Home loans for self-employed and business owners
Self-employed? Be your own boss with our full choice of Westpac home loans, and our Fast Track assessment process.
Making home loans simpler for business owners
Simple, fast verification
You could qualify for our Fast Track or 1 year assessment policy, making it easier to get into your home sooner.
Same loans, same rates
Borrowing under your own name? Apply for the same home loans as salary-earners, and get the same features and benefits.
One dedicated lender
Apply now and connect with one of our home loan experts, who’ll guide you along the way. You can upload your documents later.
How will I be assessed?
If you can provide a few extra documents, we can speed up your assessment. Here’s how:
To qualify, you’ll need to:
- Be self-employed for more than 2 full financial years
- Have a registered ABN as a sole trader, business partnership, company or trust
- Ensure you have the most up to date financial information available, including lodgements with the ATO.
If you have an accountant, it's also a good idea to let them know you are applying for a loan so they are ready to supply any additional information you may need.
Not sure if you qualify? Book an appointment and a home loan expert will be in touch to guide you through your options.
How to apply for a home loan if you're a business owner
1. Apply online now
Tell us some details about you; it should only take around 20 minutes to apply. Don’t worry, we’ll save as you go and there won’t be a credit check until you’ve spoken with a home lending specialist.
2. Talk it through
A dedicated lender will be in touch to go over the finer points of your loan. If you qualify for Fast Track, you just need your last two years of ATO income assessments docs. Otherwise, you’ll go through our alternative self-employed assessment methods which require a bit more time and documentation.
3. Conditional approval, if needed
We may be able to provide you conditional approval to help you confidently bid or make an offer knowing how much you can afford. Conditional approval is valid for 90 days. Need more time? We can renew it.
4. Full approval
Once we’ve valued your property and completed other verification, we’ll let you know when your application’s been approved. Accept our loan offer and you’re on your way to settlement – congrats!
Already started an application? Retrieve your application
Frequently asked questions on home loans for business owners
A range of residential home loans are available, whether you’re:
- Operating as a sole trader, a partnership, company or trust
- Buying your first, next home, investing, or switching your loan to us (refinancing)
- Building a new home, or buying an established property.
Borrowing under your name
You can choose from our full range of home loans, each with the same rate, features and benefits available to our PAYG customers.
Borrowing under the business name
If you’re borrowing through your business, you can choose from our selection of home loans for business. Book an appointment and one of our lenders will call you to talk through your options.
Your Notices of Assessment are in your MyGov inbox: for step-by-step instructions on how to find them, visit the Australian Government ATO site.
Under all our self-employed assessment methods, your business needs to have been established and trading for at least 2 full financial years.
That said, if you haven't been self-employed for 2 full financial years, or have changed your business structure, we may still be able to help you. Simply start your application online or book an appointment with one of our home loan experts.
No matter how we assess your self-employed income, there are 4 ways to apply for a new home loan, conditional approval or refinancing to us.
Option 1: Apply online and track your application
Save, submit and track online, all the way to settlement. It should only take around 20 minutes to apply online. Your dedicated lender will be in touch to chat through your financials, let you know how much you could borrow and progress things to the next stage (online is available for Bridging Loans and home loan increases).
Option 2: Apply by phone
Book an appointment with one of our home loan experts, or call 132 558, if:
- You’d prefer an expert to begin your application
- You’re applying to increase your current Westpac home loan, or for a Bridging Loan.
Option 3: Apply through your mortgage broker
They’ll guide you through your application and answer your questions.
Option 4: Apply in-branch
Get in touch with your nearest branch to arrange a meeting. Locate a branch.
Tools and tips
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Things you should know
Conditions, credit criteria, fees and charges apply. Residential lending is not available for Non-Australian Resident borrowers.
This information is general in nature and has been prepared without taking your personal objectives, circumstances and needs into account. You should consider the appropriateness of the information to your own circumstances and, if necessary, seek appropriate professional advice.
The taxation position described is a general statement and should only be used as a guide. It does not constitute tax advice and is based on current tax laws and their interpretation.
Credit provided by Westpac Banking Corporation ABN 33 007 457 141 AFSL and Australian credit licence 233714.