Low Doc
Having difficulty proving your income?
Apply for a Home Loan without a bank statement
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What is a Low Doc Loan? How is it different from a Full Doc Home Loan?
A Low Doc loan is a type of loan for borrowers who are unable to prove their income using the usual methods such as bank statements.
Low Doc loans are considered riskier by most lenders so you may need to save a larger deposit, and/or pay a higher interest rate. To get a better deal, make sure to shop around, or speak to a mortgage broker who can find you the best rates for someone in your situation.
Keep in mind also that while you may not need bank statements to prove your income, you still need to be financially stable, ideally showing a high turnover in your other documents, and actually be able to afford the home loan.
Who can benefit from applying for a Low Doc loan?
Low Doc loans are especially meant for self-employed borrowers, investors, freelancers, contractors, and other types of non-traditional borrowers who want to purchase property but may not have a regular income, or the bank statements to prove it.
How much can I borrow with a Low Doc home loan?
What do you need to qualify for a low doc loan?
Some borrowers get confused about low doc loans and think that they don’t need to provide any documentation for this type of home loan – this is completely wrong.
A Low Doc loan doesn’t mean that you don’t need to provide proof of income – it means that you can use alternative methods to do this.
While it may differ from lender to lender, these methods usually include:
- A letter from your Accountant that clearly verifies your income
- Business activity statements (BAS) from the last six months
- Business bank statements from the last six months
- Tax returns from the last two years
- Profit & loss statements from your business
You also may need to prove that you are in business, and show that you have an ABN (Australia Business Number) for at least 6 to 12 months, depending on the lender. Some lenders will even want to make sure that you have been working in the same industry for more than a year.
Furthermore, just like with any other home loan, lenders prefer borrowers who have a large deposit, good credit history, and / or have been repaying their other debts on time.
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