09 Oct 2025 How to Get Approved for Home Loans for Self-Employed in St Kilda VIC
Securing home loans for self-employed in St Kilda, Victoria, can feel like navigating a maze, but it doesn’t have to. With the right preparation and expert guidance, your dream home is within reach.
At EverLend, we specialise in helping self-employed Australians in St Kilda get approved for home loans that suit their unique income situations. From tax returns to low-doc options, we help make the process smooth and straightforward.
Ready to find out how? Let’s dive into what you need to know.
Why Home Loans for the Self-Employed Are Different
When you’re self-employed, lenders look beyond your income. They want to see consistency, business stability, and responsible financial habits.
Unlike salaried workers who can show payslips, self-employed applicants often need to supply two years’ worth of tax returns and financial statements. This extra scrutiny can make the process feel harder—but with the right documentation and a smart strategy, approval is absolutely achievable.
EverLend has access to low-doc loan options, perfect for freelancers, contractors, and small business owners without a long financial history.
Key Documents You’ll Need for Approval
One of the most critical steps to getting approved is organising your paperwork. Here’s what most lenders will ask for:
- Two years of personal and business tax returns
- Two years of business financial statements
- Notice of Assessment from the ATO
- Business Activity Statements (BAS)
- Proof of ABN registration and business details
- Bank statements (personal and business)
If you’ve been trading for less than two years, all’s not lost. Some lenders accept one-year financials or provide non-conforming loans, which you can learn more about here.
Home Loan Options Tailored for Self-Employed Borrowers
Depending on your circumstances, you may benefit from:
- Low-doc home loans – great if you can’t provide full financials
- Non-conforming loans – flexible criteria for less traditional incomes
- Line of credit loans – handy if you want flexibility with repayments
- Interest-only options – particularly for investment properties
Explore our guide to interest-only loans to understand how they work.
How to Strengthen Your Home Loan Application
Here are key ways to improve your chances of approval:
Keep Your Business Finances in Order
Lenders want to see stable income over time. Clean, well-managed business accounts go a long way in building confidence.
Minimise Personal Debt
Credit cards, car loans, and personal loans can drag down your borrowing power. Try to pay down or consolidate debts before applying.
Save a Bigger Deposit
The more you can put down, the better your chances. While a 20% deposit is ideal, EverLend also helps clients find low-deposit home loan solutions.
Consider Lenders Mortgage Insurance (LMI)
If you’re borrowing more than 80% of the property’s value, LMI is typically required. Learn more about it in this complete guide to LMI.
How to Apply for a Self-Employed Home Loan in St Kilda
So, you’re ready to go. Here’s how to apply for a self-employed home loan the right way in St Kilda:
Step 1: Speak With a Mortgage Broker
A local broker like EverLend can assess your situation, compare lenders, and recommend suitable products based on your income style and documents.
Step 2: Get Your Documents Together
Compile your financials: tax returns, BAS, bank statements, and proof of income. Your broker will guide you if any low-doc options apply.
Step 3: Choose the Right Loan Product
This might be a fixed, variable, or split loan. Check out our split loan guide to understand what’s best for you.
Step 4: Submit Your Application
Your broker will prepare and submit the application on your behalf, making sure every detail is accurate to prevent delays.
Step 5: Conditional Approval
Once your application is reviewed, you’ll receive conditional approval (subject to valuation and final checks).
Step 6: Final Approval & Settlement
Once everything checks out, your loan is formally approved, and the settlement process begins.
Common Mistakes to Avoid When Applying
Even small errors can derail your application. Here’s what to watch out for:
- Inconsistent income reporting across documents
- Omitting debts or failing to disclose liabilities
- Mixing personal and business finances
- Applying with too many lenders in a short time (this affects your credit score)
- Not seeking pre-approval before making an offer
To avoid these hiccups, it’s always best to work with experienced St Kilda mortgage brokers like EverLend.
FAQs
Can self-employed people get home loans in Australia?
Yes, self-employed individuals can qualify for home loans, though they may need to provide more documentation than salaried applicants.
What documents do I need for a self-employed home loan?
You typically need two years of tax returns, financial statements, BAS, and personal and business bank statements.
What is a low-doc loan?
A low-doc loan is a home loan that requires minimal documentation, ideal for self-employed applicants who can’t provide full tax returns.
Can I get a home loan with only one year of self-employment?
Some lenders may accept one-year ABN history, especially if you’re in the same industry as your previous job. A broker can help find these options.
Is my business debt considered in a home loan application?
Yes. Lenders will consider both personal and business debts when calculating your borrowing capacity.
Should I apply through a bank or mortgage broker?
Mortgage brokers like EverLend give you access to a range of lenders and can recommend the best product for your situation.
What’s the benefit of pre-approval?
Getting pre-approved helps you understand your borrowing limit, makes you a more serious buyer, and speeds up the home-buying process.
Wrapping Up
Securing home loans for self-employed in St Kilda, Victoria, doesn’t need to be overwhelming. With expert advice, the right documents, and tailored lending solutions, your path to homeownership can be smoother than you think. EverLend’s experienced St Kilda mortgage brokers are ready to support you every step of the way, whether you’re buying your first home, upgrading, or refinancing.
To get started, contact EverLend at www.everlend.com.au or call us on 03 7036 3356 for a free, no-obligation chat about your loan options. Let us help you turn your property dreams into a reality—because even the self-employed deserve a place to call home.