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The common barriers faced by self-employed borrowers when applying for finance include:
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Variable income: Cash flow fluctuations due to business cycles and project-based earnings make it harder to demonstrate serviceability.
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Complex financial structures: Intertwined personal and business finances through companies, trusts, and investment structures.
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Documentation requirements: Many lenders require extensive proof of income that doesn’t align with the way self-employed borrowers earn.
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Perceived risk: Traditional credit models score non-traditional income as high risk, even if the borrower is financially stable.
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Regulatory and policy constraints: Tighter lending policies and criteria often exclude those with unconventional income patterns.
Despite these barriers, the self-employed workforce is growing at an unprecedented rate. According to Wave Money’s founder and managing director, John Flavell, the industry needs to move beyond traditional lending models that fail to account for the realities of self-employment.
In a recent episode of Broker Daily Spotlight, Flavell and the team had a conversation about how Wave Money’s approach to self-employed lending is turning these complex scenarios into positive outcomes and successful settlements for brokers and their clients.
"That idea of working one job until retirement is long gone. Today, 17 per cent of the workforce is self-employed, and that number is only increasing," Flavell explained. "For many of these individuals, their personal and business finances are closely linked. Yet, most lending models fail to account for this reality."
How Wave Money stands apart?
Rather than seeing complexity as a roadblock, Wave Money embraces it. We have built our business model around flexibility, working closely with brokers to understand the full financial picture of their clients—not just what appears on paper.
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Tailored solutions – Deals are assessed based on real-world circumstances, not just credit scores.
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Expert human assessment – Wave Money’s credit team take a proactive hands-on approach, working closely with brokers and borrowers to find solutions.
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Fast, flexible decision-making – Wave Money doesn’t rely on inflexible, automated assessments. Human Intelligence wins every time when dealing with complexity and nuance.
"There’s a large group of borrowers whose needs aren’t being met by many bank and non-bank lenders," says Flavell. "If you’re self-employed, and your earnings are through complex structures and investments, many lenders struggle to fit you into their model. That’s where Wave Money comes in—we apply a level of discernment that others won’t."
This human-first approach to credit assessment has resonated with brokers looking for solutions for their self-employed clients. Instead of relying on algorithms that dismiss non-standard applications, Wave Money’s team take a hands-on approach, engaging directly with brokers to structure deals that work.
“When we founded Wave Money, we saw a growing segment of borrowers whose needs weren’t being met. At the same time, we recognised the strength of the broker channel—highly skilled professionals who could deliver tailored solutions to these clients. Bringing those two together was the foundation of our business,” said Flavell.
“These needs aren’t going away—they’re only becoming more prevalent. The number of borrowers whose financial circumstances are complex and who require a flexible lending solution continues to grow, and that presents a significant opportunity. For us, it’s about building a strong and sustainable business while creating meaningful solutions that empower both borrowers and brokers—ensuring those who don’t fit traditional lending models still have a path to securing finance.”
Proudly positioned in our niche, Wave Money is committed to delivering tailored solutions to borrowers with complex financial needs—with less hassle. Equally important are our broker partnerships, where trusted and collaborative relationships ensure we can consistently deliver positive outcomes for their clients.
The broker perspective: Why relationship-driven lending matters
Wave Money has built many strong partnerships with brokers. One who comes back time and time again is William Whitby from Valet Mortgage Brokers, who praises the “level of engagement” provided.
"Working with Wave Money is refreshingly direct and efficient. I’m someone who likes to cut through the noise and get things done, and the team at Wave not only understands that but embraces it. They take the time to understand me and my business, and that level of engagement is rare in this industry,” said Whitby.
Responsiveness, he says, is another key differentiator: "If I leave a message for [Joe Denham] my relationship manager or one of the credit team, I get a call back—quickly. That may sound simple, but in this industry, it’s not. When clients are time-sensitive, responsiveness is everything, and Wave Money delivers every time. The entire team speaks the same language, which gives me confidence that we’re always on the same page."
Beyond speed, Wave Money’s ability to workshop deals is what sets them apart.
Whitby added: "Wave’s flexibility and ability to think on their feet is a game-changer, they will seek to understand every aspect of a deal seeking to get to an approval. And I have clients with some really complex financial structures and circumstances. They’ll pick up the phone, have the conversation, and get it done—without the usual BS."
A growing market brokers shouldn’t ignore
As self-employment continues to rise across Australia, brokers who understand how to serve this market will gain a significant competitive advantage. But doing so requires lender relationships that go beyond a one-size-fits-all approach.
For brokers working with self-employed clients, Wave Money is a lending partner that understands the realities of non-traditional income. More importantly, we offer the responsiveness, flexibility, and expertise needed to navigate complex scenarios.
With self-employed borrowers making up an increasing share of the lending market, brokers who align with lenders that embrace complexity will be the ones who win.
