What lenders mean by “self-employed”
Sole trader, company director, contractor, gig worker, partner. Lenders treat each differently. Get the label right or you’ll be quoted the wrong product.
The five categories
Sole trader (ABN, no company), contractor (ABN, single payer), partnership, company director, and gig/platform worker. Each category has different document requirements and lenders count the income differently.
WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. Comparison rates are calculated on a secured loan of $150,000 over 25 years for home loans and a loan of $30,000 over 5 years for car and personal loans, unless the lender states another basis. Business loans and equipment finance for a business purpose have no mandatory comparison rate.