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
Securing a mortgage when self-employed presents unique challenges. Banks require at least one year of financial records and base lending on on-paper income, which is often lowered by business expense write-offs, reducing your borrowing power.
An effective alternative is using non-bank lenders like Resimac. They offer more flexible, case-by-case assessments and may accept business bank statements for income verification. While initial interest rates can be slightly higher, they may decrease as you build a strong repayment history.
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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