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Can self-employed borrowers refinance?

Yes, self-employed borrowers can refinance. Refinancing depends on your current financial position, income verification, property valuation, lender serviceability calculations and how your income is structured. Borrowing capacity may have changed since your original loan, so it is worth checking what is realistic before applying.

How is refinancing different for self-employed borrowers?

Self-employed refinancing may involve verifying income via tax returns, business financials, BAS, accountant information or bank statements depending on the lender. Some lenders assess the latest year; others average two or more years. The way add-backs and one-off expenses are treated can also affect capacity. Policy varies by lender.

Can I refinance if my income has dropped?

A lower income does not automatically prevent refinancing, but it may reduce borrowing capacity or limit lender options. Some lenders may add back legitimate business expenses; others may use a conservative average. If your goal is a lower rate rather than releasing equity, a lower borrowing capacity may not be a barrier. We help check what is realistic.

Can I refinance to consolidate debt as a self-employed borrower?

Debt consolidation refinancing is possible for self-employed borrowers, subject to available equity and serviceability. Combining personal and business debts into a single facility may reduce monthly repayments, but it can also extend the term of shorter debts. We help you understand whether consolidation is worthwhile and what it may cost over time.

What if my current lender has already declined a refinance?

A decline from your current lender does not always mean you cannot refinance elsewhere. Different lenders apply different serviceability and policy rules. We can review what may have caused the decline and whether another lender could assess it differently. This does not guarantee approval, but it can identify a viable pathway.

Refinance for self-employed borrowers

Refinancing with self-employed income is not a standard refinance

Your rate may be too high, but your borrowing capacity may have changed, your income may be assessed differently, and your current lender may have tighter servicing rules. Obtain Finance helps self-employed borrowers check what is realistic before applying — and which lenders may suit your income structure.

What is complex lending? →

Check My Loan Scenario

Tell us about your situation. We'll help you understand what lenders may need and which pathway may suit.

General information only — not personal financial advice. Subject to lender criteria. Disclaimer.

Self-employed borrowers can refinance, but the assessment depends on how the lender verifies income, whether they use the latest year or an average, how add-backs are treated, and whether serviceability is met under the lender's current rules. Borrowing capacity may have changed since your original loan — so checking what is realistic before applying matters.

What makes self-employed refinance complex

Income verified via tax returns, BAS or financials

Latest year vs two-year average — lender-dependent

Add-backs (depreciation, interest) may or may not help

Borrowing capacity may have changed since the original loan

Current lender's servicing rules may have tightened

Mixed personal and business debts can complicate assessment

Low doc refinance may have different LVR limits

Decline by current lender does not mean no other options

Why checking before applying matters

Applying to the wrong lender first can show as a credit enquiry, which may affect subsequent applications. For self-employed borrowers, where income assessment varies significantly between lenders, it is better to understand which lenders are likely to assess your income favourably before you submit a formal application.

We help check what is realistic — your current rate, available equity, likely borrowing capacity and which lenders may suit — before you commit to an application.

How Obtain Finance helps self-employed refinancers

We review your current loan, rate, income structure and equity position.
We check what borrowing capacity may be realistic under current lender rules.
We identify which lenders are likely to assess your self-employed income favourably.
We explain whether refinancing is actually worthwhile — not just whether it is possible.
We help structure the application so the lender can see your income clearly.
We help you avoid unnecessary credit enquiries with lenders that may not suit.

Frequently asked questions

Want to check if refinancing is worthwhile?

Tell us about your current loan and income structure — we'll help you understand what is realistic and which lenders may suit.

General information only. This page does not provide legal, tax, financial or credit advice. It is not a loan approval, pre-approval, quote, recommendation or offer of credit. Borrowing capacity, loan suitability and approval are subject to full assessment, lender credit criteria, verification of your information, responsible lending obligations, property valuation and product availability. Obtain Finance does not compare every lender or product in the market. Eligibility for government grants, concessions and schemes depends on current government rules and your circumstances — always confirm eligibility with Revenue NSW or an appropriate professional.

Michael Short is a Credit Representative (468493) of an Australian Credit Licence holder (ACL 389328).