Summary: Can I Get Approved For A Home Loan If I am Self-employed?

Details Description
Customer Bryce and Stella Schlapp
Broker Steven Chan
Purpose To buy an owner-occupier property
Loan Amount $639,000
Security $710,000
LVR (Term) 90% (including LMI)
Interest Rate 8.24% (standard variable)
Income $179,199 (total income used for servicing)


Bryce and Stella Schlapp desired to purchase an owner-occupied property. Bryce is the sole director and shareholder of a swimming pool cleaning service, while Stella contributes as an employee. Together, they drew a salary of $90,000, combining to show a net profit before tax for the business of $49,199. With depreciation add backs of $40,000, their total income available for servicing the loan amounted to $179,199. Their well-managed finances meant they could approach mortgage lenders with a strong application, increasing their bargaining power and getting them closer to their dream home.


Even so, the Schlapps faced several hurdles in securing loan approval. They had previous mortgage arrears from an investment loan, which were settled after selling the property. Their ATO debts needed consolidation into the new loan. Given their ages – Bryce at 53 and Stella at 49 – an exit strategy focusing on superannuation was vital. They had only one year’s financials and a low deposit for the completion of the funds. Additionally, while still searching for their ideal property, they required a manually assessed pre-approval to ensure financial readiness.


Home Loan Experts mortgage broker Steven Chan quickly steered through these challenges by identifying a lender tailored to their needs. This lender was able to consider one year’s financials independently, overlook the majority of the business liabilities, and accommodate their specific credit situations. They accepted personal loans as part of the funds needed to complete the purchase, integrating this into their ongoing financial obligations.

Steven also negotiated with the lender’s business development manager to exclude the company’s debts from the assessment, simplifying the required financial documentation to either a three-month BAS or an interim letter from an accountant. Ultimately, the Schlapps were offered a loan of $639,000 with a 90% Loan-to-Value Ratio, including Lenders’ Mortgage Insurance, at a standard variable rate of 8.24%.

Happy Ending

Bryce and Stella were delighted with the outcome and the exceptional service Home Loan Experts and Steven provided, leading them to refer our business to their family and friends. The settlement process was notably swift, and Stella was incredibly grateful for Steven’s support in securing her first home.

Are You Self-Employed?

If you’re self-employed and wondering whether you can secure a home loan, our dedicated mortgage brokers want to help. They can assist you with your specific situation.

You can reach us at 1300 889 743 or complete our free online assessment form.