First Home Unlocked

If you're self-employed, banks will usually need more from you before they'll lend compared to a PAYG employee. Understanding what banks are looking for means you can present your income in the best possible way and set yourself up for success.

In this episode, Jack Elliott and Chris Bates break down how banks assess self-employed income. We talk through the standard two year approach, why one year financials could significantly increase your borrowing capacity, what your options are if your ABN is less than two years old, and how the director wages pathway could change what you're able to borrow.

We also cover the tension between tax minimisation and borrowing capacity, why speaking to a broker before you lodge your tax return matters, and how connecting your broker and accountant early can help you find the right balance between both.

In this episode:

🔑 How banks assess self-employed income using two years of financials

🔑 Why one year financials could significantly increase your borrowing capacity

🔑 What your options are if your ABN is less than two years old

🔑 How the director wages pathway could change what you're able to borrow

🔑 Why speaking to a broker before you lodge your tax return is so important

Timestamps

Timestamps

00:00 - Budget Changes: What We're Seeing for First Home Buyers

01:36 - Introduction to Self Employed Income Assessment

04:09 - The Standard Two Year Approach

04:41 - Balancing Tax Minimisation and Net Profit

07:20 - One Year Financials Policy with Example

09:18 - Protecting Yourself as a Self Employed Buyer

12:07 - Director Wages Policy

14:57 - What If Your ABN Is Less Than Two Years Old?

17:36 - Business Debts and Addbacks

19:41 - Getting the Best Outcomes as a Self Employed Buyer

22:19 - The Tax Return Trap

24:25 - Getting the Right Team Around You

Free Resources

Download Your How Banks Assess Self Employed Income Resource

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The Federal Budget just changed the property market overnight, and the government is calling it a win for first home buyers. If you're a first home buyer, you're probably seeing a lot of headlines and wondering what it actually means for you and your plans.

In this episode, Jack Elliott and Chris Bates break down the major budget announcements and what they mean for the property market. We talk through the changes to negative gearing and capital gains tax, how investors are likely to respond, what this means for house prices and competition, and most importantly what it all means for you as a first home buyer.

Whether you're actively looking at properties right now, still in the planning stage, or you've recently purchased, this episode covers what you need to know and how to think about moving forward.

In this episode:

🔑 The major budget changes to negative gearing and capital gains tax

🔑 How investors are likely to respond and what that means for competition

🔑 Which types of properties and markets will feel these changes the most

🔑 The tools and data you can use to check if an area is investor-heavy

🔑 What first home buyers should be doing right now whether actively looking or still planning

Timestamps

00:00 - What the Federal Budget Means for First Home Buyers

04:00 - What Was Actually Announced and Initial Thoughts

08:11 - How Investors Will Respond

11:31 - What It Means for First Home Buyers

14:39 - Tools to Check Investor vs Owner Occupier Markets

19:01 - What Happens to House Prices

22:03 - Should Active Buyers Wait or Keep Going?

24:09 - What Happens to Competition in the Market

26:05 - Asset Quality and Property Selection Right Now

33:10 - What It Means for the Rental Market

38:12 - If You're Planning to Buy in the Future

40:36 - The 5% Deposit Scheme and Help to Buy

43:09 - If You've Already Purchased

43:41 - Interest Rates and What Happens Next

Free Resources

Open Stats Tool - Property Data

Census - Property Data

Download Your Federal Budget 20206 Resource

Mentioned Episodes:

Episode 6 | Unlocking Asset Quality: How to Choose the Right Property as a First Home Buyer

Episode 26 | Unlocking the Federal Government ‘Help to Buy’ Shared Equity Scheme

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Casual and contract workers make up more than a quarter of the Australian workforce. If you're a casual or contract worker, there are absolutely ways to borrow. It just comes down to understanding how banks look at your income and making sure you're with the right lender for your situation.

In this episode, Jack Elliott and Chris Bates break down how banks assess casual and contract income. We talk through what lenders are actually looking for, why the same weekly pay can mean very different borrowing capacity at different lenders, and how you can protect yourself financially once you take on a mortgage.

We also share a real example where choosing the right lender added $35,000 in borrowing capacity just by using a different annualisation method, showing why lender selection matters so much for casual and contract workers.

In this episode:

🔑 How banks assess casual income and what they're looking for

🔑 Why the same weekly pay can mean different borrowing capacity at different lenders

🔑 How banks assess contract income and the difference between dependent and independent contractors

🔑 How to protect yourself financially once you take on a mortgage

🔑 What casual and contract workers should be doing right now to put themselves in the strongest position

Timestamps

00:00 - Casual and Contract Income Explained

03:11 - How Banks Assess Casual Income

04:48 - Strengthening Your Position as a Casual Worker

06:53 - Annualisation Differences Between Lenders

07:49 - Protecting Yourself as a Casual Borrower

09:49 - Dependent vs Independent Contractor

10:32 - Contract History, Renewals and Gaps

13:30 - Key Takeaways

Unlock your Free Resources

Download Your How Banks Assess Casual & Contract Income Resource

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Income is one of the biggest drivers of your borrowing capacity, but banks don't just look at how much you earn. They look at how you earn it and depending on your situation, the same salary can produce very different results at different lenders.

In this episode, Jack Elliott and Chris Bates go deeper into how banks assess different types of PAYG income. They break down what happens if you've recently changed jobs or you're still on probation, why overtime and allowances are treated differently depending on your industry, how commission and bonus income gets shaded by lenders, and what banks look for when you're working a second job or planning to go on parental leave.

They also share a real example where choosing the right lender policy added $65,000 to a first home buyer's borrowing capacity, showing just how important lender choice can be.

In this episode:

🔑 PAYG income and what happens if you've recently changed jobs or you're on probation

🔑 Overtime and allowances and why the lender you choose can make a big difference

🔑 Commission and bonus income and why the bank doesn't take the full amount

🔑 Second job income and what the banks are really looking for

🔑 Parental leave and what you need to have in place to move forward

Timestamps

00:00 - PAYG Income - How Banks Assess it

01:50 - PAYG Requirements, Job Changes & Probation

06:50 - Overtime and Allowances

10:39 - Commission and Bonus Income

12:52 - Second Job Income

14:34 - Parental Leave: Can You Still Borrow?

15:51 - Wrap Up and Final Thoughts

Unlock your Free Resources

Download Your How Banks Assess PAYG, Overtime, Bonus & Allowance Income Resource

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Borrowing capacity isn't just about your income, and it's not the same at every bank. Banks are also looking at your deposit, your debts, your spending, your credit history, and even the property you're buying to decide how much they're willing to lend you and how risky your loan looks to them.

In this episode, Jack Elliott and Chris Bates walk through exactly what banks assess when you apply for a home loan. As well as banks looking at your income, we discuss how they look at your deposit and genuine savings, why credit card limits matter more than what you owe, how HECS debt actually impacts your borrowing capacity, and how the property itself can sometimes impact if you can even borrow at a certain lender.

We also talk about the difference between what a bank will lend you and what's actually right for your situation, and why choosing the right lender from the start makes a big difference to your options now and into the future.

In this episode:

🔑 What banks look at when they assess your borrowing capacity

🔑 How your income, deposit, debts and expenses all factor in

🔑 Why HECS debt is changing and what that means for first home buyers

🔑 The difference between what a bank will lend you and what's right for you

🔑 How choosing the right lender can make a big difference to your options

Timestamps

00:00 - How Banks Assess You

01:38 - Assessing Your Income

04:37 - Assessing Your Deposit and Genuine Savings

08:11 - Assessing Liabilities: Credit Cards, Loans, HECS, BNPL

15:51 - Assessing Your Living Expenses and Bank Statements

19:52 - Credit History and Your Assessment

22:43 - How Banks Assess the Property

25:08 - Borrowing Capacity Summary and the Role of a Broker

Unlock your Free Resources

Download Your How Banks Decide What You Can Borrow Resource

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There's a lot happening right now. Another interest rate rise, global uncertainty, fuel and supply issues, and a federal budget just around the corner. If you're a first home buyer, you might be wondering what all of this actually means for you and your plans.

In this market update episode, Jack Elliott and Chris Bates sit down to talk through what's going on in the market, what first home buyers are actually seeing, and most importantly, what you should focus on right now.

We break down the practical impact of the latest interest rate rise on your repayments and borrowing capacity, talk through your options around fixing versus variable rates, and share a three step plan to help you move forward with clarity and confidence, no matter what the market is doing externally.

In this episode:

🔑 What's actually happening in the market right now for first home buyers

🔑 The practical impact of the latest interest rate rise on repayments and borrowing capacity

🔑 Fixed versus variable rates and how to decide what suits your situation

🔑 A three step plan to help you focus on what you can control

Timestamps

00:00 - What We're Seeing in the Market Right Now

06:57 - The Impact of the Rate Rise

09:54 - Should You Fix Your Rate?

13:17 - Your Three Step Action Plan

Unlock your Free Resources

Download Your Goals & Visions Workbook

Download Your April 2026 Market Update Resource

Mentioned Episodes:

Episode 25 | Unlocking Interest Rates and Why They Move

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If you've saved a significant deposit, received a gift from family, or come into money through inheritance, you're in a strong position as a first home buyer. But having more cash doesn't automatically mean the best decision is to put it all into the property.

In this episode, Jack Elliott and Chris Bates talk through the strategic options worth considering when you have a large deposit. We explore how to balance reducing your loan with keeping buffers in place, why your emergency fund matters, and how a bigger deposit might allow you to skip the stepping stone property altogether.

We also talk about the professionals worth bringing into your corner, including buyer's agents and financial planners, and how a larger deposit opens up opportunities like buying properties that need renovation or having the option to buy higher quality assets.

In this episode:

🔑 Whether to put all your deposit in or keep buffers aside

🔑 How to protect yourself after settlement with emergency funds

🔑 Why a large deposit might let you skip the stepping stone property

🔑 The value of buyer's agents and financial planners for first home buyers

🔑 How you could use your deposit strategically to get the best long-term outcome

Timestamps

00:00 - Introduction

03:16 - Leaving Buffers & Why It’s Important

06:17 - Can You Look Beyond the Stepping Stone Mindset?

08:32 - The Importance of Asset Quality

11:26 - Build the Right Team Around You: Buyers Agents & Financial Planners

19:52 - Don't Let the Bigger Deposit Rush You

Unlock your Free Resources

Download Your Buying Strategically with a Gift, Inheritance or Large Deposit Resource

Mentioned Episodes:

Episode 6 | Unlocking Asset Quality: How to Choose the Right Property as a First Home Buyer

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Understanding how offset accounts and redraw facilities work can save you thousands in interest and years off your home loan. But most first home buyers have never been taught the difference between them or how to use them strategically.

In this episode, Jack Elliott and Chris Bates break down what an offset account actually is, how redraw works differently in the background, and why the choice between them matters, especially if your first home might become an investment property down the track.

We walk through real examples showing how even small amounts sitting in offset or paid as extra repayments can make a huge difference over the life of a 30-year loan. We also talk about money psychology and how to choose the right structure based on your goals and how you manage money.

In this episode:

🔑 What an offset account actually is and how it reduces interest

🔑 What a redraw facility is and how it works

🔑 The key differences between offset and redraw

🔑 How to use each strategically based on your goals

🔑 Real examples showing the impact of your offset account and extra repayments

Timestamps

00:00 - Introduction to Offset & Redraw Episode

02:42 - What is an Offset Account?

04:28 - Impact of an Offset Account

09:10 - What is a Redaw?

12:59 - Offset vs Redraw: Key Differences and Strategy

16:11 - Money Psychology around Offset and Redraw

19:29 - The Power of Extra Repayments with Examples

23:23 - Episode Wrap up & Key Takeaways

Unlock your Free Resources

Download Your Offset & Redraw Resource

Mentioned Episodes:

Episode 21 | Unlocking How Your Mortgage Actually Works

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Buying your first home is a big decision, and it often comes with a lot of external pressure. Pressure from family, friends, media headlines, and sometimes even from yourself through comparison and the fear of missing out.

In this episode, Jack Elliott and Chris Bates talk through the most common pressures first home buyers face and how to navigate them without feeling rushed or overwhelmed.

We explore the "just get in" mindset and why buying without thinking about asset quality can create bigger issues later. We also address the fear of missing out, the pressure around rising property prices, and the idea that "rent money is dead money."

Most importantly, we share practical tools to help you step back, get clear on your goals, and make decisions that actually support your vision and future.

In this episode:

🔑 How to handle other people's opinions and conflicting advice

🔑 Why "just getting in" can be risky without focusing on asset quality

🔑 Navigating FOMO and the fear of being locked out of the market

🔑 The future self test: buying for where you want to be in 5-10 years

🔑 Why rent money isn't "dead money" and reframing the conversation

Timestamps

00:00 - Introduction: First Home Buyer Pressures

02:30 - Handling Other People's Opinions

06:11 - The "Just Get In" Mindset and Why It's Risky

13:52 - FOMO and The Future Self Test

21:16 - The "Rent Money's Dead Money" Story

25:22 - Episode Wrap Up

Unlock your Free Resources

Download Your Goals & Visions Workbook

Mentioned Episodes:

Episode 25 | Unlocking Interest Rates and Why They Move

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In early February 2026, there was an interest rate rise announced by the Reserve Bank of Australia (RBA). Jack Elliott and Chris Bates talk through what this actually means for first home buyers and how to respond without feeling rushed or pressured.

We break down the practical impact of a rate rise on both monthly repayments and borrowing capacity, and share real examples so you can understand what this looks like in your situation.

Most importantly, we talk about what you can control right now. You can't control interest rates or the market, but you can control getting a clear plan in place that suits your goals, your budget, and your life.

In this episode:

🔑 What the interest rate rise means for first home buyers

🔑 The practical impact on monthly repayments and borrowing capacity

🔑 Why building buffers into your plan from the start matters

🔑 What to focus on right now and how to control what you can control

🔑 What Chris is seeing in the market after the rate rise

Timestamps

00:00 - What First Home Buyers Should Do After a Rate Rise

07:47 - How a Rate Rise Affects Your Repayments and Borrowing Power

10:11 - What Chris is Seeing in the Market After the Rate Rise

Unlock your Free Resources

Download Your Goals & Visions Workbook

Mentioned Episodes:

Episode 25 | Unlocking Interest Rates and Why They Move

Want to keep the conversation going?

👉 Join the First Home Unlocked Facebook Community

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firsthomeunlocked.com.au