Low Doc Loans

Low doc loans are for self employed, contractor or small business borrowers who are borrowing predominantly (over 50% of borrowing) for business or investment purposes and owner occupier. As the name suggests, documentation required to support the application is reduced. For some Lenders, no evidence of income other than the declaration of income by the borrower in the application form is required:

No financials.
No pay slips.
No BAS Statements.
No letters or statutory declarations from accountants.

Who can apply?

Any borrowers who for a minimum of the past two years has been:
Self employed.
A contractor.
A small business.
PAYG borrowers are allowed as the secondary borrower.

Parameters
Additional criteria include:

Loan amounts vary dependant on the lender.
Loan Value Ratio (LVR) up to 80%.
Residential property as security.
Commercial Property as security (at a lower LVR).
Principal and Interest or Line of Credit facilities available.
Borrower/s must sign the declaration as to purpose of credit to verify that it is predominantly for business or investment purposes - loans must be unregulated.

Loan application must contain either:

A statement of income within the application; or
A signed declaration stating income for assessment.

For some lenders, no evidence of income is required for non PAYG borrowers:

No financials.
No payslips.
No BAS Statements and no minimum asset requirement.
No letters or statutory declarations from accountants.

Credit report must note no defaults or judgements (any defaults with satisfactory explanation will be considered on a case by case basis.) Valuation required.

Other facilities available to you include:

For further assistance, please don't hesitate to contact us.

Low Doc Loans

Funding Methods

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