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Refinancing / Self-Employed Borrowers

Can Self-Employed Borrowers Refinance?

What Lenders Actually Want to See

Yes — but "what a lender wants to see" varies far more for self-employed borrowers than it does for someone on a salary.


Getting refinanced isn't about finding the one lender who says yes; it's about matching your particular income profile to the lender whose assessment approach actually suits it.

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Full-Doc vs Low-Doc: Which Applies to You

Most self-employed refinances go through standard full-documentation lending, using tax returns and Notices of Assessment to verify income.

Low-doc lending — relying on business activity statements, accountant declarations, or bank statements instead of tax returns — exists for cases where tax returns don't reflect current trading performance, but it typically comes with a rate premium and stricter LVR limits.

Most established self-employed borrowers with two years of consistent returns qualify for full-doc, which is generally the more cost-effective path.

What Full-Doc Lenders Actually Assess

  • Two years of tax returns and Notices of Assessment — lenders look for consistency, or a clear upward trend, in reported income.
  • Add-backs. Legitimate non-cash or one-off business expenses (depreciation, one-off asset purchases, some directors' superannuation contributions) can often be added back to income for servicing purposes — this is where working with a broker who understands add-back treatment can materially change your borrowing capacity.
  • Business structure. Sole trader, partnership, company, or trust structures are each assessed slightly differently, and some lenders are more comfortable with certain structures than others.
  • Trending income. A declining income trend over two years — even with a reasonable current income — can be viewed more cautiously than flat or growing income.

Why One Lender's "No" Isn't Every Lender's "No"

Self-employed applications often take a little longer to move through each stage of the refinancing process, simply because there's more documentation to verify.

Being prepared upfront is the biggest lever you have to keep things moving.

  • Have your last two years of tax returns and Notices of Assessment ready and lodged with the ATO.
  • Ask your accountant for a letter confirming your business's financial position if your structure or income has changed recently.
  • Keep recent BAS statements accessible, even if applying full-doc — some lenders request them as supporting evidence.
  • Have 3–6 months of business bank statements available to demonstrate consistent trading activity.

Find the Lender That Fits Your Income Profile

Self-employed refinancing is less about qualifying in principle and more about matching your business structure and income pattern to the right lender's assessment approach.

Read the Full Refinancing Guide
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👤 15+ years mortgage experience 🏦 Accredited with 40+ lenders 📍 Based in North Lakes, helping clients Australia-wide ⭐ Personalised, one-to-one advice 🎓 MFAA Accredited Member 🌐 Part of Australia’s largest aggregation group – LMG

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