Home Loans
You’ll get the same interest rates as salary-earners. And if the loan’s in your name, you could qualify for Fast Track assessment.
A home loan that works for you
How will my income be assessed?
Fast Track assessment
Our Fast Track process means your home loan application can be assessed without needing your business financials – giving you the same experience and turnaround time as salary earners. You’ll need 20% of the property’s value as your deposit.
You can still qualify for Fast Track even if: you have PAYG income from your own business; you have rental income; you’re applying with someone else and one or both of you is self-employed.
What documents do I need to get started?
- Last 2 years of personal ATO Notices of Assessment.
1-year assessment
Don’t qualify for Fast Track, but still want to keep things simple? Book an appointment with one of our helpful home loan experts to see if you qualify to be assessed based on 1 financial year’s income.
What documents do I need to get started?
- Latest year’s business and personal tax returns (sole traders only require personal tax returns)
- Latest year’s personal ATO Notice of Assessment
- Latest year’s business liabilities
Standard 2-year assessment
If you have a more complex business structure, want to use income from more than one self-employed business or you need to pay LMI, we just need to find out a little more about you.
You may also be able to borrow more using our standard 2-year assessment.
What documents do I need to get started?
- Latest 2 years business and personal tax returns (sole traders only require personal tax returns)
- Latest year’s personal ATO Notice of Assessment
- Latest 2 years business financial statements
It's a good idea to have any extra financial documents handy as proof of your expenses, like depreciation, asset write-offs and other business liabilities.
To qualify, you’ll need to:
- Be self-employed for more than 2 full financial years
- Have a registered ABN as a sole trader, business partnership, company or trust
- Ensure you have the most up to date financial information available, including lodgements with the ATO.
If you have an accountant, it's also a good idea to let them know you are applying for a loan so they are ready to supply any additional information you may need.
Not sure if you qualify? Book an appointment and a home loan expert will be in touch to guide you through your options.
Frequently asked questions
You can apply for a residential Bank of Melbourne home loan, whether:
- You own a small business or large company
- You’re a sole trader, in a partnership, operating as company or trust
- It’s your first home, next home, an Investment Loan, or you’re refinancing (switching your home loan to us)
- You’re building a new property, or buying an established one.
Borrowing in your own name
Whether the loan will be in your own name or with a joint-applicant, you can apply for any Bank of Melbourne residential home loan. Even better, you'll get the same interest rate, offers and features that are available to our PAYG customers.
Borrowing through your business
If the residential property loan will be in your business or trust's name, you can apply for our Standard Variable Rate and Fixed Rate home loans – though you won’t qualify for our Fast Track assessment. You'll even get the same interest rate, offers and features that are available to our PAYG customers.
Start your application online
Our Concierge will call you once you've submitted your application to help handle the rest of the process.
Keep exploring
Borrowing in your name
Talk with us
1300 304 660
Or call/swing by
your nearest branch
The Detail
Conditions, credit criteria, fees and charges apply. Based on Bank of Melbourne’s credit criteria, residential lending is not available for Non-Australian resident borrowers. Interest rates subject to change. Before making a decision, it’s best to read the terms and conditions.
Loan Accounts – Charges for specific services and accounts (PDF 360KB)
This information is general in nature and has been prepared without taking your objectives, needs and overall financial situation into account. For this reason, you should consider the appropriateness of the information to your own circumstances and, if necessary, seek appropriate professional advice.