Westpac Self-Employed Loans: Easier Home Buying Now!

Dreaming of buying a home? For self-employed people in Australia, it was often hard. Banks asked for lots of paperwork. They wanted two full years of your money details. This was very different from regular workers. They only needed three months of pay slips. Many sole traders found this unfair. But now, the good news is here! Westpac self-employed loans are simpler to get.

A big change is happening. Westpac has new rules for Self-Employed Home loans. These rules will help millions of self-employed people. This includes many sole traders. The message is clear: Home loans are now “faster and simpler.”

Marina Michael is a mortgage broker. She helps self-employed Australians. She told Yahoo Finance about the old rules. “Every lender used to need at least two years of financials,” she said. This included tax returns and notices of assessment. It made getting a loan a long process.

Half the Paperwork for Westpac Self-Employed Loans

The biggest change is less paperwork. Westpac will now look at only one year of your income. This applies to many self-employed people. It cuts the old two-year rule in half. This means you spend less time getting documents. Applying for Westpac self-employed loans will be smoother.

James Hutton is a top person at Westpac Mortgages. He spoke about this change. “We are making the home loan process faster and simpler,” Hutton said. He added, “Less paperwork helps more self-employed Australians buy a home sooner.” He also said that checking just the last year shows “a clearer picture of recent business performance.” This helps show how much you can borrow.

This new rule is smart. Westpac saw many more loan requests from sole traders. Applications went up by 30%. This shows that more self-employed people want homes. About 15.7% of all working Australians are self-employed. This comes from the Australian Bureau of Statistics (ABS) data. Westpac’s change will help many. You can see more about self-employment in Australia on the ABS website.

Why the Change? Helping Self-Employed People

Why did banks ask for so much before? Hutton explained it. Money earned by self-employed people can change more often. It might also need more checks than a regular salary. This is why banks asked for more documents.

Many self-employed people felt left out. A study by Great Southern Bank showed this. “40 per cent of people thought it was harder to get a home loan as a small business owner,” the study found. They said the biggest issues were:

• Banks see them as too risky.
• The hard process of getting all the documents.
• Their income changes often.

Westpac’s new plan shows they understand. By asking for less paperwork for Westpac self-employed loans, they make loans easier to get. They are helping Australia’s busy self-employed workers.

What This Means for You and Westpac Self-Employed Loans

Are you self-employed in Australia? Are you a sole trader? These changes offer real benefits. When you apply for Westpac self-employed loans:

• Less Paperwork: You gather fewer old financial records.
• Faster Approvals: Your loan might get approved quicker.
• Recent Success Helps: Your strong performance last year can boost your borrowing power.
• More Chances: It’s easier to buy a home or investment property.

Banks often still need you to be self-employed for at least two years. But Westpac’s change in how they checks income is a big step. It helps more hard-working entrepreneurs buy a home.

Get Expert Help for Your Loan

Even with these good changes for Westpac self-employed loans, getting a mortgage can still be tricky. Each bank has its own rules. This is why a mortgage broker is so helpful.

We are specialist brokers. We know self-employed lending well. We can:

• Find Your Best Match: We work with many lenders. We can find banks whose rules fit your self-employed finances best. We look beyond just Westpac self-employed loans to find all good options.
• Help Your Application: We make sure your documents are perfect. We present your money details in the best way. This helps your loan get approved.
• Save Your Time: We handle the hard parts. You can focus on your business and life.

Westpac’s new move is great. It helps many self-employed Australians. If you want a home loan, now might be the perfect time. With expert help from Ez Mortgage Broker, your path to homeownership can be simple. Learn more about our services and how we can help you today!