Hello Laura. Welcome to the forums.
While it’s true that CBA and Bank of Queensland stopped offering low doc loans last year, there are other lenders who still offer low doc loans, albeit with a little more stringent requirements.
For most lenders, they require an ABN that’s been GST registered for two years. One of our lenders will accept an ABN that has been registered for a day.
If you can then provide one of the following alternative or alt docs to prove your business turnover, you'll have a good chance at qualifying for a low doc home loan:
- 12 months’ BAS statements showing a high turnover.
- An accountant’s letter verifying your income.
- Business bank statements showing a high turnover.
- Old tax returns (over 24 months).
- Interim financial statements.
Choosing the right low doc home loan can be difficult as different lenders have different requirements and interest rates.
One of our specialist brokers can help you choose the right lender and the right product from our panel of 40 lenders.
If you’ve been self-employed for one year or less, speak to us today on 1300 889 743
or fill in our free assessment form
to find out how you can get approved for a low doc mortgage.