Business Loans for Self Employed
Business loans for sole traders, contractors and company directors, including low doc options when your tax returns are behind. 50+ lenders on panel, from the big banks to specialist lenders who assess your bank statements.
Self employed business lending
Business loans for self employed Australians
Being self employed shouldn’t make borrowing harder, but with the big banks it often does. Their credit policies are built around PAYG income and two years of tax returns. If your income moves around, your tax returns are late, or you have only just started trading, a standard bank checklist can rule you out before anyone looks at the business itself.
We work with 50+ lenders, including non-bank and specialist lenders that assess self employed borrowers on how the business actually trades: bank statements, BAS, contracts, and the asset or property offered as security.
Loan types
Business loans we arrange for self employed borrowers
The right loan depends on what the money is for, how your cash flow moves, and whether you have an asset or property to offer as security.
Business line of credit
Draw funds when you need them and pay interest only on what you use.
- Covers wages, stock and supplier bills
- Suits seasonal or uneven cash flow
- Redraw as you repay
Unsecured business loans
A lump sum for growth or cash flow, assessed mainly on your business bank statements.
- Terms often 3 to 36 months
- No property security needed
- Low doc options available
Secured business loans
Use residential or commercial property as security to borrow more and lower the cost.
- Higher limits than unsecured
- Longer terms
- Usually cheaper than unsecured lending
Equipment and vehicle finance
Buy trucks, utes, machinery and tools with the asset as security, and keep your cash for running costs.
- Chattel mortgage or finance lease
- Balloon options to lower repayments
- See equipment finance and truck finance
Invoice finance
Borrow against unpaid invoices so you are not waiting 30 to 90 days to get paid.
- Limit grows with your sales
- Suits businesses that invoice other businesses
Private and bridging loans
Short-term loans secured by property when flexibility matters more than rate.
- Terms usually 1 to 24 months
- Assessed on the property and your exit plan
Low doc business loans
Low doc options when your tax returns are behind
Low doc business loans replace tax returns and financial statements with other evidence that the business is trading. Here is how the two approaches usually compare.
Low doc lenders usually ask for
- An active ABN, often 12 months or more
- 6 months of business bank statements
- BAS or an accountant’s letter
- ID and a statement of assets and liabilities
Full doc lenders usually ask for
- Two years of tax returns and notices of assessment
- Business financial statements
- An up-to-date ATO portal
- In return, often a lower rate
Assessment
What lenders look at for self employed business loans
Every lender is different, but most self employed applications come down to the same things.
The business
- How long your ABN has been active
- GST registration
- Bank statement conduct, such as dishonours and overdrawn days
- Turnover trend
You and the loan
- Your personal and business credit file
- Any ATO debt or payment plan
- What the money is for
- Any security offered
Get these in order before you apply and you will have more lenders to choose from. We tell you up front which lenders fit, so you are not collecting declined applications on your credit file.
Why a broker
Why use a broker for a self employed business loan?
Applying to lenders one at a time costs you time and leaves a credit enquiry each time. We match your situation to the lenders most likely to say yes before anything is submitted.
50+ lenders, not one bank
Major banks, non-banks and specialist lenders that understand self employed income.
Right lender, first time
We check each lender’s policy against your file before a credit enquiry is made.
Low doc done properly
We package bank statements, BAS and accountant’s letters the way each lender wants them.
One broker for all of it
Business loans, equipment finance and self-employed home loans in one place.
The process
How a self employed business loan works
Tell us what you need
The amount, what it is for, how long you have been trading, and what documents you have.
We shortlist lenders
We compare policy, cost and turnaround across our panel and tell you which options fit.
We prepare and submit
We package your application the way the chosen lender wants it, so it is assessed properly the first time.
Approval and settlement
We manage the lender’s conditions and keep you updated until the funds are in your account.
Ready to talk about a business loan?
Tell us what you need and we will come back with options from our lender panel.
FAQ
Business loans for self employed: FAQ
Keep reading