What is a Low Doc Loan?

Self-employed borrowers can sometimes have a financial position that is more complicated to demonstrate than that of a typical employee on wages.

Business owners may have fluctuating income, retain earnings within their business, operate through companies or trusts, have recently changed business structures or have financial statements that do not immediately reflect their current trading position.

Different lenders may also interpret the same supporting information differently or require different combinations of documents.

We understand the challenges of running your own business and the stresses of trying to explain to a bank or lender how your industry works and how your cashflow position works we help review the documentation that is available and provide options with banks and lenders that suit your requirements and objectives.

The documentation accepted for a low doc application varies between lenders and products.

Depending on the lender and circumstances, supporting information may include items such as business bank statements, business activity statements, accountant-prepared documentation, transaction account statements or other evidence that assists the lender in assessing the borrower's financial position. Our team can assess what documents you have available and assess what options you are eligible for based on the documentation available at the time.

Eligibility requirements can also include minimum periods of self-employment or business operation, ABN or GST registration requirements, maximum loan-to-value ratios and restrictions relating to the property being used as security.

Each lender maintains its own credit policy, so satisfying one lender's documentation requirements does not automatically mean that another lender will assess the application in the same way. Speak to One of our team to get a better understanding on what options are available  for your situation