Low Doc Loan Calculator

Loan details
Loan amount:
ABN details
You can look up your ABN details on the ABR Website
How long have you had your ABN for?
How long have you been GST registered for?
Proof of your income
Can you provide:
12 months BAS as proof of your income?
An accountant’s letter as proof of your income?
6 months bank statements as proof of your income?
Transaction details
Loan purpose:
What are you looking to do:
Is the loan in a company or trust structure?:
Do you have genuine savings:
Security
Property value:
What is the land size of your property?
What is the population of the town your property is in?
Credit history
Do you have any problems with your credit file:
Have you missed any payments on your current debts in the last six months:

How to use this calculator

This calculator is designed to assess your situation and work out your eligibility for a low doc loan. We can then work out which lenders you qualify with, or which aspects of your situation may be of concern to a lender.

In particular the calculator will assess:

  • Your ABN details: Most lenders require you to have your ABN & GST registration for two years.
  • Proof of your income: Due to legislation imposed on banks by the federal government, most lenders require some kind of verification of your income such as BAS statements, an accountant’s letter or bank statements. However some lenders do not require this additional evidence.
  • Loan purpose: Many lenders have restrictions on refinances, construction loans or low doc loans in the name of a trust or company. In particular, releasing equity is considered to be a high risk.
  • Security property: Because lenders have very little evidence of your income, they must be sure that the property you are offering as security is readily saleable. For this reason small units, larger properties and properties in remote areas may not be accepted for a low doc home loan.
  • Credit history: Almost all major lenders will require you to have a clear credit history & have perfect repayments on your current debts. There are some specialist lenders that can consider loans to people with a bad credit history, however these lenders are not included in our calculator.

Do you need help with your low doc loan? Please enquire online or give us a call on 1300 889 743. Our mortgage brokers are experts in low documentation loans and know which lenders can approve your loan!

How do lenders assess my income?

With the introduction of the NCCP Act in 2010, a majority of lenders now require some kind of income verification. However, the requirements are not as onerous as those required for a full doc loan, which include providing financial statements, tax returns and tax assessment notices.

There are many different types of verification accepted by our lenders, however the majority of lenders will require 12 months BAS statements and will calculate your income using that.

In their serviceability assessment they will use the lower of the income that you declare on your low doc declaration, or the income that they calculate using your BAS.

Did you know that not every lender requires income verification? Some lenders have interpreted the NCCP Act in a different way and as a result, still offer a true no financials, no income evidence home loan.

Find out more about low doc loans

Please call us on 1300 889 743 or enquire online and one of our brokers who specialises in low doc lending can complete a more detailed assessment. Alternatively you can read more on the low doc home loans section of our website.