18 Mar 2022

How Much Can I Borrow If I’m Self-Employed?

Multiple Dwellings

In 2022, freelancers, gig workers, and small business owners can become homeowners even though they require a home loan. Like other homebuyers, the self-employed face limits to the amount that they can borrow. The maximum borrow amount for self-employed individuals depends on several factors, especially their finances. Lenders pay special attention to the homebuyer’s ability to repay their home loan. That’s why the application process remains lengthy. 

Mortgage House remains among the lenders in Australia that issue home loans to self-employed individuals. As a non-bank lender, we bring innovation to the market. We evaluate applications efficiently and we modify the conventional mortgage to fit most financial circumstances and goals. 

Self-employed individuals must provide alternative financial documentation including:

  • Tax returns
  • Banks statements
  • Letters from their accountants
  • A signed affidavit

Once the lender determines the applicant’s borrowing capacity, they relay the maximum amount that they can borrow. Lenders might lend one million dollars for a property purchase to well-qualified homebuyers. As the average mortgage reaches $600,000 in Australia, freelancers can obtain a 95% LVR. Some qualify for an 80% LVR. 

Our Mortgage House loan specialists will evaluate the financial documentation and application and render possible loan terms. Once you become a Mortgage House client, you receive access to our other loan products including our business loan

Borrow Amount for Self-Employed Conclusion

The maximum borrow amount for self-employed homebuyers remains at a 95% loan-to-value ratio. Those who provide a 20% deposit, collateral, a guarantor, or a combination of the four can improve their borrowing capacity. To explore your options, contact our loan specialists at Mortgage House today.

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