Low doc loans
for self-employed borrowers

Who would need a low doc loan?

Low doc home loans are a good solution for borrowers who have a deposit saved, or who have existing equity in a property, but have difficulty proving their income with traditional evidence, including:

• Self-employed.
• People with fluctuating incomes.
• People whose income has increased since their last tax return.

How do I get approved?

We use the following 3-step process to help you to find a lender:

• Find out which documents you are able to provide, what your needs are and which lenders you can qualify with.
• Select the lender with the lowest interest rate, fees and Lenders Mortgage Insurance (LMI) premium (LMI applies when borrowing more than 60% of the property value with a low doc loan).
• Build a strong application that highlights your strengths as a borrower.

Do I need to prove my income?

Although you don’t need to provide standard forms of income evidence, you still need to provide supporting documents to verify the income that you’ve declared to the lender.

Each lender has their own requirements and will accept different document types to prove your income.

The main documents that can be used to verify your income are:

• 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.

If you can’t provide any of the above documents then it is unlikely that you can get approved for a low doc loan. However, you may qualify for a no doc loan instead.