Download this quick guide on Fast Track applications for your self-employed clients.
Fast Track your way into this fast growing market
Take advantage of a growing self-employed market with more people starting a side hustle. In 2022, 400,000 Self-Employed Australians intend to take out a mortgage, and with a 40% larger average deal size*, it could be a great opportunity for brokers to tap into further.
Our Fast Track assessment process aims to make it simpler for you to help your eligible self-employed clients into their homes sooner.
*based on historic data
Key benefits for customers and brokers
Our Fast Track assessment process requires only 2 years of ATO Notice of Assessments, and nothing else! With the reduced documents required, the application joins the PAYG assessment queue which is historically faster than the regular self-employed assessment for approval.
Who’s eligible? What’s required?
A Self-Employed client is eligible for Fast Track if they:
- Provide the last 2 years personal Australian Taxation Office (ATO) Notice of Assessments
- Don’t require Lenders Mortgage Insurance (Eligible Medico clients, excluding Chiros & Physios, can still get LMI waivers up to 90% LVR if using Fast Track)
- Meet serviceability purely using income derived from 2 personal ATO Notice of Assessments
- Don’t have business lending products with The Westpac Group
- Don’t have foreign income included in the ATO Notice of Assessments
Then follow these 5 easy steps
- Confirm Fast Track eligibility
- Test serviceability using 2 years ATO Notice of Assessments. Where capital gains exist on ATO Notice of Assessments, deduct it from the taxable income. Ensure rental income and/or negative gearing haven’t been included separately unless income commenced after the ATO Notice of Assessments period
- Tick ‘Fast Track’ in ApplyOnline
- Lodge nothing else but 2 years NOA for income verification!
- The application then joins the PAYG assessment queue
- If the application does not meet the Fast Track eligibility, or if more documents are supplied, the application will revert to the regular self-employed method