BAS-Only Pathwayself-employedbas-onlybox-hill
Box Hill IT Contractor, 3yr ABN: BAS-Only Refinance, $1.2M at 6.59%
Senior Box Hill IT contractor, 3yr ABN, only 2 of 3 ITRs needed for full-doc. Halo Loan placed the refi on BAS-only, cutting rate from 7.19% to 6.59% — ~$7,000/yr saved, 10-day approval.
- Loan amount
- $1,200,000
- LVR
- 65%
- Turnaround
- 10 business days
Client Profile
- Industry: senior IT contractor (data engineering specialty, enterprise projects), sole trader
- ABN tenure: 3 years 2 months
- GST registered: yes (annual turnover $310k+)
- Last 4 quarters BAS: average quarterly turnover ~$78k, annualised ~$312k
- Tax situation: only 2 complete years of ITR + NOA (one short of full-doc)
- Current position: borrowed $1.25M for owner-occupier 2 years ago at 7.19% (self-employed loading) from a big-4
- Goal: refinance to a lower rate, ease the monthly repayment
What Blocked Them
The client first tried the existing lender's retention team:
- Existing lender: declined to discount the rate given ABN still doesn't satisfy their 3-year ITR requirement
- Another big-4: would accept the refinance but required 3 complete years of ITR + NOA — the client was a year short, so it was declined
- Core friction: BAS history was clean and turnover stable, but the "2 years of tax returns" requirement closed off the full-doc pathway. Alt-doc was an option but with broader lender pool and slightly higher rate vs BAS-only
What Halo Loan Did
| Action | Reasoning | Day |
|---|---|---|
| Assessed BAS-only over alt-doc | IT contractor + 4 quarters of clean BAS + ABN ≥ 2 years matches the BAS-only entry criteria precisely | Day 1 |
| Verified with client's accountant whether BAS turnover needed add-back adjustment | A solo IT-contractor ABN typically has minimal add-backs; servicing calculated off BAS turnover × 85% | Day 2 |
| Matched specialist BAS-only lender + indicative offers from 2 in parallel | The BAS-only pool has 12 lenders, 4 are most rate-competitive for high-income IT contractors | Day 3 |
| Formal submission + valuation arranged | Property had appreciated $180k giving LVR headroom | Day 5 |
| Handled servicing follow-up on a $35k credit-card balance | Client provided pay-down commitment + payoff plan | Day 8 |
| Formal approval + coordinated settlement / discharge from existing lender | Refinance proceeded with zero service interruption, auto-discharge from original lender | Day 10 |
The Outcome
- Loan amount: $1,200,000 (refinance, property valued at $1.85M)
- LVR: 65% (down from 73% — combination of price growth + principal paid down)
- Rate: 6.59% p.a. variable (entry point for the specialist BAS-only pool)
- Monthly repayment: $7,380 (28 years remaining P&I)
- Formal approval: 10 business days
- Saved: rate cut from 7.19% to 6.59% = ~$7,000/year in interest on the $1.2M balance
Related Reading
- BAS-only pathway — 12 lenders, rates from 6.59%, LVR 80%, 10-day approval
- Self-employed home loans hub — full 4-pathway comparison
- Refinance scenario page — servicing-algorithm differences for self-employed refis
- Melbourne self-employed mortgage broker — Box Hill / Glen Waverley industry map
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