Quick way to secure a home loan if you’re self-employed

If you’re self-employed, you could be eligible for a simpler home loan application process.

Westpac’s Fast-Track Assessment Process helps eligible self-employed applicants apply for a home loan without their business financials. Pictured: iStock.

This article was created in sponsorship with Westpac

Purchasing a home is a big decision and can therefore be a time-consuming process.

However, for the self-employed, including sole-traders, freelancers and those operating as a partnership, company or trust, they may encounter additional hurdles. 

Research from global data insights group RFi found that self-employed borrowers are more likely to face difficulty during the home loan application process. 

This is not surprising given there are more document requirements for self-employed applicants, compared to people on PAYG salaries. This is because self-employed applicants are required to supply additional information with their application, including the past two years of business financials and two years' worth of their personal Australian tax returns. 

People in business partnerships, companies and trusts may also have to supply extra financial information like profit and loss statements, and balance sheets.

However, whether buying a first home, planning an investment property or looking to move into their next home, self-employed borrowers can still access a range of home loans with the same rates, features and benefits available to PAYG customers. 

To make applying for a home loan simpler, Westpac has created a streamlined Fast-Track Application Process for self-employed borrowers, where applicants only need to supply two years of personal tax returns. 

To be eligible for Fast-Track, customers must have a 20 per cent deposit saved and be able to adequately cover their mortgage repayments and any other financial commitments with only the income displayed in these tax returns. 

To learn more about the Fast-Track Assessment Process, visit the Westpac website. And if you are ready, you can apply online, over the phone, through a mortgage broker or by visiting your local Westpac branch.

This article was brought to you by Westpac