Home Loans Using Just Two Years’ Notices of Assessment
Attention Self-Employed BorrowersFor many self-employed Australians, getting a home loan or investment loan has traditionally meant jumping through hoops. Full financial statements, business debt analysis, addbacks, adjustments, and lengthy credit assessments are often the norm.
But there’s good news.
Some lenders now offer a streamlined self-employed lending policy that allows eligible borrowers to qualify using only their last two years’ ATO Notices of Assessment (NOAs)—with no requirement for full business financials or detailed assessment of business debts.
This policy can be a genuine game changer for the right borrower.
What Is a Notice of Assessment (NOA)?
A Notice of Assessment is the document issued by the ATO after your personal tax return is lodged and finalised. It confirms:
Your taxable income
Tax payable or refundable
That the return has been assessed and accepted
Under this simplified policy, lenders rely on your personal taxable income as shown on the NOA, rather than dissecting the underlying business structure.
How This Policy Works
Under this lender policy, eligible self-employed borrowers can:
✅ Use the last two years’ personal Notices of Assessment
✅ Have income averaged (or sometimes the lower year used)
✅ Avoid supplying full company or trust financials
✅ Avoid detailed analysis of business liabilities and trading debts
Importantly, the loan can be for:
Owner-occupied home purchases or refinances
Residential investment property purchases or refinances
No Further Assessment of Business Debts — Why That Matters
One of the biggest hurdles for self-employed borrowers is how lenders traditionally assess business debts, such as:
Business overdrafts
Equipment finance
Vehicle loans
Business credit cards
Related party loans
Under a fulldoc assessment, these debts are often:
Loaded into servicing calculations
Treated conservatively
Assessed even when they are well managed or self-liquidating
With this streamlined NOA-only approach, no further assessment is required to include business debts, provided the borrower meets the lender’s eligibility criteria.
This can significantly:
Improve borrowing capacity
Reduce application complexity
Speed up approval times
Who Is This Policy Best Suited For?
This type of policy is ideal for self-employed borrowers who:
Have clean, consistent taxable income over the last two years
Lodge tax returns on time
Operate a stable business (sole trader, company, or trust)
Want a simpler and faster loan approval process
Are frustrated by traditional “full financials” lending
It’s commonly used by:
Tradies
Medical and allied health professionals
Consultants
Small business owners
Property investors with multiple entities
What Are the Trade Offs?
While this policy is attractive, it’s not for everyone.
Things to be aware of:
Income is based strictly on taxable income (no addbacks)
Some lenders apply lower maximum LVRs
Not all industries or structures qualify
Interest rates may differ from standard fulldoc products
Policy varies between lenders and can change
This is why lender selection is critical.
Why Broker Guidance Is Essential
Not all lenders offer this policy, and those that do apply it very differently.
A broker who specialises in self-employed lending can:
Identify which lenders accept NOA-only income
Confirm whether business debts can be excluded from servicing
Structure the deal correctly from the start
Avoid unnecessary document requests
Match the policy to your long-term property strategy
In many cases, choosing the right lender is more important than choosing the cheapest rate.
Final Thoughts
For self-employed borrowers, being able to secure a home loan or investment loan using just two years’ Notices of Assessment — without full business financials or business debt assessment — can remove a major barrier to property ownership and investment.
It’s not a one-size-fits-all solution, but when it fits, it can make the process simpler, faster, and far less stressful.
If you’re self-employed and wondering whether this type of policy could work for you, the key is getting the right advice before submitting an application.