Self-Employed Home Loans
Wollongong & The Illawarra
self employed & alt doc loans - wollongong & the illawarra
Specialist Advice On Self Employed Home Loans
Standard home loan applications are built around a payslip, and business owners rarely fit that mould, even when the business is genuinely healthy. At Loanseek, I work with 50+ lenders who understand business income, and will assess your specific situation honestly, rather than judging it against a template that was never built for you.
Free consultation. No fees. No obligation. Credit Rep No. 559617 │ ACL 384704.
Your Bank Couldn't Verify Your Income
"The Standard Way"
You’ve built a solid business over years, sometimes over a decade or more. Your cash flow is strong. However, when you approach a bank for a home loan, you’re treated like a credit risk simply because your income doesn’t arrive as a fortnightly payslip. That’s not a reflection of your business, it’s a gap in how standard lending criteria are built.
Specialist and alt doc lending exists specifically to close that gap, and it’s more common in the Illawarra and Wollondilly business community than most people realise.
Full Doc vs Alt Doc Explained Which Route Fits You?
Most lenders want to see two years of business trading history at minimum, along with evidence of your income. Which route makes sense for you depends on how that income is documented and presented:
FULL DOC: The Standard Route
- Two years of personal and business tax returns
- ATO Notices of Assessment
- Full business financials, prepared by an accountant
- Generally the most competitive rates and widest lender choice
ALT DOC: When Tax Returns Understate Income
- 12 months of BAS (Business Activity Statements)
- An accountant’s letter confirming income and trading history
- Bank statements showing consistent business deposits
- Typically capped at 60–80% LVR, with a modest rate premium over full doc (usually in the order of 0.3–1%, depending on the lender).
We’ve published a full article explaining how alt doc loans work, which you can read here.
Many lenders will also consider “add-backs” (non-cash expenses like depreciation, or one-off costs), when assessing your true cash flow, since net profit after tax on paper doesn’t always reflect what a business genuinely generates. How this is presented can meaningfully affect how a lender views your application, which is exactly where a broker who does this regularly makes a difference.
Common Reasons Self Employed Applications Get Declined
- Tax Minimisation: Legitimate tax strategies that reduce declared income can also reduce what a lender sees as serviceable income.
- Less Than Two Years Trading: A recent business structure change (even a simple one) can reset the “trading history” clock in a lender’s eyes.
- Mixed Personal & Business Finances: Where personal and business spending run through the same accounts, it can be harder for a lender to assess true income cleanly.
A Note on What A Mortgage Broker Can and Can't Promise
Not every self-employed borrower will qualify for every loan type, and alt doc lending isn’t available to all business owners without qualification. Eligibility depends on your specific documentation, trading history and the lender’s individual policy. I will assess your circumstances honestly and tell you where you genuinely stand, rather than promising an outcome upfront.
I know which lenders accept add-backs, and how each one calculates them, and I present applications in the specific format each lender prefers, which matters more for self-employed files than for a standard PAYG application. Years of relationships with lender BDMs also help when a file needs a bit of extra context to make sense on paper.
Applying for a Self-Employed or Alt Doc Loan
- Gather Your Records: BAS statements, bank records, and (if you have them) recent tax returns and financials. I’ll tell you exactly what’s needed for your situation.
- I Assess Your Real Options: I review your documentation against our panel of 50+ lenders to identify which are genuinely more likely to work with your situation.
- I Submit With Context: Applications go in with supporting commentary that explains your business properly, rather than a bare form that leaves a lender guessing.
Why Choose Loanseek: A Broker Who Understands Business Income
I work with self-employed borrowers across Wollongong, Wilton and the Wollondilly corridor every week, including tradies, allied health practitioners, franchise operators, and professional services directors. I won’t promise an outcome before assessing your file, but I will give you a straight answer about where you actually stand.
✔️ Local Illawarra Mortgage Broker
✔️ Access to 50+ Banks & Lenders
✔️ Full Doc & Alt Doc Specialist
✔️ Experience With Complex Business Structures
✔️ Honest Assessment, Not a Promised Outcome
✔️ Simple, Transparent Process With No Cost to You
Frequently Asked Questions
Can I get a home loan after only one year of self-employment?
It’s more difficult, and most major lenders prefer two years of trading history, but depending on your industry, documentation and overall financial position, some specialist lenders may still consider it. This is exactly the kind of situation worth a proper assessment rather than assuming either way.
What's the difference between alt doc and low doc loans?
“Low doc” was the old term, before responsible lending rules changed documentation requirements. “Alt doc” is the modern, compliant version. It still requires genuine evidence of your income, just not in payslip form.
Does being a sole trader vs a company structure affect my chances?
It can affect which documentation a lender wants and how your income is calculated, but it doesn’t rule you in or out on its own. I’ll look at your specific structure as part of the assessment.
Will using my super (SMSF) to buy property be easier than a standard loan?
Not necessarily easier. SMSF lending is its own structured process with its own requirements. It’s a genuinely different pathway, worth exploring separately if it’s relevant to your situation.
Am I guaranteed to be approved as a self-employed borrower?
No broker can guarantee approval, and I won’t tell you otherwise. What I can offer is an honest, specialist assessment of your situation and access to lenders who are more likely to understand it properly.
What if my tax returns understate my actual income?
This is one of the most common reasons self-employed borrowers get declined by mainstream lenders. Depending on your situation, an alt doc pathway using BAS statements or an accountant’s letter may present your true income more accurately.
LOANSEEK CLIENT REVIEWS
What My Clients Have to Say
Don’t just take my word for it. Here’s what Illawarra clients say about working with Loanseek.
Book Your Free Specialist Consultation
Tell me about your business and your goals, and I’ll give you an honest assessment of your real options.
No payslip required, no judgement, no promises I can’t keep.
or call me directly on 0415 185 468
Free consultation. No fees. No obligation.
Credit Rep No. 559617 │ ACL 384704.