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What lenders mean by “self-employed”
Self-Employed Home Loan
Stage 1 / 6 · What lenders mean
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.
Same income, three different lenders, three different decisions, driven entirely by how they classify you.
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 example 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 based on a secured loan of $30,000 over 5 years for vehicle finance and $50,000 over 5 years for equipment finance, as required under the National Credit Code.