APPLICATION PROCESS
Self-Employed Home Loan Process — 5 Steps From Pre-Check to Settlement
Halo Loan specialises in self-employed mortgages. Each step below makes explicit what you do, what we do, how long it takes, and the most common pitfall — not a stock process diagram, but the playbook from 100+ self-employed cases we've run.
- 013–5 min
Mobile pre-check — instant borrowing range + recommended doc pathway
What you do: Fill in the basics on your phone: ABN tenure, industry, ballpark average income over the last 12 months, deposit position, intended use. No documents uploaded, no credit pull.
What we do: Halo Loan matches your profile against 40+ lender policy matrices and returns (a) borrowing-capacity range (b) the doc pathway most likely to clear — full-doc / alt-doc / BAS-only / accountant-letter.
Common pitfall: estimating with last year's taxable income understates borrowing power (self-employed add-backs can lift it 30–40%). Use pre-tax net profit, not the taxable line on your ITR.
- 021–3 days (your pace)
Doc-pathway-specific checklist — what's required vs what can wait
What you do: Upload per the checklist: alt-doc needs 6 mo bank statements + 4 quarters BAS + either 1 or 2 years' ITR; BAS-only needs 4 quarters of BAS; accountant-letter needs the signed declaration + 6 mo statements. Phone photos work.
What we do: Halo Loan packages the docs — coordinates with your accountant if needed, calculates add-backs, runs the servicing model to confirm exact borrowable amount, optimal LVR bracket, and matching rate band.
Common pitfall: ATO debt > $10k is a near-certain decline. Arrange a payment plan first and rebuild 6 months of clean history before applying. Catching this at step 2 means you can still recover.
- 0324–48 hours
Lender matching + indicative offer (2–3 options)
What you do: Review the indicative offers: rate, monthly repayment, LVR cap, turnaround estimate, and any conditions (LMI, offset, fees) at a glance for each lender. Pick one or ask Halo Loan to compare.
What we do: Halo Loan submits in parallel to 2–3 specialist / non-bank lenders we know will engage — no scattergun. Each returns an indicative (non-binding pre-assessment) with rate, capacity, and approval-probability read.
Common pitfall: cheapest rate isn't always safest. Compare turnaround and the lender's current valuation appetite — saving 0.1% but losing 2 weeks or 5% on the valuation can wipe the gain.
- 045–10 business days
Formal application + valuation + formal approval
What you do: Sign the broker authority. Coordinate the valuation appointment (lender typically pays). Respond to any servicing follow-ups the lender asks about (e.g. a large transfer they want to understand).
What we do: Halo Loan submits the full application package, liaises with the lender's credit team, handles valuation anomalies, and answers servicing queries. Formal approval typically arrives in 5 business days (best cases), 7–10 for complex files.
Common pitfall: between formal approval and settlement (30–45 days) don't change jobs, run up new credit-card balances, or apply for fresh credit — the lender re-runs servicing checks before settlement.
- 0530–45 days
Settlement — solicitor handover, funding, funds released
What you do: Engage a solicitor / conveyancer (or use Halo Loan's referrals). Have your deposit in the solicitor's trust account 3 days before settlement. You don't attend on the day — your solicitor settles via PEXA.
What we do: Halo Loan coordinates booking across solicitor + lender + vendor's solicitor, confirms trust funds in place, monitors PEXA on settlement day, and verifies funds disbursed. We follow up 7 days post-settlement to confirm your first statement looks correct.
Common pitfall: off-the-plan settlements where the market dropped 5%+ trigger a fresh valuation — usually with LVR cap reduced and deposit top-up demanded. Between contract signing and settlement, re-run a valuation check every 6 months.
Self-employed home loan process — common questions
Can I pre-check if my ABN is less than 12 months old?
Yes — but the pathway shifts. ABN < 12 months: alt-doc is generally out (12 months minimum, most lenders want 18+); BAS-only is out (needs 2 years); accountant-letter may work if your accountant formally declares your prior employment income plus current business projection. Halo Loan has 4 lenders accepting 6+ months ABN + accountant-letter combo, LVR cap 70%, rate loading 0.5–1%. If you're an IT contractor transitioning from PAYG, your prior payslips can feed into servicing — that subtype is the most readily approved.
What's the fastest realistic timeline? And the worst case?
**Fastest realistic ('5-day approval' in industry-speak)**: clean docs + ABN 2+ years + simple case → steps 1-4 in 5–7 business days for formal approval. **Typical case**: 14–21 days to formal approval + 30–45 days to settlement = 6–9 weeks total. **Worst case** (complex commercial / off-the-plan / re-application after decline / FIRB approval for non-residents) → 3–6 months. Halo Loan returns a P50 / P90 timeline estimate during pre-check based on your specific profile.
I've been declined before / my credit history took a hit — can I still go through this?
Yes — but be honest about it at step 1. Hiding it until step 3 resets the whole flow. Equifax credit enquiries > 5 in 12 months gets flagged as 'high inquiry' — pausing 6 months before re-applying improves outcomes materially. A decline itself doesn't show on your credit file (only the enquiry does), but re-applying to the same lender within 12 months is hard. Halo Loan steers you away from lenders that previously declined you and matches you to specialist / non-bank lenders — 6–8 of these are dedicated to post-decline re-applications.
Are non-resident / temp-visa applicants on a longer timeline?
Yes — add 2–4 weeks. Reasons: (1) FIRB approval: non-residents buying established property need FIRB consent (typically 30 days); (2) Visa screening: lender matches visa subclass + expiry against policy (some lenders reject 482/485/500 outright); (3) Foreign income requires FX conversion evidence + English-translated company financials. Temp visa + ABN < 2 years + overseas parental gift — the slowest combo (3+ months). Halo Loan has 5 lenders specialising in non-resident + self-employed combo, LVR cap 70%.
What does the process actually cost?
**Halo Loan's broker service**: standard home loans are completely free — we're paid by the lender via upfront + trail commission (Australian broker industry standard). Specialist cases (complex commercial, non-resident restructures) may carry a fee-for-service, disclosed in writing before start. **Other costs** (lender / government): lender application fee $0–$600 (lender typically covers valuation), stamp duty per the VIC schedule (first-home owner-occupier full exemption under $600k), solicitor / conveyancer $1,200–$2,500, LMI (only if LVR > 80%, typically $5k–$25k for self-employed). Halo Loan provides a full cost breakdown for your case at the pre-check stage.
Can I switch lenders partway through?
Yes — but the cost depends on the step: **Before step 3** (no indicative yet) — free switch, zero cost. **Between steps 3 and 4** (have indicative, not formally submitted) — free switch, zero cost. **After step 4** (formal application lodged) — switching means withdrawing the original application, re-submitting to the new lender, re-running valuation ($300–$600), and re-running servicing — overall 2–3 weeks of delay. Halo Loan runs 2–3 indicative offers in parallel at step 3 precisely so you can decide during the cheapest switching window.