Buying guide
Getting a mortgage if you’re self-employed
Experts explain why it can be more difficult to get a mortgage if you're self-employed.
AI summary
Getting a mortgage while self-employed is achievable but requires more proof than for salaried workers. Banks typically need at least one year of financial records, and your borrowing power can be lower as business expense write-offs reduce your on-paper income.
Non-bank lenders like Resimac offer a more flexible, "common sense" approach, though initial interest rates may be slightly higher. They specialise in solutions for contractors and business owners, providing an alternative path to securing a home loan.
What you’ll learn:
What mortgage advisers say about options for self-employed
Taking the alternate lender route
Q & A with Luke Jackson, General Manager of Resimac NZ
Luke Resimac anwers questions on lending for the self employed
Will more lenders be catering to self-employed people as they become a bigger part of the workforce?
How do you assess a self-employed borrower?
Are mortgage rates higher for self-employed people?
Would you be more confident about a loan if, in a couple, one of the borrowers was on a salary and the other was self-employed?
Any other pieces of advice for self-employed home buyers?
Author
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