduced our monthly payments.Chris and team (Adam, Darryl, Shanina) keep you updated every step of the way and make the process seamless and easy even when we have had more complicated lending requirements.We have had the pleasure of referring several of our friends to SCFS who have been equally impressed. We are based in NSW, and absolutely no issues being in a different state.If you are after a personal service, and one that continues to proactively manage the best deal for you ongoing this team will look after you.
Very helpful team with excellent communication throughout the whole process. Would definitely use again and highly recommended!
The team was friendly and very easy to deal with. They made the process of getting a loan easy by walking us through every step.
The experience we had with Sunshine Coast Financial Services was incredible. They were professional, knowledgeable and reassuring from the start of our house purchasing journey right to the finish.Apart from all the team, we were lucky enough to have Daryl Hermann assisting us.He was so positive, helpful, encouraging and always happy to answer any questions that I had and there was plenty….Thanks to SCFS we are now the proud owners of a home we could only have dreamt of.Without a shadow of doubt I would highly recommend anyone looking to purchase a home to give these guys a call.I know I certainly will when I choose to purchase another property.
Easy to deal with, happy with the results
Very supportive, available, thorough and professional- highly recommend.
My partner and I were super keen to get into the property market and reached out to Chris and his team as a result from reading these outstanding reviews and they did not disappoint. The team have been nothing but transparent throughout every process of building our first home and answered all our questions in record time. Thank you for your continuous support! Anyone needing assistance needs to look no further then SCFS! If I could put 10 stars I would.
Just wanted to thank Chris Wilson and Tracey Butler for looking after me again with my home loan. My fixed rate is expiring soon. Weeks ago Chris contacted me to discuss my options, the process and a plan of attack.Tracey diligently stepped in right on cue and executed the plan with a superb outcome. A better than expected interest rate, not just for now but for the future of my home loan. I couldn't be happier.This team makes you feel like they step into their customers shoes as if it was their own home loan. They strive to do everything they can for their customers and in such a friendly and professional manner. Thank you again Chris and Tracey.
Efficient, helpful and honest advise. Highly recommend
What a treat it was to work with Chris and his team, they are extremely professional and we're able to find me a much better deal on my home loan. I'm now saving thousands each year! I couldn't recommend him highly enough 👍
Sunshine Coast Financial Solutions worked magic for this first home buyer. The home-buying process is very daunting for newcomers, when searching for your dream home it's hard to know the usual steps and who to trust. Chris and Adam from SC Financial Solutions provided professionalism and attention to detail each step of the way, helping to relieve stress and bring peace of mind knowing we were in safe hands throughout this life changing decision. I'll recommend SC Financial Solutions to everyone searching for an award-winning knowledgeable, reliable and responsive brokerage team.
This new homeowner is thrilled to leave a review for Chris and his colleague Adam at Sunshine Coast Financial Solutions. These mortgage wizards worked their magic on a loan for me, comparing all leading banks of Australia, with a great result. Their efficiency and advice meant I could make a fast and easy settlement. Chris and his team have made our first home buying experience so much easier.If you need a mortgage, I couldn’t recommend enough🌞🏡 Sunshine Coast Financial Solutions 🌞🏡
Excellent service, fast and efficient. I have been using the SCFS team for years and recommend them to anyone for finance solutions. You lean back and relax while they do the hard work and find you the best deal. Very happy 😊
Today is approval day something I did not think I would be doing in this day and age with how life has been but thanks to the team at SCFS it's all been made possible and easy couldn't recommend a greater team, will definitely be using them for my next few houses
I've been using Sunshine Coast Finance for a number of years over which time they have taken care of the finance for 3 properties, I can't recommend them enough.
On behalf of my wife and I, We highly recommend Chris and his team for your financial needs. They made our process feel smooth and enjoyable, and we will definitely be returning in the future for their services.
My husband and I have worked with Daryl for a while now and the experience has been nothing but beyond exceptional. The work he puts in to help us is incredible. We would be lost without his expertise and guidance. We couldn’t recommend Sunshine Coast Financial Solutions more highly.
It was the first time for me to buy a house. I really had no idea how complicated it is. The Sunshine Coast Financial Solutions team support was amazing; they took care of everything and negotiated a very convenient interest rate. The communication was also fantastic. Great result with a minimum effort. Highly recommended
Absolutely amazing service. From start to finish the communication was 100%. We were kept up to date throughout the entire process and always felt supported. Daryl was so easy to talk to, responded to every question we had and I cannot thank him enough, we really appreciate all that he did for us. I will not hesitate using their service again in the future and have passed on their details to friends! Thankyou again for everything!
Excellent professional and friendly service, excellent communication, kept us informed throughout process. Highly recommend
The team at scfs are awesome. Thank you so much for making my home refinance a breeze. I've been asked by few people now, how I got this so quickly. I said "my broker is the gun". Thank you so much Chris, Shanina, Adam, Daryl and Tracey, for all your hard work, and dealing with me. Definitely 5 stars👍
I highly recommend Chris and his team @ SCF Solutions to anyone going through a divorce or any other life transition that involves financial decisions.Chris’s expertise, practical approach, and easy-going nature provided the clarity I needed to make informed decisions about my financial future. Chris’s open and honest manner empowered me with a strong understanding of my financial position and lending capability which eased the burden associated with the division of the matrimonial home. He treated me like a priority and provided valuable guidance and support every step of the way as I navigated through an emotionally challenging time.Communication during critical times in the process such as loan approval and settlement was outstanding, even when this fell over the Christmas/New Year period. Someone from his team was always available to answer any questions or concerns and provide reassurance when needed.Second time I have engaged Chris over the past 8 years, and I can proudly say I will remain a lifelong customer!If you want the best possible mortgage to suit your specific financial situation then you can’t go past Chris and his team.
Chris and his staff members are always very helpful and informative.
Another brilliant experience with the SCFS team. Excellent from start to finish - thanks so much Chris and the team 👍
Excellent, thank you
My partner and I had Jo and Shanina from SCF help us with our home loan, everything was quick and effortless which is what we wanted. Highly recommend them!We also just had a 1 year review from Tracey and she ensured we were still getting the best rate 🙂
Chris and his team have helped me again to buy a property which was a stress free and quick process. I have complete trust in Chris and would highly recommend his business.
Chris and the team have been very helpful throughout the process keeping me informed every step of the way.SCF saved me lots of money from my current loan and will keep an eye on it from now on.Well done team
Adam and the team made our process super easy and they were very helpful. Would definitely recommend them ☺️
Chris and his team made financing our new home purchase a smooth process that left nothing to chance. With his support we were able to confidently bid on and secure our dream home and he made sure we had the very best deal we could achieve in record time.Chris coached us through each step and was always available to answer our questions and provide guidance when we needed it.Overall his team is professional, friendly, helpful and always approachable.We couldn't have achieved the result we did without his help and we would definitely use his services again.We can thoroughly recommend Sunshine Coats Financial Services and Chris Wilson to anyone looking to arrange their finance. You won't be disappointed!
Chris & the team have been fantastic from start to finish. Patient, professional & supportive throughout the whole property purchasing journey. They have gone above and beyond to help me into a property, I am very happy with my experience from start to finish. I can’t speak highly enough of their transparent and professional approach.
Once again, Chris and the team at SCF have provided us with excellent service. They are professional, efficient and always available to answer questions and concerns. We would highly recommend them.
I recently purchased my home using the SCF Solutions for my financial needs, and I must say that I had a fantastic experience. The person who handled all my transactions on my behalf, Daryl Hermann, was extremely meticulous and efficient. His attention to detail and promptness in completing all the necessary tasks left me truly grateful. I highly recommend SCF Solutions for anyone in need of financial services. Thank you, Daryl, and the entire team at SCF Solutions for your outstanding support!
Chris and his team were absolutely fantastic.Clear and transparent from the start, SCF made the experience of buying our home seamless.Highly recommend SCF for your lending solutions.
So much thanks to Chris and the team at SCFS. We had a very difficult and compressed settlement subject to many finance extensions. The whole way through the journey the whole team were absolutely professional and got us into our new home.I Very highly recommend there services toAll.Your sincerelyCraig Jenkins & Katherine Thompson
Adam and the team at SCF have been fantastic in finalising my re-finance. Adam provided insightful knowledge on lenders that would be more suited to my situation and the best avenues to go forward with. He achieved my expected result within a really short timeframe. No question was too silly. Can’t recommend Adam enough.
The team were amazing to work with. They made the process so easy, kept us updated on the process and gave us multiple options to achieve our goals. Couldn’t recommend them enough!!
Chris and the team make it so easy and hassle free. Cannot recommend them highly enough and wouldn't use anyone else apart from them.
Chris is very professional and always does everything to help us out!
Chris and the team were fantastic in helping us get our mortgage for our first home in Australia. They helped us through the process and were supportive, attentive and helpful throughout the entire process. I would heartily recommend SCF!
Chris was great to deal with, straight to the point and got what we needed done. Explains everything you need to know in detail.Extremely happy with the outcome 👌🏻
I am a repeat client of Chris and his team. In every experience I have had has been 100% positive. Chris and his team do everything possible to make every step through the process explained and run smoothly. I highly recommend anyone looking to finance or refinance to talk to Sunshine Coast Financial Solutions.
the scfs team were fantastic from start to finish in getting my new loan. Nothing was a problem for them. Getting everything sorted very fast. Very fast replies and always keeping you updated.I can't recommend daryl and the team enoughThanks again
Chris, Shanina and the rest of the team were so super helpful, understanding and really got the best rate for me! Not only that their communications were so clear, consistent and they were always available for help and advice! Would highly recommend to anyone!! Thank you team!!
SCFS have assisted us with brokerage a few of times now and Chris, Matt, Shanina and the team have been fantastic every time!