Low Doc Loan Calculator

Loan details

Loan amount?
Property value?
Loan purpose
What is the intended use of this loan?
Is this loan in a company or trust structure?

Proof of your income

If you don't know your ABN you can find it on the ABR website. For low doc loans you are still required to provide some limited evidence of the income that you are declaring to the lender.
Can you provide:
Your ABN number ?
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?

Property details

What is your property type?
What is the population of the town your property is in?

Credit history

Do you have genuine savings?
Do you have any problems with your credit file?
Have you missed any payments on your current debts?

Contact a mortgage broker

Talk to one of our mortgage brokers about your situation: Yes  No 

How to use this calculator

This calculator is designed to assess your situation and identify whether or not you are eligible 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 and 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: Since lenders do not have enough evidence of your income, they must be sure that the property you are offering as security can be easily sold. 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 and 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, the majority of lenders now require some kind of income verification. However, the requirements are not as tedious as those needed for a full doc loan which could 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, lenders will consider the minimum of the income you have declared on the low doc declaration, or the income they calculate using your BAS.

Did you know that not all lenders ask for extensive income verification? Some lenders have interpreted the NCCP Act in a different way and still offer simpler low doc loans.

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 help you with a more detailed assessment. Alternatively you can even read more on the low doc home loans section of our website.

  • Ricardo

    Is there any other any other doc besides than BAS to apply for a low-doc loan?

  • Hi Ricardo, though most lenders that provide low doc loans prefer Business Activity Statement to assess your income, some lenders will accept a Low Doc Declaration and Accountant’s Letter.

    The declaration must be signed by a fully qualified accountant who can confirm that your annual net income is true and correct. Also note the declaration is valid for only 60 days from the date that is signed.

    You could obtain more information on https://www.homeloanexperts.com.au/low-doc-loans/low-doc-with-accountants-letter/

  • Cabana

    What if the property I want to buy is in a flood prone area? Will it be okay to go low doc on it?

  • Hi there,
    You may be able to borrow up to 80% of the value of a house in a flood prone area with a low doc loan. However, the maximum risk that most lenders will consider is real estate that is in a 1 in 100 year flood zone (1% AEP Residential). Note that houses where the known flood height is higher than the height of the floor can be considered on a case by case basis.

  • Manica

    Can I refinance using a low doc loan? I only need 80% and my credit history is clean too.

  • Yes, you can Manica. You’ll need to have made your payments on time every time for the last 6 months although some exceptions can be made. You’ll need to provide either BAS, an accountant’s letter or business bank statements to verify your income. Please check out our “Refinance with a low doc loan” page to learn more:

  • Michael D

    What do lenders think of properties that are prone to flooding?

  • Hey Michael,
    Lenders look at properties in flood prone areas very conservatively because there are usually many issues with them. The property is susceptible to damage through flooding so there’s a real risk involved for the lender. Most banks will not approve a home loan secured by that property. Your local council will probably not approve new developments on that land so you may be unable to obtain flood insurance.

  • McNeel

    If I can’t prove a BAS, what else can I provide that can still be acceptable to the lenders?

  • Hi McNeel.
    You can get a no BAS low doc loan instead by providing either an accountant’s letter, business bank account statements to verify your income. Note that your credit history must be clear of any adverse listings and you must be paying your current debts on time. If you borrow more than 80% then you will not be approved.

  • Mel

    How much deposit is usually required for low doc loans? Also, we only have a $3k credit card as personal debt but the business holds 2 chattel mortgages for our cars, is this taken into consideration when looking at personal finance even though its in the business name? And lastly, how many years trading do you need to have to qualify for a low doc loan?

  • Hi Mel,
    Typically you can borrow 80% of the property value with a low doc loan. In most cases an ABN for 2 years is required.
    Some of our lenders will accept a shorter term ABN however they are more expensive or they reduce the loan to 70% of the property value.

  • ausgirl

    is the interest a lot higher on a low doc loan?