I'm self-employed, can I apply for a Qantas Money Home Loan?
Yes, you can. Simply follow our standard application process.
When you are self-employed, in order to get approved for a home loan, you will typically need to:
- provide your registered ABN (Australian Business Number);
- have been self-employed for at least one year;
- provide your most recent business tax return AND your most recent personal tax return with the notice of assessment;
- be registered for GST if your turnover is more than $75,000p.a.;
- have a good credit history; and
- meet our standard eligibility criteria.
Lenders are looking for different ways to confirm your income and proof that you can afford the repayments, so the more details you can provide, the better.
Just like any standard home loan application process, self-employed home loans come with their own set of restrictions and conditions. These vary lender to lender, so if you are unsure, speak to one of our home loan experts to confirm what supporting income documents will be required.
Income verification options
If you're a self-employed individual with a company directorship or you operate as a Sole Trader with an Australian Business Number (ABN), we may require additional income verification. This does not change the application process - just how we collect the information we need to assess your finances.
There are two options to streamline the income and expense verification for self-employed applicants who meet the above criteria:
Option 1 - Streamlined self-employed verification
To be eligible, you'll need to:
- have a single income source and be:
- a sole proprietor, a partner in a joint business partnership, or a company director
- receiving a regular and consistent salary from the entity
- have a home-to-value ratio of <80%
- provide your ABN that has been registered as trading for a minimum of three years prior to the application date
- provide evidence of at least 180 days of regular salary income with no variances in your linked bank account during the application process
We can assess your transaction history by digitally linking your bank account. Looking for more information about how we keep your finances secure? Check out our FAQs about how we manage data security and how we keep your online banking details safe.
If you prefer not to link your accounts digitally, you can choose to manually upload your accounts. All you will need to provide is:
- two recent and consecutive years of Notice of Assessment (the most recent cannot be more than 18 months old), and
- Integrated Client Account Statement (ICAS)
Option 2 - Standard self-employed verification
If you're not eligible for our simplified verification option, you can still apply for a Qantas Money Home Loan. We won't be able to verify your finances through linking your accounts, but we will manually assess your documentation. It may just take more time for our team to review your application, but we will aim to provide you with an answer sooner than the average lender.
You'll need to provide:
Sole Trader
- most recent personal tax returns
- most recent 12 months’ Australian Taxation Office (ATO) activity statement
- account summary for applicant-related entities
- Notice of Assessment (the most recent being cannot be more than 18 months old)
Partnerships
- most recent partnership tax return, together with the Notice of Assessment
- business financial statements reflecting the most recent year's trading results
- the most recent personal tax return, together with the Notice of Assessment
- the most recent 12 months' Australian Taxation Office (ATO) activity statement and account summary for the applicant and related
Company Directors
- the most recent business tax return
- business financial statements reflecting the most recent year's trading results;
- the most recent personal tax return, together with the Notice of Assessment*.
- the most recent 12 months' Australian Taxation Office (ATO) activity statement and account summary for the applicant and related entities
