Did you know that 15% of Australia’s workforce is self-employed? With the rise of gig economy platforms like Uber and freelancing, more people are opting to work for themselves. Contracting has also become a popular arrangement for both employees and employers.

But what does this mean when you’re applying for a home loan?

Traditionally, lenders take a complex approach to confirm income for the self-employed, typically requesting tax returns for the last two financial years to verify income consistency and business stability. This can be challenging, especially if you haven’t completed your tax returns or are just starting your business.

Fortunately, there are easier options available for self-employed individuals applying for a home loan: