If you're self-employed, banks will usually need more from you before they'll lend compared to a PAYG employee. Understanding what banks are looking for means you can present your income in the best possible way and set yourself up for success.

In this episode, Jack Elliott and Chris Bates break down how banks assess self-employed income. We talk through the standard two year approach, why one year financials could significantly increase your borrowing capacity, what your options are if your ABN is less than two years old, and how the director wages pathway could change what you're able to borrow.

We also cover the tension between tax minimisation and borrowing capacity, why speaking to a broker before you lodge your tax return matters, and how connecting your broker and accountant early can help you find the right balance between both.

In this episode:

🔑 How banks assess self-employed income using two years of financials

🔑 Why one year financials could significantly increase your borrowing capacity

🔑 What your options are if your ABN is less than two years old

🔑 How the director wages pathway could change what you're able to borrow

🔑 Why speaking to a broker before you lodge your tax return is so important

Timestamps

Timestamps

00:00 - Budget Changes: What We're Seeing for First Home Buyers

01:36 - Introduction to Self Employed Income Assessment

04:09 - The Standard Two Year Approach

04:41 - Balancing Tax Minimisation and Net Profit

07:20 - One Year Financials Policy with Example

09:18 - Protecting Yourself as a Self Employed Buyer

12:07 - Director Wages Policy

14:57 - What If Your ABN Is Less Than Two Years Old?

17:36 - Business Debts and Addbacks

19:41 - Getting the Best Outcomes as a Self Employed Buyer

22:19 - The Tax Return Trap

24:25 - Getting the Right Team Around You

Free Resources

Download Your How Banks Assess Self Employed Income Resource

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The Federal Budget just changed the property market overnight, and the government is calling it a win for first home buyers. If you're a first home buyer, you're probably seeing a lot of headlines and wondering what it actually means for you and your plans.

In this episode, Jack Elliott and Chris Bates break down the major budget announcements and what they mean for the property market. We talk through the changes to negative gearing and capital gains tax, how investors are likely to respond, what this means for house prices and competition, and most importantly what it all means for you as a first home buyer.

Whether you're actively looking at properties right now, still in the planning stage, or you've recently purchased, this episode covers what you need to know and how to think about moving forward.

In this episode:

🔑 The major budget changes to negative gearing and capital gains tax

🔑 How investors are likely to respond and what that means for competition

🔑 Which types of properties and markets will feel these changes the most

🔑 The tools and data you can use to check if an area is investor-heavy

🔑 What first home buyers should be doing right now whether actively looking or still planning

Timestamps

00:00 - What the Federal Budget Means for First Home Buyers

04:00 - What Was Actually Announced and Initial Thoughts

08:11 - How Investors Will Respond

11:31 - What It Means for First Home Buyers

14:39 - Tools to Check Investor vs Owner Occupier Markets

19:01 - What Happens to House Prices

22:03 - Should Active Buyers Wait or Keep Going?

24:09 - What Happens to Competition in the Market

26:05 - Asset Quality and Property Selection Right Now

33:10 - What It Means for the Rental Market

38:12 - If You're Planning to Buy in the Future

40:36 - The 5% Deposit Scheme and Help to Buy

43:09 - If You've Already Purchased

43:41 - Interest Rates and What Happens Next

Free Resources

Open Stats Tool - Property Data

Census - Property Data

Download Your Federal Budget 20206 Resource

Mentioned Episodes:

Episode 6 | Unlocking Asset Quality: How to Choose the Right Property as a First Home Buyer

Episode 26 | Unlocking the Federal Government ‘Help to Buy’ Shared Equity Scheme

Want to keep the conversation going?

👉 Join the First Home Unlocked Facebook Community

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Casual and contract workers make up more than a quarter of the Australian workforce. If you're a casual or contract worker, there are absolutely ways to borrow. It just comes down to understanding how banks look at your income and making sure you're with the right lender for your situation.

In this episode, Jack Elliott and Chris Bates break down how banks assess casual and contract income. We talk through what lenders are actually looking for, why the same weekly pay can mean very different borrowing capacity at different lenders, and how you can protect yourself financially once you take on a mortgage.

We also share a real example where choosing the right lender added $35,000 in borrowing capacity just by using a different annualisation method, showing why lender selection matters so much for casual and contract workers.

In this episode:

🔑 How banks assess casual income and what they're looking for

🔑 Why the same weekly pay can mean different borrowing capacity at different lenders

🔑 How banks assess contract income and the difference between dependent and independent contractors

🔑 How to protect yourself financially once you take on a mortgage

🔑 What casual and contract workers should be doing right now to put themselves in the strongest position

Timestamps

00:00 - Casual and Contract Income Explained

03:11 - How Banks Assess Casual Income

04:48 - Strengthening Your Position as a Casual Worker

06:53 - Annualisation Differences Between Lenders

07:49 - Protecting Yourself as a Casual Borrower

09:49 - Dependent vs Independent Contractor

10:32 - Contract History, Renewals and Gaps

13:30 - Key Takeaways

Unlock your Free Resources

Download Your How Banks Assess Casual & Contract Income Resource

Want to keep the conversation going?

👉 Join the First Home Unlocked Facebook Community

📅 Book a chat with Jack for tailored support

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firsthomeunlocked.com.au