Are you a self-employed Uber driver, or do you run a rideshare business as a second job?

Getting approved for an Uber income home loan can be a little tricky, but you can give yourself a better chance by presenting a strong application with the right lender.


How much can I borrow?

  • Self-employed Uber driver: Borrow up to 95% of the property value.
  • Uber driving as your second job: Borrow up to 95% depending on how much of your Uber driver income we can use.
  • Investment loans and owner-occupied home loans available.
  • You won’t be charged a higher interest because you’re self-employed, or Uber driving is your second job.

Some lenders will limit your borrowing power because they believe that your income is likely to fluctuate and that rideshare drivers tend to only operate on a temporary basis.

Not all lenders take such a conservative approach!

We’re experts at getting home loan approvals for Uber drivers so call us on 1300 889 743 or fill in our online enquiry form to find out how we can help you.


How do I prove my income?

Uber drivers will need to provide one of the following sets of income evidence to be considered for a home loan:

  • 1 year ABN (Australian Business Number) as proof of your work history;
  • 1 tax return as evidence of your income and expenses; or
  • Bank account statements, Business Activity Statements (BAS), or a letter from your accountant (this is a low doc solution)

How much of my Uber income will be considered?

The amount of income that the banks will use will directly affect your borrowing power for a home loan.

Self-employed Uber drivers

Banks will use 100% of your Uber income as long as you can provide proof of consistent earnings.

However, the way they work out your income will depend on the lender:

  • Our best lender will rely on your income for the last financial year, as shown on your tax return.
  • One lender may use the lowest of the income figures for the last two years.
  • Others will average the two years income or take 120% of the lowest year’s income.


Uber driving as a second job

Many full-time and part-time workers operate a rideshare business on the side to supplement their normal income.

This could be through many platforms outside of Uber, including Ola, GoCatch, Lyft or Shebah.

Drivers normally operate as sole traders and generally don’t work more than 60 hours per week.

Unfortunately, some lenders will only accept 50% of your income.

Luckily, our best lender will accept 100% of your Uber income as long as you’ve been working for at least 1 year.

If you operate under a company or trust structure, this can add another layer of complexity to getting approved for a home loan.

Please complete our free assessment form to discover if you can still qualify for a mortgage.


Will the bank add back my expenses?

There are some expenses associated with Uber driving, some that are real expenses and others that are deductions purely for tax purposes.

We know lenders that will add back these expenses in order to maximise your assessable income and significantly improve your home loan borrowing power.

Which expenses will be added will generally depend on whether the expenses are ongoing or not, such as:

  • The initial costs of becoming an Uber driver include medical and police checks.
  • Depreciation costs on the vehicle.
  • Car loan interest payments (case by case).
  • Vehicle licensing and registration.
  • Accountant fees (if applicable).

Don’t banks usually want to see a 2-year work history?

Most lenders want to see proof that self-employed borrowers have been successfully operating for 2 years.

However, there are lenders who offer low doc home loans which consider your application if your ABN is less than 2 years old.


We’re experts in home loans for Uber drivers

We know which lenders take a common-sense approach to borrowers that earn Uber driver income on the side or operate full-time as a self-employed rideshare driver.

Call us today on 1300 889 743 or fill in our online enquiry form and tell us about your situation.

We’ll come back to you with some home loan options so you can start your home buying journey.

Why use us?

We aim to set an example by delivering what we promise: a higher level of service, better advice and better home loans.

pin_drop

Australia-wide services

We finance properties anywhere in Australia for people anywhere in the world.

monetization_on

Get incredible interest rates

Our relationships with our panel of lenders allow us to negotiate your interest rate.

thumb_up

We get tough loans approved

We can help you navigate the often complex pre-approval and application process.

favorite

Our customers love us

We receive hundreds of love letters from our customers.

Discover more reasons to use Home Loan Experts

How we find you the right solution

We get a complete understanding of where you’re at and what your ultimate goals are.
You’ll get a recommendation in just a few simple steps.

free assessment
1

Complete our free assessment form or call us.

situation
2

We assess your situation.

options
3

We look at all the options from our panel of lenders.

suitable home loan deals
4

We will find you the most suitable home loan deals.

Testimonials for Home loan experts

Facts
about us

50+

lenders on
our panel

$4B+

lent Australia-wide
and counting

Westpac
ANZ
Nab
AMP
Qudos
Firstmac
Common Wealth
St George
ING
Homeloans
Macquire
Suncorp
Pepper Money
Me Bank
Bankwest
75%

of our borrowers get
approved with a major bank

95%

of our borrowers get a discount
below the bank standard variable rate

Otto Dargon

Founder, Home Loan Experts

Learn How To Buy A House The Right Way

Take our brand new Free Home Buyers Course.

Powered by Home Loan Experts