Firstmac has launched an Alt Doc home loan for established self-employed borrowers, allowing eligible applicants to verify income using six months of Business Activity Statements (BAS) and an ATO account summary instead of tax returns or financial statements.
The non-bank lender announced the product to brokers on 22 October 2026. It offers another income-verification route for business owners, with borrowing up to 80% loan-to-value ratio (LVR), subject to assessment and the applicable loan-size limit.
“This is the latest in a string of lenders making self-employed lending easier,” says Flexdoc Founder and Director Peter Esho.
The change concerns how income is evidenced. Borrowers still need to meet registration requirements, supply supporting documents and qualify for the proposed loan.
What income documents does Firstmac require?
According to Firstmac's launch announcement, applicants need:
- At least 24 months of ABN registration.
- At least 12 months of GST registration.
- Six months of BAS, covering a minimum of two quarters, supplied as original PDFs.
- An ATO account summary, supplied as an original PDF.
- A completed Declaration of Financial Status.
- Standard identification and security documentation.
Firstmac says tax returns and financial statements are not required under this Alt Doc route.
Firstmac also provides brokers with a BAS calculator to check whether the applicant's declared income is supported by their BAS. That distinction matters: business turnover should not be read as an automatic borrowing-capacity figure.
The six-month evidence period does not replace the longer registration tests. Someone with a recently registered ABN or less than 12 months of GST registration would not meet the announced minimums simply by having six months of business records.
How much can eligible borrowers borrow?
The announcement sets out two loan-size limits:
- Up to $3 million at 70% LVR.
- Up to $2 million at 80% LVR.
LVR expresses the loan as a percentage of the property's value accepted for lending. The higher loan amount is therefore tied to the lower LVR, rather than being available at the product's maximum 80% LVR.
These are published limits, not an indication of what an individual applicant will be approved to borrow. The property, income assessment and other lending requirements still need to be checked for the proposed application.
What can the loan be used for?
Firstmac says the product is available for owner-occupied and investment properties, including purchases, refinancing, debt consolidation and equity release. Principal-and-interest and interest-only repayment options are listed.
The launch announcement also lists an offset option and no annual or monthly fees. That does not establish that every other fee is waived. Applicants should confirm the complete terms and costs for their circumstances.
How does this fit the wider self-employed lending market?
Firstmac's launch follows changes by other lenders to how they assess eligible self-employed borrowers. AMP announced lending-policy updates in June 2024, while Westpac announced a streamlined approach in July 2025.
Those changes involved one-year tax-return assessment options for eligible applicants. They are distinct from Firstmac's BAS-based Alt Doc route, so borrowers should compare the actual evidence and eligibility requirements rather than assume the policies are interchangeable.
What should self-employed borrowers check next?
Start with your ABN and GST registration dates, the BAS periods available, your ATO account summary and the proposed loan amount. Check the required LVR against the property's expected value, then ask which remaining conditions apply.
Our self-employed home loan document checklist can help you prepare. To discuss your available evidence and proposed borrowing, explore residential lending with Flexdoc.
This article provides general information, not a loan offer or personal credit, financial or tax advice. Product terms and lending criteria can change. The lender makes the credit decision.
Sources
- Firstmac, “Firstmac Launches Alt Doc”, broker announcement dated 22 October 2026, supplied for this article. Product requirements above reflect that announcement.
- AMP, lending-policy announcement, 28 June 2024, linked above.
- Westpac, self-employed lending announcement, 3 July 2025, linked above.