Getting a home loan when you are self employedWhen you’re self-employed getting finance for a new home is not always straight forward.  Add in the need for extended settlement terms and it get’s even more complex.  In this scenario we show how working with an experienced broker helped a self-employed first home buyer get peace of mind and the finance he needed.


Our client was first home owner grant eligible (FHOG) buyer, looking to purchase a property yet to be built. The purchase was “off the plan”. As our client was self-employed the vendor (developer )wanted evidence of a formal letter of approval for finance from our client.

The main issue however was that given that the proposed purchase was off the plan, and the building was still to be constructed, the normal 90 day letter of offer was deemed insufficient by the developer. The client engaged the services of First in Finance on the 5th May 2014 to secure funding for the property.


Firstly, the director of First in Finance, Bronko Kozel, assessed the clients ability to service the facility and deposit requirements together with the FHOG. After several discussions with key lenders, a suitable lender was sourced who was able to assess and provide long term approval of finance, available for up to 17 months from approval which would suit the developer’s requirements.

A list of information was agreed to with the lender, given the nature of the clients self-employed business and financials and following direct contact with the lender ‘s credit manager. Given the complexities with the self-employed aspect, First in Finance navigated the application together with the lenders credit manager and was able to provide an application with supporting information to secure the finance approval.

The formal approval was issued and a copy of same was provided to the developer’s solicitors and they agreed to proceed with the client on that basis.


In February 2015 the client advised the construction of the Townhouses was nearing completion with settlement being earmarked for 7th April 2015. A valuation was arrange in March, and was satisfactory for the new lenders requirements and the matter successfully settled on the 7th April 2015 with full FHOG being applied to the client.

What The Clients Says

“My accountant recommended First In Finance previously when I was looking for vehicle finance and I had a good experience back then, so when I was looking for property finance I knew where to go.

When I was ready to buy my first home I called First In Finance before searching for a suitable property and they gave me good advice around the amount I’d be able to borrow which helped with the search.  When I found the right property, First In Finance reassured me that I would be able to access the First Home Owners Grant, and the right finance.”

“Because the property was “off the plan”, and they weren’t sure when they were starting building we had to get a long approval which First In Finance was able to sort out.  First In Finance were also able to provide a lower rate than initially quoted at the time of settlement saving me money.

I would definitely recommend First In Finance to others and already have.  I’ll continue to work with them for my finance needs.”

Matthew Gilroy, Self-Employed First Home Buyer, Wollongong NSW


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