As per the National Consumer Credit Protection (NCCP) regulation implemented in 2010, banks have tightened their lending policies for low doc loans dramatically.

Now, it is compulsory to present either twelve months’ BAS, six months business bank account statements or an accountant’s declaration for all new loan applications.

Can I borrow with no income evidence?

Due to these changes, the only possible way to obtain a low doc home loan without income evidence is through a no doc home loan. A no doc loan allows the borrower to simply declare that the loan is affordable.

The maximum LVR is frequently lower than a standard Low Doc home loan and the interest rate is much higher. This is inevitable because the lenders view this kind of loan to be a high risk to themselves.

However, please bear in mind that these loans are only available for business or investment purposes (other than investment in residential property) and must be NCCP unregulated.

Another option available is to have an accountant’s letter or low doc declaration completed by your accountant. With this piece of evidence, you will be able to borrow up to 80% of the property value (80% LVR).

How can I apply for a mortgage?

It is imperative to know which lender will accept a low doc loan with the evidence that you can provide. 

Enquire online to find the lender right for you or call us at 1300 880 743 to get started! We will help you choose a competitive loan from our panel of specialist low doc lenders.

  • Patrick SW

    So a low doc without income evidence isn’t an option. I can actually get an accountant’s declaration but I was trying to avoid it because it will be too much work. This is my first low doc loan and I don’t know much about it so where do you reckon I should start?

  • Hello Patrick, our low doc FAQs page can be a great place to start. We have there a variety of questions and answers that can help you understand a low doc loan and process. If you have any confusions, you can then proceed to ask us through Disqus just as you did here. Here’s the link:

  • Nami

    If I can get my accountant to evidence my income, can I expect competitive interest rates?

  • Only a few lenders accept an accountant’s letter or declaration as evidence of your income so there is less competition and the interest rates can be slightly higher. We find that for customers who are borrowing up to 60% of the property value, there’s no major different in interest rates. For customers borrowing 60% to 80% of the property value, there can be a small difference in rate depending on their situation.

  • scooby

    How high an LVR can I borrow with a no doc loan and get a bit lower interest rates?

  • We can generally help you borrow up to 65% of the property value through larger second tier lenders at competitive interest rates. If you want to borrow more, up to 80% LVR, then this will only be through expensive short term caveat loans.

  • rooks

    I have no financials right now so no bank activity statements, no bank statements and even my accountant is not willing to sign a declaration. I have found a good property that I want to buy so would it be better to wait until I have more financials or just go for the no doc loan?

  • Hey rooks,
    Please note that we can’t give you any financial advice but what we can say is that a low doc loan would definitely be much cheaper than going for a no doc loan. If you can genuinely afford the loan then in most cases you can qualify for a low doc loan so you may just need to come up with the required financials. However, we recommend you consult your accountant as well as professional financial advisers and decide as to what would be better – wait (and potentially lose) but get a cheaper loan, or go no doc and buy right away.

  • thornton

    Hi, my accountant is also unwilling to sign my income declaration and so it’s been a bit hard to get a low doc loan. Is there anything that can be done to encourage them to sign it? I don’t want to take out a no doc loan but I will do that if that’s the only option left.

  • We understand that some accountants are unwilling to write a letter confirming the particulars of your situation. Normally, this would be because they’re concerned about potential legal action. Although no accountant will sign a letter confirming something that isn’t true, it’s not reasonable for an accountant to refuse to sign a letter that is true. So banks will normally accept a disclaimer being added to the bottom of the lender and this should encourage your accountant to sign the declaration. It would be best if you could wait until you have some sort of income evidence such as bank activity statements. tax returns or bank statements, which you can use to get a low doc loan since a no doc loan would be short term and considerably expensive.