Documents Everyone Needs (All Self-Employed Borrowers)
These apply regardless of business structure or loan type:
- Proof of identity — driver's licence + passport (or 2 other forms of government-issued ID)
- ABN registration confirmation — printout from the ABR (abr.gov.au)
- 3 months personal bank statements — all accounts, showing salary/drawings received
- Evidence of deposit — savings account statements showing 3+ months of genuine savings
- Signed privacy consent / broker authority form — required before the broker can submit to lenders
- Contract of sale (once you have one) or property details if purchasing
Full Doc Application — By Business Structure
Sole Trader
Company (Pty Ltd)
Trust
Low Doc Application Documents
Low doc applications use alternative income verification. Most lenders require one or more of these:
The #1 cause of application delays
Missing the ATO Notice of Assessment is the single most common reason self-employed home loan applications are delayed. The bank won't accept the tax return alone — they need the NoA confirming the ATO received and processed it. Check both are present and not just the tax return draft before submitting your application.
Additional Documents You May Need
- Depreciation schedule — if you're claiming significant depreciation as an add-back, have your accountant provide a formal schedule
- ATO portal tax debt confirmation — if you have a payment plan with the ATO, lenders want to see it's current
- Professional indemnity or public liability insurance — some lenders request this for service-based businesses
- Lease/licence agreements — if your business operates from commercial premises
- Large deposit provenance letter — if any part of your deposit came from an unusual source (business withdrawal, inheritance, sale of asset), document it with a letter and supporting evidence
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Common Document Mistakes That Cause Declines
1. Submitting draft tax returns instead of lodged returns
Your accountant may have prepared your return but not yet lodged it with the ATO. Draft returns are not accepted. The return must be lodged and the NoA issued. Check your myGov account to confirm lodgement status before submitting your application.
2. Accountant's letter missing key details
Lenders have specific requirements for accountant letters. Missing the accountant's professional registration number, omitting the length of time in business, or failing to state the business is "currently trading" are common reasons letters are rejected. Provide your accountant with the exact lender requirements (your broker can supply these) before the letter is written.
3. Business and personal bank accounts mixed
If you run business income through your personal account, lenders struggle to separate business income from personal transactions. This creates uncertainty about your actual income and may result in a reduced assessment. Before applying, at minimum have 3 months of clean, separate business banking if possible.
4. BAS statements not matching tax return turnover
If your BAS statements show $300,000 GST-inclusive turnover but your tax return shows $180,000 in income, the discrepancy will be questioned. Your accountant needs to explain the difference (usually: BAS is GST-inclusive gross, tax return is net of GST and expenses). Have this explanation ready in writing.
5. Incomplete trust documentation
Trust applications are the most document-intensive. Missing the trust deed (especially for older trusts where the original has been lost) or not having trustee distribution resolutions for both assessed years will stall your application. Source these documents from your accountant or solicitor before applying — not after.