Finance for ABN holders, including new ABNs
If your ABN is under two years old, or your last tax return doesn't show what you're actually earning now, most banks will decline you regardless of how well the business is going. We work with lenders who assess self-employed borrowers on bank statements, BAS or an accountant's letter instead. Conditional approval in 24 to 72 hours.
Why the bank said no, and why it probably wasn’t about you
Bank credit policies are built to be applied at volume by people who never meet you. That means hard rules, and the two that catch self-employed borrowers most:
Two years of trading history
A fixed cutoff. A tradie who spent fifteen years employed and went out on his own eighteen months ago fails it, despite being better at the job and earning more than he ever did on wages.
Assessment on the last tax return
Your return is a document designed, quite legally, to show the lowest defensible profit. Then it gets used to decide what you can afford. A business earning well right now can look thin on paper from eighteen months ago.
Neither of these says anything about whether you can afford the repayment. They’re just the easiest things to automate.
What “no financials” actually means
It doesn’t mean nobody checks anything — be wary of anyone implying otherwise. It means the lender assesses you on something other than two years of completed returns:
Bank statements
Usually three to six months, showing money coming through the business.
BAS
Your quarterly statements — often the cleanest picture of current turnover.
Accountant’s letter
A declaration of your position from your accountant.
Asset-backed
Where there’s a solid deposit or equity in an existing asset, the security can carry more of the deal.
There’s nearly always a way to evidence income. It’s just rarely the way the bank asked for it.
Situations we write regularly
- ABN registered under 12 months, with prior industry experience
- Sole traders with no employees
- Subbies paid on invoice
- Businesses whose last return understates current earnings
- Company directors drawing dividends rather than a wage
- Anyone declined elsewhere on trading history alone
What it costs
Being straight with you: low doc lending usually prices higher than a full doc deal. The lender is carrying more uncertainty and prices for it. The gap depends on the asset, the deposit and your credit file.
What we’ll do is show you the full doc option too, wherever there’s any chance of getting you approved on one. If waiting three months for a return that’ll qualify you saves you meaningfully over the term, we’ll tell you that instead of writing the easier deal today.
What you’ll need
Driver’s licence, ABN, three to six months of business bank statements or recent BAS, and a rough idea of what you’re buying. If you’re missing something, ring anyway — there’s usually another route.