If you run your own business, you already know the feeling — the application forms that seem built for someone with a payslip and a tidy employer letter. The good news is that plenty of lenders write loans for business owners. You just have to know which ones, and how they read your income.
Two things decide most applications
Lenders look at how long your ABN has been active, and how they’ll verify what you earn. Get those two right and the rest tends to fall into place.
How long you’ve been trading
Some lenders want to see two full years of business history. Others will work with twelve months, and a handful will look at a shorter trading period or accept prior experience in the same industry. The right lender for you often comes down to that one number.
How they verify your income
This is where the paperwork sits. Depending on the lender, you might be asked for tax returns and notices of assessment, business financials, BAS statements, or a combination. Some lenders run a lighter-document path, which suits owners whose paperwork is still coming together.
What to have ready
- Your ABN and the date it was registered
- Your most recent tax return and notice of assessment
- Business financials or BAS statements, if your accountant has them
- A rough picture of your deposit and any other loans you’re carrying
Why it helps to talk to someone who works with self-employed borrowers
Every lender reads business income a little differently — some average your last two years, some use the most recent, and the way each one treats add-backs and expenses varies. That’s not something you want to guess at. A quick conversation will tell you where you actually fit, and what to fix before you apply.
If you’re self-employed and thinking about buying, or refinancing what you already have, get in touch. We’ll look at your situation, tell you where you stand, and point you to the lenders that suit the way you earn.
L J B INTERNATIONAL GROUP PTY LTD (572948) is a credit representative under ACL Yellow Brick Road Aggregation Pty Ltd (390261).