What lenders usually ask for
Most lenders want to see two years of trading, supported by:
- Personal and business tax returns, and notices of assessment
- Business financial statements
- An ABN that's been registered for a set period
- Sometimes business bank statements or BAS
Some lenders will consider one year of tax returns, depending on your history and industry.
Low-doc and alternative documentation loans
If your tax returns aren't up to date, or don't reflect your current income, some lenders offer alternative documentation loans. These may use BAS, business bank statements or an accountant's declaration instead. They often come with higher rates or lower maximum loan sizes, so they're worth comparing carefully.
How business income is assessed
Lenders may add back some business expenses, such as depreciation or one-off costs, when working out your income. Others average your last two years. How a lender treats your figures can make a real difference to how much you can borrow.
How Peter helps business owners
- Review your financials with you, or with your accountant.
- Match you to lenders whose policy suits your structure and history.
- Prepare the application so it tells your income story clearly.
- Manage it through to settlement.
Frequently asked questions
Can I get a home loan with one year of tax returns?
Some lenders will consider it, depending on your trading history and industry.
What's a low-doc loan?
A loan that uses alternative documents, such as BAS or bank statements, instead of full tax returns. Rates and conditions vary.
I'm a contractor on an ABN. Am I self-employed?
For many lenders, yes, though some treat long-term contractors more like employees. It depends on the lender.
This page is general information only and doesn't take your personal objectives, financial situation or needs into account. Lending criteria, fees and charges apply. Talk to Peter about your circumstances before making a decision.