Self-employed refinancing

Can you refinance when you're self-employed? Documents, timing and lender-policy checks

See the documents, timing and lender-policy questions self-employed borrowers should prepare before refinancing a home loan in Australia.

Updated: 21 September 2026
Read time: 8 min read
Prepared by: emoney content team

Key checks before you decide

Prepared by emoney content team. Updated 21 September 2026. Sources are listed below.

Write down the reason for refinancing and the current loan's rate type and remaining term.
Collect current business and personal records, then explain material changes.
Ask the current lender for a pricing review before treating switching as the default.
Compare switching costs and loan term as well as the new repayment.

In this guide7 sections

Start with the reason for refinancing Why self-employed income needs context Prepare a refinance document pack Compare repricing, refixing and switching Costs and timing can change the result When more preparation is useful Questions for a broker

Start with the reason for refinancing

Name what needs to change: a rate or fee review, fixed-rate expiry, different features, debt restructuring, a cash-out purpose or an ownership change.

That reason affects the records a broker may need and whether to ask the current lender about repricing first. Compare the years remaining on the loan with any proposed new term, as well as the repayment.

Broker note

Why self-employed income needs context

A payslip alone may not explain the income of a sole trader, contractor, company director, partner or trust beneficiary.

Lenders may ask about trading history, ownership, recent income, liabilities, expenses and any difference between the current year and lodged records. Explain the income source, business structure, ongoing contracts, unusual expenses and material changes plainly.

Do not alter records or present estimates as verified income. A registered tax or BAS agent can help with tax records. A mortgage broker cannot provide tax advice.

Prepare a refinance document pack

A useful first pack often includes identity documents, recent home-loan statements, property details, current debts and limits, living expenses, business financial records, tax returns, notices of assessment, BAS records and business bank statements where relevant.

The exact list varies. Ask which documents are useful for the first review and which must be refreshed before a formal application.

Give context for figures that do not reflect normal trading, such as a one-off expense, a change in ownership, a new contract, a business acquisition or a recent interruption. Do not decide which income a lender can use by removing inconvenient figures. Provide complete records and ask what further explanation would help the assessment.

Keep the current loan statement with any discharge information, fixed-rate expiry date and offset or redraw details. A refinance comparison is clearer when the broker can compare the existing loan against alternatives on the same balance, remaining term and purpose.

Item	Why it may be relevant	Check before sharing
Current loan statement	Balance, rate type, repayment, term and discharge context	Statement date and linked accounts.
Business structure and income explanation	Shows who earns the income and how	Ownership, trading changes and one-off events.
Tax, BAS and financial records	Can evidence business activity	Currency, completeness and accountant context.
Liabilities	Affects repayment assessment	Limits as well as balances.

Compare repricing, refixing and switching

Ask the existing lender for a current response before assuming a new application is needed.

Give any broker the same balance, remaining term, rate type, features and goal. A fair comparison includes the current loan, a stay or reprice path and switching options the broker can access, plus direct options outside that scope.

Do not lodge multiple formal applications merely to collect indicative rates. Ask when a credit enquiry or formal application would begin.

Watch out

Costs and timing can change the result

Check fixed-rate break costs, discharge fees, application fees, switching fees, valuation requirements, possible LMI and the time needed to recover costs.

If a loan has less than 20% equity, LMI can materially change the calculation. Resetting the term can increase total interest even where the regular repayment falls. A calculator models assumptions but cannot decide eligibility or predict valuations, income or lender policy.

Ask when costs are estimates and when they can be confirmed. A valuation, current lender payout figure, rate expiry or a changed business result can alter the comparison after the first discussion. If the benefit depends on a lower repayment, check whether that result comes from a different rate, a longer term, an interest-only period or a change in features.

Next step

Want a broker to check this against your situation?

Share the loan goal, timing and a few key details. An emoney broker can then pick up the enquiry with the relevant context.Start a self-employed refinance review

Watch out

When more preparation is useful

Allow more lead time if income changed recently, the business is new, a fixed period is ending, there is a cash-out request, title circumstances changed, or the property and income story is more complex.

The practical action may be clearer records, a current-lender repricing request, waiting for a document cycle, or legal or tax advice alongside a broker conversation. If repayments are difficult, contact the current lender's hardship team early.

MoneySmart's debt-consolidation and refinancing guidance also directs people to free financial counselling where it is needed. A refinance application is not a substitute for immediate hardship assistance.

Questions for a broker

Ask which documents would explain the business income, whether to request repricing from the current lender first, which lenders are available, which costs and terms are being compared, when a formal application begins and who manages the application through settlement.

A good answer names the first relevant documents and the broker's panel limits. It should not be a generic upload list.

Ask the broker to separate facts already confirmed from matters that need lender review. A useful comparison records the current-loan balance, proposed purpose, repayment type, remaining term and expected costs. It also explains when a credit enquiry, valuation or formal application could occur. That helps you decide whether to seek current-lender pricing, collect more records or proceed with a fuller assessment.

Calculator next step

Refinance savings calculator

Compare the current loan with a new-rate scenario and see whether switching costs may be recovered.

Best for: Deciding whether a refinance is worth a broker review before starting lender work.
What it calculates: Current repayment, new repayment, estimated switching costs, monthly difference, and rough break-even.

A broker still needs to check discharge costs, valuation, features, cashback rules, income, documents, and lender policy.

Open Refinance savings

Sources used

Switching home loans
ASIC MoneySmartofficial sourceChecked 21 September 2026
Mortgage switching calculator
ASIC MoneySmartofficial sourceChecked 21 September 2026
Using a mortgage broker
ASIC MoneySmartofficial sourceChecked 21 September 2026
Choosing a home loan
ASIC MoneySmartofficial sourceChecked 21 September 2026
Record-keeping help for small business
Australian Taxation Officeofficial sourceChecked 21 September 2026

General information only

This guide is general information and does not take into account your objectives, financial situation, or needs. A broker can review your circumstances before any recommendation.

Prepare the file

Check what your income and documents support.

Share how you earn, the documents you have and your timing. A broker can review the lender questions before you apply.

Start a self-employed refinance review Self-employed options