Tim Nelson is a busy man. Running a home building business on Sydney’s Northern Beaches means juggling job sites, clients and paperwork – recently including a hefty stack of documents to secure a home loan in March.
That’s why Westpac’s latest changes to its self-employed home lending process are welcome news for Australians like Tim.
This week the bank rolls out a new one-year income assessment option – halving the documentation required from two years to just one.
The update is designed to make it simpler and faster for eligible self-employed applicants to get a home loan, as new Westpac data reveals a 30 per cent surge in lending to the segment over the past year.
“Running a business means juggling a lot,” says Tim. “If the loan process can be made simpler and quicker, it’s a huge help. It lets me focus on the work, not the paperwork.”
The new pathway also allows lenders to focus on the most recent year of income, which can offer a clearer picture of current business performance and borrowing capacity.
According to the Australian Bureau of Statistics, income from self-employment rose by 5.5 per cent to $29.5 billion in the March 2025 quarter. This reflects a broader shift in the workforce, with more Australians embracing being their own boss amid changing economic conditions, digital work models and evolving tax policies.
James Hutton, Managing Director Mortgages at Westpac, says the changes are about recognising the unique needs of self-employed Australians.
“More than two million Australians work for themselves, and we’ve seen continued demand from self-employed customers looking for tailored support with getting a home loan,” Hutton says.
“Self-employed people often have different needs and challenges in accessing home finance because their income can be more variable, or require additional verification compared to traditional payslips.
“By introducing a one-year income assessment, we’re making the process faster and simpler, helping more self-employed Australians secure their home or investment property sooner.”
Marina Gainulina (she/her) is a Content Producer for Westpac Wire. Graduating with a Bachelor of Communications & Media (Journalism) degree, Marina has spent a decade as a lifestyle journalist and luxury marketer, crafting commercial and editorial content for global brands including Tiffany & Co., Hugo Boss, NIVEA and GRAZIA.
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