Getting onto the property ladder can be difficult at the best of times, but those hoping to secure self-employed home loans can often find the process more tiresome than others.

However, having all the right paperwork in order can make it much easier to achieve, so it pays to know exactly what evidence of your income lenders are likely to want to see.

Being prepared could improve your chances of being accepted, so make sure you're not caught unaware.

Business activity statements

No matter whether you're working as a freelancer or through some other arrangement, it is essential to have business activity statements to hand when applying for self-employed home loans. 

Generally speaking, the more of these you have the better. Lenders want reassurance you have a steady income and will be able to meet repayments on your mortgage.

The amount of statements you will need to provide can vary from lender to lender, so it might be worth getting in touch with them first.

Australian Business Number

Any lender will require your Australian Business Number – or ABN as it is commonly known as – when you make a home loan application.

This gives them the opportunity to check any details relating to your self-employed operations and cross-reference them with the information you have provided.

Borrower income declaration

If you are given the green light for a home loan for the self-employed, you will be asked to sign a borrower income declaration.

This document outlines what the loan entails and requires you to state that you are able to make the repayments without incurring any financial hardship.

Borrowers also need to ensure their lender that the loan will not impact on their ability to meet their existing financial obligations, which could lead to money problems further down the line.

You can contact a Smartline Mortgage Adviser on 13 14 97 for home loan advice. Or complete our call request form and we'll call you!

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DISCLAIMER: The information contained in this article is correct at the time of publishing and is subject to change. It is intended to be of a general nature only. It has been prepared without taking into account any person’s objectives, financial situation or needs. Before acting on this information, Smartline recommends that you consider whether it is appropriate for your circumstances. Smartline recommends that you seek independent legal, financial, and taxation advice before acting on any information in this article.