Home loans for self-employed and business owners

If you’re self-employed, our Fast Track assessment process means your home loan application can be assessed without needing your business financials – giving you the same experience and turnaround time as employees on a payroll.

You can still qualify for Fast Track even if: you have PAYG income; you have rental income; you’re applying with someone else and one or both of you is self-employed.

To qualify for Fast Track, you’ll need to:

• Provide your last 2 years of personal ATO Notices of Assessment
• Be self-employed for more than 2 years
• Have 20% of the property's value saved as a deposit
• Not rely on any other source of income to afford your home loan repayments, other than income shown in your Notices of Assessment. 

Fast Track document checklist:

• Your last 2 years of personal ATO Notices of Assessment.

We may need other documents from you, but for now just provide us with your Notices of Assessment.
 

If you don’t qualify for a Fast Track assessment (see FAQ above), you'll need to provide more documentation that shows us you’ve been operating as a viable business, for the last two years. 

In addition to:

• Your last 2 years of personal ATO Notices of Assessment;

Sole traders also need the last two years of:

• Personal Income Tax Returns. 

Business partnerships, companies and trusts also need the last two years of:

• Personal Income Tax Returns
• Partnership, Company or Trust Tax Returns 
• Financial statements (including profit and loss accounts, and balance sheets).

It’s a good idea to have documents supporting your tax-deductible expenses ready too (like interest, rental property and one-off expenses, depreciation, asset write-offs, company car deductions and family trust distributions), as well as documents supporting your business liabilities (like hire purchases, leases and term loans).

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 our Fast Track assessment process, your business needs to have been established and trading for at least two full financial years. That said, there may be other ways we can review your application. Simply start your application online and one of our home lending specialists will call you back.

If you qualify for Fast Track (see FAQ above), your income will be assessed based on your ATO Notices of Assessment. 

Otherwise, you’ll go through our alternative self-employed assessment process, and will need to prove the income from your business is stable, and that your business is viable. 

Your assigned home lending specialist will then calculate how much you could borrow based on the documents you provide.

Whether you qualify for Fast Track, or go through our alternate self-employed assessment process, there are four ways to apply for a new home loan, conditional approval or a switch (refinance) from another financial institution.

Option 1: Apply online and track your application

You can save, submit and track your application online, all the way to loan settlement. It should only take around 20 minutes to apply. Then your assigned home lending specialist 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 applications are available for all loans (unless you’re applying for our Bridging Loan or increasing your current Westpac home loan). 
 

Option 2: Apply over the phone

Book an appointment with one of our home lending specialists, 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

If you’re going with a Westpac-affiliated broker, they’ll guide you through your application and answer any of your questions.

Option 4: Apply in-branch

Get in touch with your nearest branch to arrange a meeting. Locate a branch.

Increasing your current Westpac home loan? Book an appointment or call 132 558.