Self Employed

Given that 17% of the Australian population (around 2M) are self-employed, it seems illogical that it remains a struggle to secure a mortgage with self -employed income. We understand that being self-employed you will have your own unique business circumstances.

In the bank’s eyes, self-employed individuals are less likely to have a regular and stable monthly income compared to those who are employed and as such will look at self-employed income in various ways. Some will look at salary plus dividends whereas others will look at net profit or net profit plus salary, yet others will take 1 to 3 years’ worth of accounts or calculate an average instead.

However, the good news is, the assessment of mortgages for self-employed clients has improved greatly – and this is where it is important to have a good broker to support your application to the lender. At Milestone Mortgages we are fully committed to working with our clients to obtain flexible and suitable lending, whichever the circumstance and are fully invested in tailoring your application for a self-employed mortgage in the most effective and transparent way.