Starting your own business is a huge milestone – so if you’ve recently taken the leap, congratulations. Being your own boss comes with incredible freedom and flexibility, but also new challenges. One of the biggest? Getting a mortgage when you don’t have the required two years of financials behind you.
The good news is – it’s possible. With the right advice and the right lender, you don’t have to wait two years before buying your own home. If you are exploring a self-employed mortgage under 2 years, lenders will usually look at recent trading activity, your deposit, and clean banking conduct. For how the wider non-bank market works (costs, lender types, and the pathway back to a bank), see our non bank lending services. If you don’t have full financials yet, read the Low Doc Home Loans NZ guide to see what alternative documents are accepted.
Yes, it is possible to get a mortgage when you’re self-employed for less than two years, although most banks will not approve these applications. Specialist lenders may consider your application based on recent trading history, deposit and overall financial position, rather than requiring two full years of financials.
Generally speaking, most banks will not approve these applications. Most banks want to see at least two full years of:
The exception is when you’re not relying on your self-employed income to pay your mortgage (eg. strong PAYE co-borrower income). Of course that doesn’t apply to many people. But don’t worry, there are other options! Otherwise, this would be a rather short article. We explain how specialist lending pathways work in more detail in our Non Bank Lending Guide.
If you’re running your own business and looking for a mortgage within your first two years, lenders typically want to see
The paperwork required is designed with small business owners in mind, recognising that you may not yet have full financials available.
Banks need to follow strict inflexible rules. For self-employed borrowers, that means waiting until you can show the two years of financials. Specialist lenders take a different view. They understand that business income doesn’t always follow a perfect pattern, especially in the early stages. So instead of declining you outright, they’ll assess your recent trading activity and overall situation.
Learn when a short-term specialist loan makes sense (and how to plan the refinance) before deciding if this type of lending suits your situation in our non bank lending guide.
Yes, the trade-off is usually a higher interest rate. But for many clients, it’s a means to an end. They get to buy a property now and then refinance with a bank later once their income history is long enough.
Maia, a Wellington graphic designer, has 9 months of trading and a 20% deposit. Her business statements show consistent credits and casual projects. Her GST returns support the revenue. A specialist lender approved her at a higher initial rate with a clear plan to refinance after her second tax return.
Only you can decide. It depends on your goals and cash flow. As a rule, time in the market tends to matter more than perfect timing. We can model non bank now vs bank later side-by-side so you can choose with confidence.
If your goal is to refinance back to main banks, focus on tidy, accurate financials and clean conduct.
Therefore, being a newly self-employed borrower doesn’t mean you have to wait two years to buy. With the right structure now, you can purchase sooner and set yourself up to refinance to a bank once your income history and conduct stack up.
At Platinum Mortgages, we regularly help clients in this situation prepare for this transition. We know how to read financial accounts and identify legitimate add-backs that can strengthen your case when applying with a bank.
If you’re self-employed and wish to explore your options, we’d love to help. We’ll show you what’s possible today and map a plan for tomorrow. Contact us to discuss your situation.
