Self-Employed Finance Guide
Everything you need to know about getting finance as a self-employed person in Australia
Getting finance as a self-employed person is different, but it should not feel impossible. The key is knowing what lenders look for, how to present your business in the right light, and how to avoid common traps.
This resource covers the realities of self-employed finance — the policies, the myths, and the solutions that actually work.
1. Why lenders see self-employed applicants differently
Employees hand over payslips. Self-employed people hand over tax returns, bank statements, or just an ABN. To lenders, this can look inconsistent. Taxable income often looks lower than real cash flow.
The risk is not that lenders want to penalise business owners. It is that they want predictability. The solution is knowing which lenders have policies tailored for business operators.
2. The truth about low doc loans
Low doc loans are not second-rate. Many are priced the same as full doc.
Common criteria:
- ABN 6–24 months (lender dependent)
- GST registration (not always required)
- Asset for business use
- Clean credit file
With these in place, approvals can often be achieved without financials. Sometimes BAS, bank statements, or an accountant's letter are enough. Sometimes, nothing is needed beyond ABN/GST.
3. How finance is really assessed
Factors lenders care about:
- Credit history
- ABN and GST registration
- Income proof or alternatives
- Asset type and age
- Deposit size (optional)
- Overall risk profile
Example: A tradie with a 12-month ABN, clean credit, and GST registration was approved without financials for a ute under a low doc policy.
See our Application Checklist
4. Dealer finance vs broker-structured finance
Dealers push speed. Brokers build structure.
Dealer pitfalls:
Hidden fees, inflexible contracts, higher payout costs.
Broker advantage:
Access to real lender policy, flexible terms, contracts that suit the client not the dealership.
5. Extended Q&A
Q1: Do I pay more just because I am self-employed?
No. Rates are based on risk profile. A strong file (clean credit, ABN history, business-use vehicle) often gets PAYG-equivalent pricing.
Q2: Can I get approved without financials?
Yes. With low doc criteria (ABN, GST, asset use) some lenders approve without tax returns.
Example: A plumber with 2-year ABN and GST registration secured 100% finance for a van without providing financials.
Q3: How fast can I get approved?
Low doc: same-day possible. Full doc: depends on tax return/ATO speed.
Example: A carpenter provided BAS instantly via Xero, and approval came through in 4 hours.
Q4: What if my income looks messy?
Messy is normal. Seasonal income, reinvestment, or one-offs can be explained.
Example: A landscaper's taxable income dipped due to machinery investment. We showed lender invoices and got approval at standard rates.
Q5: Do lenders care about vehicle choice?
Yes. Utes/vans = strong approval odds. Older luxury cars = higher risk.
Example: A three-year-old ute approved at 6.9%. A ten-year-old sports car declined under same profile.
Q6: Can I refinance later?
Yes. Many start low doc, then refinance to sharper rates once docs improve.
Q7: Do I need a deposit?
Not always. ABN/GST history + strong credit often gets 100% finance. Deposits help but are not required.
Q8: Is a broker better than going direct?
Yes. Banks/dealers offer narrow products. Brokers map your profile to lender policy across the market.
Q9: What is the biggest mistake?
Signing dealer finance without checking fine print. Short-term approval, long-term pain.
Q10: How do I improve my chances today?
- File tax returns on time
- Keep BAS/accounts tidy
- Talk to a broker before buying
6. Final word
Being self-employed is not a barrier. The key is lender matching, avoiding rushed contracts, and structuring finance that works long term.
Or just call us on 03 8456 9966 for a chat before you decide.