Brody is a qualified refrigeration mechanic. He knows how trade income works, and which lenders understand it.
Trade income rarely looks neat on paper. Overtime, allowances, ABN work and the odd quiet month all get read differently by different lenders. Brody did his apprenticeship as a refrigeration mechanic before he became a broker, so he knows the work and can explain it to a lender.
Lenders differ on how much overtime and site allowance they'll count. We know which ones count more of it.
Sole traders and subcontractors are assessed differently from employees. Some lenders need two years of figures, some need less.
Still doing your time, or just finished it? There are lenders who'll work with that.
Brody is a fully qualified refrigeration mechanic, so you won't have to explain what a subbie is.
Handy to have: a rough idea of your income, whether you're on wages or an ABN, and any vehicle or equipment loans. No cost and no obligation.
Two tradies earning the same money can get very different answers from the same bank, depending on how they're paid. Here's what lenders look at.
If you're paid wages, your base pay is straightforward. Overtime, penalty rates and allowances are where lenders differ. Some count regular overtime in full once you can show a consistent history, and others only count part of it. On a job with a lot of overtime, that difference can change your borrowing power by a fair amount.
Most lenders want two years of tax returns from anyone on an ABN. Some will work with one year, and a few will look at less if you've been in the same trade for a while. If you invoice one main contractor week in, week out, some lenders will assess you more like an employee. There's more detail under self-employed home loans.
Buying tools and vehicles through the business lowers your taxable income, which is good at tax time and unhelpful when you apply for a loan. Many lenders add depreciation back onto your income, so it's worth making sure that's been done. Repayments on a ute or equipment loan count against what you can borrow.
Apprentice wages count as income, but they limit how much you can borrow on your own. Buying with a partner, a larger deposit or a family guarantor are the usual ways around it. Once you're qualified and your pay goes up, lenders differ on how soon they'll use the new figure.
Plenty of tradies want to build their own home. Lenders are cautious about owner-builder projects: fewer of them will do it, and those that do usually lend a smaller share of the cost. Building under a licensed builder's fixed-price contract opens up far more lenders.
Lodged tax returns and no outstanding tax debt make a real difference. If you're behind on either, say so early and we can plan around it.
Buying your first place? See first home buyers and every QLD grant and scheme explained. You can also read how Brody went from the trades to broking.
Yes. Tradies on wages are assessed like any other employee, with lenders differing on how much overtime and allowances they count. Tradies working under an ABN are assessed as self-employed, usually on one or two years of tax returns. The right lender depends on how you're paid and how long you've been earning that income.
Sometimes. Most lenders want two years of tax returns from self-employed borrowers, but some will assess on one year, and a few will consider less where you've worked in the same trade for several years. Contractors who invoice one main business regularly may be assessed more like employees by some lenders.
Most do, but not all in the same way. Some lenders count regular overtime in full once there's a consistent history of it, while others count only a portion. Because overtime can be a large part of a tradie's pay, the choice of lender can change the amount you're able to borrow.
Yes, apprentice wages can be used to apply for a home loan, but the lower income limits how much you can borrow alone. Applying with a partner, saving a larger deposit or using a family guarantor are common ways apprentices buy. Lenders also differ on how soon they'll use your higher wage once you qualify.
Yes. Repayments on vehicle and equipment finance are counted as ongoing commitments, which reduces the amount a lender will let you borrow for a home. If the vehicle is financed through your business, lenders may treat it differently, so it's worth setting out exactly how it's structured.
It's possible but harder. Fewer lenders finance owner-builder projects, and those that do usually lend a smaller share of the total cost and ask for detailed costings. Building under a fixed-price contract with a licensed builder gives you access to many more lenders.
Not usually. Unlike some medical and legal professionals, tradies aren't generally offered waivers of Lenders Mortgage Insurance. What makes the difference is choosing a lender whose policy suits how you're paid, whether that's overtime, allowances or ABN income. Eligible first home buyers can also use the 5% Deposit Scheme.
Brody did what other brokers couldn't. As a sole trader the banks go out of their way to make it difficult for us, but Brody found a way to get me the investment loan with a large bank - and beat the rate I had on my current home loan. He met me in person and delivered above and beyond. Highly recommend.
We couldn't be happier with the experience. Brody was incredibly professional, consistently answering every question with clarity and confidence, and quick to respond to calls and emails. His respectful, genuine nature made the entire process feel smooth and stress-free. He truly goes above and beyond - you can tell he cares about getting the best outcome possible, and takes the time to explain everything in a way that's easy to understand.
100 stars - Brody is an absolute diamond. His knowledge and service are second to none, and he genuinely cares about the people he works with. We'd applied to a major bank ourselves and were facing endless delays and a lack of communication. We called Brody for help and within days he had completely turned our situation around, securing us a better loan than the bank was offering in about 10% of the time it took them. Can't recommend him highly enough!
Book a free 15-minute call with Brody - no obligation, no jargon, just clear advice on your options.
