Home Loans

Fast Track means your Bank of Melbourne home loan application can be assessed without needing your business financials. This gives you the same experience and process time as applicants who are on an employee payroll.

Regardless of whether you earn rent, other PAYG income, or you’re applying with someone else who’s self-employed, you’ll get the same approval time and experience as salary-earners. 

To qualify for Fast Track, you’ll need to:

• Provide your last 2 years of personal ATO Notices of Assessment
• Be self-employed for more than 2 years
• Apply in your own name, or with a joint-applicant
• Have 20% of the property's value saved as a deposit
• Not rely on any other source of income to afford your home loan repayments, other than income shown in your Notices of Assessment. 

Fast Track document checklist:

• Your last 2 years of personal ATO Notices of Assessment.

If we need to see other documents we’ll let you know. But in the meantime, only provide your two Notices of Assessment.

Apply online

Request a callback

They’re in your MyGov inbox. The Australian Taxation Office (ATO) site tells you how to download them.

Visit ato.gov.au

If you don’t qualify for a Fast Track assessment (see FAQ above), you'll need to provide more documentation that shows us you’ve been operating as a viable business, for the last two years.

In addition to:

• Your last 2 years of personal ATO Notices of Assessments;

Sole traders also need the last two years of:

• Personal Income Tax Returns. 

Business partnerships, companies and trusts also need the last two years of:

• Personal Income Tax Returns
• Partnership, Company or Trust Tax Returns 
• Financial statements (including net profit and loss accounts, and balance sheets).

We recommend you include documentation supporting any business liabilities, like a company car, asset deductions, depreciation, investment property expenses and interest. We might be able to count these as an ‘addback’ – an amount we add to your income when assessing what you can borrow.

To be assessed under our Fast Track process (see FAQ above), we'll need to see that your business has been trading for two full financial years or more. 

Then again, we may have other means of assessing your application which factor in your employment status and actual income. Begin applying online and one of our lenders will call you back.

Apply online

Request a callback

Thanks to our Fast Track assessment (see FAQ above), we can calculate your income based on your last two years’ ATO Notices of Assessment.

If you can’t provide them (or you initially upload some other documents), you’ll go through our other self-employed assessment process. For this, you’ll need to show us that your business is feasible, and its income is steady.

Your lender will then calculate how much we can lend you, based on these documents.

‘Low doc loans’ are offered by some other lenders, by assessing customers on non-standard proof of income documentation. These loans are typically offered with higher interest rates or a larger deposit requirements.

But at Bank of Melbourne, we don’t offer low doc loans because we want to provide affordable home loans to all Australians. 

As long as your home loan’s under your own name and you can prove your taxable income, you can apply for the same loans and interest rates that we offer non-business owners.

Plus our Fast Track assessment option means we need to see less documentation for a fast decision.

Buying a commercial property? Request a callback and our Concierge will call to talk through our property loans designed for your business.

You have several ways to apply, whether: 

• You qualify for Fast Track assessment or go through our other self-employed assessment home loan process
• You're applying for a new home loan, conditional approval or refinancing (switching) your home loan to us.

1) Applying for a home loan online

You can save, submit and track your application online, all the way to loan settlement. It should only take around 20 minutes to apply. Your assigned home loan expert will call you to go through your finances and how much you could borrow, run a credit history check and go through the next steps.

This online application process is available for all loans (except Relocation Loans and Bank of Melbourne home loan increases). 

Apply online

Retrieve your application

2) Apply by phone

Request a callback from our home loan Concierge (or call 03 8664 0250 8am-10pm Monday to Friday, 9am-5pm Saturday and Sunday) if: 

• You’d much rather an expert start your application
• You’d like to increase your current Bank of Melbourne home loan 
• You’re applying for our Relocation Loan.

3) Apply through your broker 

Your Bank of Melbourne-affiliated broker will guide you through your loan application and answer any of your questions.   

4) Apply in our branch

Get in touch with your nearest branch to arrange a meeting. Locate a branch.