Self-employed Home Loans

Qudos Bank Home Loans

Our loans have a range of features and benefits that can help you save.

Our Lending Specialists can help you identifying the most suitable loan options for your individual circumstances. For further insights about self-employed home loans, you can also use our home loan calculators to estimate your borrowing power, repayments, and compare home loan options.

For more information, discover our range of home loan offers.

Self-Employed Home Loan FAQs 

Can you get a home loan if you’re self-employed?

Yes, it’s possible to obtain a home loan if you’re self-employed. However, the process of getting home loans for self-employed individuals may be different compared to those who are employed by a company. Lenders may require additional documentation to verify your income and financial stability. This may include tax returns, financial statements, and other relevant documents.

One of the main challenges that self-employed individuals face when applying for a home loan is proving their income. Unlike salaried employees who receive a regular paycheck, self-employed individuals may have irregular income streams, making it difficult to prove their ability to repay the loan. Lenders may request a longer track record of income and may also research the type of business and its financial stability.

It's important to note that each lender has their own requirements and policies when it comes to self-employed home loans. It's advisable to speak with a lending specialist who can guide you through the process and provide you with tailored advice based on your individual circumstances. At Qudos Bank, we have a team of experienced lending specialists who can assist you with any questions you may have regarding self-employed home loans.

What is needed to apply for a self-employed home loan?

When applying for a home loan, self-employed individuals will typically need to provide the following documentation:

• Proof of income: This may include tax returns, financial statements, or other relevant documents to verify your income and financial stability.
• Proof of employment: As a self-employed individual, you’ll need to provide evidence of your business ownership, such as your ABN or ACN.
• Bank statements: You may be required to provide your most recent bank statements to assess your creditworthiness and repayment capacity.
• Proof of identity: This may include a passport, driver's licence, or another form of identification.
• Property details: You’ll need to provide details about the property you’re looking to purchase, including the purchase price, location, and type of property.

In addition to the documentation mentioned above, you may also be required to provide additional information depending on the lender's specific requirements.

One key factor that lenders may take into consideration when assessing your application is the length of time you have been self-employed. Typically, lenders prefer to see a consistent and stable income history over a longer period of time, as this can provide greater reassurance that you will be able to meet your repayment obligations.

If you are a relatively new business owner, it's important to be aware that some lenders may require you to have been in operation for a minimum period of time before you can be considered for a self-employed home loan in Australia. However, there are also lenders who may be more flexible in their requirements, particularly if you can provide evidence of your income stability and financial management skills.

In any case, seeking professional advice can help you navigate the process. To speak with a lending specialist, contact Qudos Bank today to speak to a member of our team who can assist you with identifying the most suitable loan options for your individual circumstances. For further insights about self-employed home loans in Australia, you can also use our home loan calculators to estimate your borrowing power, repayments, and compare home loan options.

How long does it take to get approved for a self-employed home loan?

The time it takes to get approved for a self-employed home loan can vary depending on a number of factors, such as the complexity of your financial situation, the lender's internal processes and policies, and the completeness and accuracy of your application.

If you provide the lender with all of the information they require upfront, there is often no significant difference in the time taken to assess your application, compared to a PAYG application.

Our experienced lending specialists can guide you through the application process on your self-employed home loan and keep you informed throughout each stage of the process, helping to minimise any delays and ensuring a smooth and stress-free experience.