A low doc loan or low documentation loan is a flexible solution for the self-employed. It is designed for borrowers who have income and assets but are unable to provide financial statements or tax returns as evidence of their income.
Low doc loans rely on a self-verification method whereby you state your income on an income declaration form without the lender verifying your income using documents.
This means applicants do not need to provide any proof of their income. However, the banks will complete their normal credit assessment and will check that you can afford the loan using the income you have declared.
Which lenders have low doc loans?
- CBA– MAV package low doc standard variable rate / MAV package low doc rate line of credit residential equity / MAV package low doc standard variable rate / Low doc line of credit residential equity rate / Low doc standard variable rate loan.
- Rams- Line of credit SE professional pack / SE pro pack / Rams SE pro pack 80 / SmartWay low doc / low doc 500 plus (80%) / low doc line of credit.
- Westpac- Premier advantage low doc rocket repay home loan / Premier advantage low doc variable investment loan / Premium option home loan low doc / Variable rate investment property loan low doc / Low doc variable investment property loan / Low doc equity access loan.
- St George- Professional benefits low doc portfolio loan / Professional benefits low doc / Low doc portfolio loan variable rate / Low doc variable rate.
- Suncorp- Low doc back to basics variable rate / Low doc asset line / Low doc standard variable rate.
- ANZ– Professional benefits standard variable residential land loan / Professional benefits standard variable rate / Breakfree equity manager / Equity manager low doc 60 / Standard variable rate low doc 60 / Professional benefits equity manager.
- NAB– Tailored home loan low doc / National flexi plus low doc.
- And many more.
Am I eligible for a low doc loan?
Low doc loans are usually offered to meet the needs of small businesses, contractors and other ABN holders. It is typically designed for the self-employed who cannot prove their income through documentation.
There are low doc loans for people with a normal job although they are not as readily available.
Who can benefit from a low doc loan?
Low doc loans are designed to benefit those who have a deposit saved or have some existing equity however have trouble proving their regular income. You must have a sizeable deposit of at least 20% of the purchase price.
Apply for a low doc loan
Please enquire online or dial 1300 889 743 to get expert advice on low doc loans from one of our specialist mortgage brokers.