Are you a sole trader looking to buy a home but worried about navigating traditional bank loans? Yard makes it simple. We offer flexible, tailored home loans designed for sole traders, with streamlined processes and reduced paperwork.
Traditional lenders often require standard income verification such as payslips or tax returns. Yard can accept alternative income documentation such as an accountant's letter, BAS or bank statements.
We specialise in lending to sole traders. We understand the irregular nature of your income, and perform individual assessment on each application to consider your specific circumstances on a case-by-case basis.
Yard offers competitive variable rates packed with all features (split accounts, redraw, multiple offsets) for owner-occupiers and investors who are sole traders.
Recently become self-employed? Yard has options for newly established business owners and sole traders.
You can make free, unlimited additional repayments on our variable home loan. This means you can pay off your loan faster and save on interest.
Having an offset account linked to your Yard Home Loan allows your savings to lower the amount of interest you pay on your home loan.
If you've made extra repayments onto your variable rate Yard Home Loan, you can redraw these for free through our online portal.
We can help you purchase when you don’t have a 20% deposit. The Yard Home Loan can have an LVR of up to 95%, but Lenders Mortgage Insurance (LMI) is needed if your LVR is greater than 80%.
We’re an award winning lender!
Apply online with our easy online home loan application. A dedicated Loan Consultant will give you a call to discuss your home loan requirements and help find the best solution for you.
We verify your information by receiving some supporting documentation, e.g. tax returns or alternative income documentation (accountant's letter or BAS). We also perform a valuation on your property. We will do an online valuation but if there is no sufficient data, the valuer needs to do a physical visit of your property.
Our credit team reviews your information and makes an assessment on your application.
Our solicitors send you the loan contract via email. When it is time for settlement, our solicitors will work with your solicitor (for a purchase) or current lender (for a refinance) to settle your home loan!
To get approved for a home loan as a sole trader, you need to demonstrate that you can meet the credit eligibility criteria. Some of these include:
- Amount of deposit or equity in your property to meet loan-to-value ratio (LVR) requirements
- Borrowing capacity test
- Credit history
- Other requirements such as length of ABN registration, time in the industry, level of assets, your retirement strategy
You also need to be able to provide the supporting documentation to evidence the information you have provided as part of your application.
At Yard, sole trader applicants typically need to provide:
- The most recent financial year Personal Tax Return and corresponding ATO Tax Assessment notice
- The most recent financial year Company Tax Return and Business Financials if you are running your business through a company
If you do not have your tax returns ready, Yard also has options for alternative income verification through a low doc loan. Alternative income documentation options include:
- An accountant's letter
- Business Activity Statements (BAS), or
- Bank statements
Our tailored approach ensures that you can apply with confidence, even without the standard paperwork required by traditional lenders.
Sole traders often face additional scrutiny from traditional lenders due to irregular income streams or non-traditional income documentation. However, Yard specialises in flexible lending solutions that make it easier for sole traders to secure a home loan.
We typically require sole traders to have been operating their business for at least two years to provide sufficient financial history for assessing income stability and borrowing capacity. However, Yard also offers home loan options for sole traders with an ABN history of just six months. In such cases, you’ll need to demonstrate prior experience working in the same industry.
Sole traders can access home loans with Yard’s tailored options. By providing alternative documentation and working with a lender who understands your unique financial situation, you can achieve your home ownership goals. At Yard, we believe that your employment status shouldn’t hold you back from owning a home. Contact our lending specialists today to explore how our sole trader home loans can work for you and discuss the eligibility criteria.
Low Doc or Alternate Doc Loans (Alt Doc) is a way to describe home loans for people with income and assets, but without the regular ways to prove this. At Yard, we understand that not everyone who is looking for a home loan will have traditional proof of their ability to afford to repay the loan and may have different financial structures. As a non-bank lender, our Loan Consultants are able to take your unique circumstances into account when discussing your home loan. So if you're looking for a mortgage but aren't sure whether you can prove that you can repay, get in touch with our friendly team today and we'll talk you through the process and what we need to be able to finance your property.
We consider your time, your circumstances and your wallet
