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. 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 letters or statutory declarations from accountants.

• Self employed.

• A contractor.

• A small business.

• PAYG borrowers are allowed as the secondary borrower.

Parameters

• Loan amount up to $800,000.

• Loan Value Ratio (LVR) up to 80%.

• Residential property as security.

• 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.

• No evidence of income is required for non PAYG borrowers:
     - No financials.
     - No payslips.
     - 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.