I'm Self Employed? Can I Get a Loan?

Do you own your own business? Are you looking to buy or build a new home or an investment property but think you’ll never get approved?

Sometimes people think being self-employed puts them out of the running for a home loan or any other type of finance, but it couldn’t be further from the truth. And while it’s a little different from the traditional application process, you should be aware that many banks and lenders appreciate your situation and have tailored a loan that is just for you.

A ‘lo-doc’ (or low doc) loan doesn’t require the same level of standard documentation to prove your income as someone who isn’t self-employed would need to show. So if you can’t provide things like pay slips or tax returns to prove your earnings, savings and liabilities, a lo-doc loan could be a good solution for you.

To compensate for the perceived ‘higher risk’ of lo-doc loans, some lenders may charge a proportionately higher interest rate or require a larger deposit than a regular loan but this is not always the case and each situation is evaluated on a case-by-case basis.

Accordingly, you may also be required to demonstrate evidence of other assets such as vehicle or equipment ownership or other investments.

Alternatively, you could also consider what is called a ‘line of credit’ loan - which effectively rolls your business, personal and investment finance into one loan. For this type of application you’d usually need to supply your ABN or CAN, Business Activity Statements for the last 12 months.

If your loan is being refinanced, you’d also need to show 6 months of loan statements, plus statements for any other loans you may have.

Get in touch to discuss what your options are, yes it’s a little different but it’s definitely possible to find a suitable loan for your situation.


*All lending subject to status and lenders criteria. Terms & conditions apply. This document contains general information only. Your own personal circumstances have not been considered and you should seek independent financial advice prior to making any decision on a financial product.