Helping you secure the most favourable self-employed home loans
Securing a home loan as a self-employed individual in Australia presents unique challenges, from proving a stable income to meeting lender criteria.
At Stanford Financial, we understand these hurdles and are dedicated to offering personalised home loan solutions tailored to the self-employed.
Our expertise and flexible approach ensure that your entrepreneurial journey enhances, not hinders, your path to home ownership.
Whether you’re a freelancer, contractor, or running your own business, we’re committed to simplifying the process for you, making your dream of owning a home a reality.
Book a free consultation online or on 07 3703 1801 today to learn how we can find home loan solutions crafted just for you.
Ways we can help you find the best possible home loan solution
Specialised lender programs
We have access to lenders who specialise in or are more flexible with newly self-employed applicants, understanding that traditional two-year financial histories may not be available. These lenders assess your potential based on your current business performance and future income projections.
Low-doc loans
Ideal for those with a shorter self-employment history, low-doc loans require less comprehensive financial history documentation, relying instead on alternative proof of income and business viability, such as recent bank statements or an accountant’s declaration.
Home loan options if you’ve been self-employed for less than 2 years
Have you been self-employed for as little as 6 months (ABN & GST registered)?
If so, there may be no need to wait any longer as we have access to lender options with policies that accept a minimum of 6 months of business history.
We can help you achieve your dream home now by aligning your situation & your self-employed income documentation with one of our specialty solution-based lenders.
Our team consists of experienced and dedicated brokers who specialise in finding home loans for self-employed clients.
Book a free consultation today to discuss your business history in detail and guide you through every step of the home loan process.
Why Choose Stanford Financial?
Personalised finance solutions
At Stanford Financial, we understand that no two financial journeys are the same, especially for the self-employed. That’s why we offer personalised finance solutions, tailored to meet your individual needs and circumstances. Whether you’re a seasoned business owner or newly self-employed, we craft our loan options to align with your specific goals, ensuring a fit that feels right for you.
Access to over 50 lenders
Our extensive network spans over 50 lenders, including major banks, specialty lenders, and credit unions. We carefully match you with those known to be friendly towards self-employed applicants and more likely to understand and accommodate your unique situation without compromising on securing competitive agreement terms.
Award-winning brokerage
Since its inception by Logan, Stanford Financial has been driven by a mission to educate and empower our clients, guiding them confidently through their financial journeys. Our dedication to delivering superior customer service and personalised financial solutions has been acknowledged industry-wide. We are proud recipients of the MFAA Diversified Business and Newcomer Award in 2022.
Nationwide service
Our reach extends across Australia, ensuring you have access to our expert home loan advice and solutions, no matter your location. Our dedicated team is committed to supporting your home ownership dreams with unparalleled service, from city centres to regional areas.
Book your free consultation today!
Embark on your home ownership journey with confidence and the right support.
Book a free consultation online or on 07 3703 1801 today to discover how our tailored self-employed home loan solutions can work for you.
Let’s make your dream of owning a home a reality together.
Frequently Asked Questions
How do lenders assess the income of self-employed applicants?
Lenders assess the income of self-employed applicants by looking at several key documents and factors. Typically, they will require the last two years of tax returns, business financial statements, and possibly a profit and loss statement. Lenders aim to understand the stability and consistency of your income. They may average your income over the past two years to account for any fluctuations. Additionally, they might scrutinise your business’s cash flow and overall financial health to ensure you have a reliable income to meet your loan repayments.
What can self-employed individuals do to improve their chances of getting approved for a home loan?
Self-employed individuals can take several steps to improve their chances of getting approved for a home loan:
- Maintain Accurate Financial Records: Ensure your financial statements, tax returns, and profit and loss statements are up-to-date and accurately reflect your business’s performance.
- Build a Strong Credit History: Keep your personal and business credit in good standing by paying off debts and managing your credit responsibly.
- Save for a Larger Deposit: A larger deposit can reduce the loan-to-value ratio (LVR) and make you a more attractive borrower.
- Demonstrate Consistent Income: Show a stable or growing income over the past few years. Lenders prefer applicants who can demonstrate financial stability.
- Reduce Business Debt: Minimising your existing business debts can improve your debt-to-income ratio, making you a more appealing candidate for a loan.
- Seek Professional Advice: Consider working with a mortgage broker who specialises in loans for self-employed individuals. They can help you navigate the application process and find suitable lenders.
How does having business debt impact my home loan application?
Having business debt can impact your home loan application as lenders will consider your total debt obligations when assessing your ability to repay the loan. High levels of business debt may increase your debt-to-income ratio, potentially making you a riskier borrower in the eyes of lenders. However, if your business is generating strong and consistent revenue, and you have a solid repayment history on your business debts, this can mitigate some of the concerns. It’s important to provide detailed documentation and explanations of your business debts, demonstrating how they are managed and how your business is performing overall.
How does my business structure (e.g., sole trader, partnership, company) affect my home loan application?
Your business structure can influence the documentation required and the way your income is assessed:
- Sole Trader: As a sole trader, your personal and business finances are closely linked. Lenders will look at your personal tax returns and business financials together to assess your income.
- Partnership: If you’re in a partnership, lenders will review the partnership’s financial statements and your share of the profits. It’s essential to provide clear documentation of your share of the income.
- Company: For company directors, lenders will consider both your salary and dividends drawn from the company. They will also assess the company’s overall financial health and profitability. Additional documentation, such as company tax returns and financial statements, will be required.
Each structure has its nuances, but the key is to provide comprehensive and transparent financial records to help lenders understand your financial position and business performance.
