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As Australia’s interest rate environment remains elevated, mortgage brokers are facing increasing challenges — particularly when working with self-employed clients.
Since the Reserve Bank of Australia’s (RBA) tightening cycle began, serviceability buffers have remained high and lender policies more conservative. For self-employed borrowers, this has translated into heavier income shading, stricter assessment criteria, and longer approval timeframes. As a result, many otherwise strong applicants are finding it harder to secure a self-employed home loan through traditional lenders.
Yet despite these conditions, parts of the non-bank lending sector continue to show momentum.
While major lenders have slowed, brokers are increasingly turning to alternative pathways to keep deals moving. Industry participants report that non-bank solutions are being used earlier in the process — not as a last resort, but as a strategic choice for complex borrowers.
One example frequently referenced by brokers is So Money, a broker-focused mortgage manager that has continued to see solid settlement activity in the self-employed segment despite higher rates. In January, its Vivid Lite Doc offering recorded strong settlement volumes, indicating ongoing demand from brokers servicing business owners and self-employed clients.
Importantly, service levels have reportedly remained consistent as volumes increased.
“So Money’s SLA performance has remained at a high standard — a metric that has become increasingly difficult to maintain across the broader market,” said founder Zachary Su.
Market observers suggest that operational capability is becoming a key point of differentiation.
Rather than relying solely on product features, some mortgage managers have invested heavily in how deals are packaged, assessed, and processed.
“At So Money, this includes streamlined document requirements, structured internal workflows, and the use of AI-supported systems to assist with document handling and assessment preparation,” said Su.
In an environment where delays and resubmissions are common, this operational focus appears to be supporting faster turnaround times and more predictable outcomes for brokers managing complex self-employed files.
Alongside changes in lending strategy, there is also a noticeable shift in how brokers are choosing to structure their businesses.
Industry trends indicate that more brokers are opting to join So Money as mobile partners, moving away from traditional standalone mortgage broker models.
“Rather than operating in isolation, these brokers are leveraging So Money’s established brand presence, centralised technology, and differentiated business model to scale more efficiently,” said Su.
Brokers operating under this model report stronger performance outcomes, driven by reduced operational burden, enhanced support infrastructure, and access to specialised non-bank solutions. In a market where compliance, processing, and client expectations continue to rise, this partnership-based approach is gaining traction.
Despite the ongoing RBA rate environment, selective non-bank promotions currently in market have also contributed to sustained broker activity. When combined with reliable SLA performance and flexible assessment frameworks, these offers provide brokers with practical tools to continue progressing eligible self-employed clients.
As lending conditions evolve, brokers who are successfully navigating the self-employed space are combining market awareness with flexible lending pathways and strong operational support.
Under the leadership of Su, So Money has emerged as a case study in how mortgage managers can adapt to tighter conditions — focusing on partnership, technology, and execution rather than volume alone.
While self-employed lending remains complex, industry examples suggest that with the right structures and support in place, fewer clients need to fall through the cracks — even in a higher-rate environment.
This article was produced in partnership with So Money
