Loans for

self-employed

Many Kiwis enjoy the freedom of working for themselves, but because business cash flow can fluctuate, self-employed borrowers often find it challenging to meet standard home loan criteria. The good news is that there are competitive home loan options available to them.

How do I get a home loan when I'm self-employed?

Many self-employed borrowers talk to a mortgage adviser over a lender because they want a wider range of home loan options. If you’re self-employed, your Loan Market adviser can discuss flexible ways to prove your income and can often find solutions that traditional lenders can’t.

What home loan options are available for self-employed borrowers?

For borrowers not able to meet the assessment criteria for a full document loan, there are a range of home loans developed specifically to address the differing needs of those who are self-employed, including low document (low doc) and alternative documentation (alt doc) home loans. These types of loans are usually provided by a non-bank lender.

What’s the difference between low-doc and alt-doc home loans?

Typically, an alt-doc loan requires more income documentation than a low-doc loan but offers greater flexibility than a full-doc loan.

A low-doc home loan could be taken out using fewer proof-of-income documents than what’s required for a traditional home loan. However, due to the introduction of responsible lending laws, low-doc home loans are no longer widely available. Many low-doc loans come with high interest rates and additional fees as they’re considered to be higher risk, so it’s important that you understand what you’re getting into.

While alt-doc loans still require a full credit assessment and responsible lending checks, the required documentation accommodates a broader range of financial situations. This option can make it easier for borrowers who don’t work traditional 9-5 jobs or haven’t been in business for an extended period.

Your Loan Market adviser can help you determine whether a low-doc or alt-doc home is right for you and help you secure a competitive home loan with the right lender.

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Let us know what your goals are and we will connect you with a Loan Market adviser directly.

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Thanks so much Cam Muggeridge and Jordan Lantz for the huge help and support to get us across the line. Cam and Jordan’s experience and knowledge made us feel at ease during what could have been a stressful and challenging time. Thanks team. Highly recommend!

We would highly recommend Dallas and Amelia to anyone looking for great and easy to approach mortgage advisers. We approached Dallas at a time when the interest rates keep rising with banks. They were easy to deal with, we did have few questions as first-time investors and they have explained everything very clearly to us. Love their quick and prompt response to our questions, and got us best interest rate too. We appreciate all of their hard work in getting everything through for us!

We found Ryan Hannagan to be friendly, thorough, and easy to communicate with. He was always very prompt with replying to emails and his quick work helped us put forward a timely offer to secure our dream house. He made sure we had completed each necessary step and checked in frequently. Thanks for guiding us through this mortgage process Ryan!