Low Doc Loans

Low documentation "low doc" loans are designed for self-employed borrowers who may struggle to provide the extensive income verification typically required by lenders. These loans may be an option for self-employed borrowers with irregular income sources or limited documentation. 

As income may be considered less stable, higher rates usually apply to low doc loans and more deposit is required.

In recent years the number of lenders offering low doc loans has reduced, Skate Capital can identify the lenders who still provide this loan type and seek the best loan for your situation.

Generally, you are considered self-employed by a lender if you own and operate your own business. Sole traders and individuals in a business partnership are common examples. Self-employed are not PAYE taxpayers.

The following documents are examples of what a low doc loan provider may request when applying for a low doc loan. Note loans are subject to eligibility criteria and different lenders may request different documentation.

• A signed Borrower’s Income Declaration stating your usual income
• Your registered business name
• Your Australian Business Number (ABN)
• Your Business Activity Statements (BAS) for the last 12 months
• Evidence of GST registration