Self-Employed? We Know Which Lenders Say Yes.
Banks are tough on variable income. I know which lenders on my panel work best for sole traders, contractors, company directors and the self-employed — including Alt Doc options that accept 6 months of bank statements.
Why banks are hard
The traditional bank approach
- •Require 2 years of financial statements
- •Average your income across years (good years pulled down by lean years)
- •Deduct legitimate business expenses from assessable income
- •Tougher servicing buffers applied to variable income
Where we add value
How specialist lenders see it differently
- Non-bank lenders that take a commercial view on income volatility
- "Alt Doc" loans accepting 6 months of business bank statements
- Specialist lenders catering to sole traders and company directors
- Use of accountant-prepared cashflow statements where appropriate
Lenders who work well with self-employed borrowers
Several specialist non-bank lenders on our panel — including Avanti Finance, Peppermoney and Basecorp Finance — have policies designed for self-employed income. The right fit depends on your structure, trading history and the deal.
Documents typically needed
- Last 2 years' IR3 tax returns and IR10 financial statements (or 6 months bank statements for Alt Doc)
- GST returns
- Business bank statements
- AML / ID verification
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