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Download this quick guide on Fast Track applications for your self-employed clients.

Fast Track your way into this fast growing market

Take advantage of a growing self-employed market with more people starting a side hustle. In 2022, 400,000 Self-Employed Australians intend to take out a mortgage, and with a 40% larger average deal size*, it could be a great opportunity for brokers to tap into further. 

Our Fast Track assessment process aims to make it simpler for you to help your eligible self-employed clients into their homes sooner.

*based on historic data

Key benefits for customers and brokers

Our Fast Track assessment process requires only 2 years of ATO Notice of Assessments, and nothing else! With the reduced documents required, the application joins the PAYG assessment queue which is historically faster than the regular self-employed assessment for approval.

Who’s eligible? What’s required?

A Self-Employed client is eligible for Fast Track if they: 

  • Provide the last 2 years personal Australian Taxation Office (ATO) Notice of Assessments
  • Don’t require Lenders Mortgage Insurance (Eligible Medico clients, excluding Chiros & Physios, can still get LMI waivers up to 90% LVR if using Fast Track)
  • Meet serviceability purely using income derived from 2 personal ATO Notice of Assessments
  • Don’t have business lending products with The Westpac Group 
  • Don’t have foreign income included in the ATO Notice of Assessments

Then follow these 5 easy steps

  1. Confirm Fast Track eligibility  
  2. Test serviceability using 2 years ATO Notice of Assessments. Where capital gains exist on ATO Notice of Assessments, deduct it from the taxable income. Ensure rental income and/or negative gearing haven’t been included separately unless income commenced after the ATO Notice of Assessments period
  3. Tick ‘Fast Track’ in ApplyOnline
  4. Lodge nothing else but 2 years NOA for income verification!
  5. The application then joins the PAYG assessment queue 
  6. If the application does not meet the Fast Track eligibility, or if more documents are supplied, the application will revert to the regular self-employed method

Frequently asked questions