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Getting a home loan as a business owner

Don’t let your lack of documentation as a business owner keep you out of the property game—take advantage of low doc home loans for business owners.

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Business owners Regular home loans tend to require a full range of documentation for your application to be successful or even just to be considered by the financial lender. This documentation can include income evidence, tax returns, full employment details and contact details for your employer. Those who are self-employed are often unable to provide this documentation or proof of income and their home loan application suffers as a result.

Fortunately, low doc home loans are available and are specially designed for those who can’t provide the full range of documentation required for a regular home loan. This is the solution for those who own their own business to successfully get a home loan.


Low doc home loan comparison

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Loan purpose
Offset account
Loan type
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Name Product Interest Rate (p.a.) Comp Rate^ (p.a.) Application Fee Ongoing Fees Max LVR Monthly Payment Short Description
Aussie Activate Prime Alt Doc Home Loan - Up to 55% LVR Standard Rate
3.69%
3.72%
$899
$15 monthly ($180 p.a.)
55%
Pepper Money Essential Prime Alt Doc Home Loan - LVR up to 55%
3.85%
4.04%
$599
$10 monthly ($120 p.a.)
55%
A competitive rate home loan with an offset facility for self-employed borrowers.
Aussie Activate Prime Alt Doc Home Loan - >70% up to 75% LVR Plus Rate
4.19%
4.22%
$899
$15 monthly ($180 p.a.)
75%
Pepper Money Easy Near Prime Alt Doc Home Loan - LVR 65% to 70%
4.44%
4.74%
$995
$15 monthly ($180 p.a.)
70%
A competitive rate offered to low doc borrowers.
Pepper Money Advantage Specialist Alt Doc Home Loan - Standard LVR 70% to 75%
6.34%
6.64%
$995
$15 monthly ($180 p.a.)
75%
A competitive rate offered to those who are self-employed.
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Credit services for Aussie Select, Aussie Activate and Aussie Elevate products are provided by AHL Investments Pty Ltd ACN 105 265 861 (“Aussie”) and its appointed credit representatives, Australian Credit Licence 246786. Credit for Aussie Select products is provided by Residential Mortgage Group Pty Ltd ACN 152 378 133, Australian Credit Licence 414133 (“RMG”). RMG is a wholly-owned subsidiary of the Commonwealth Bank of Australia ABN 48 123 123 124 AFSL and Australian Credit Licence 234945. Credit for Aussie Activate products is provided by Pepper Finance Corporation Limited ACN 094 317 647 (“Pepper”). Pepper Group Limited ACN 094 317 665, Australian Credit Licence 286655 acts on behalf of Pepper. Credit services for Aussie Elevate products are provided by AHL Investments Pty Ltd ACN 105 265 861 Australian Credit Licence 246786 (“Aussie”) and its appointed credit representatives. Aussie is a trade mark of AHL Investments Pty Ltd ABN 27 105 265 861. Credit and any applicable offset accounts for Aussie Elevate are issued by Bendigo and Adelaide Bank Limited ABN 11 068 049 178 AFSL / Australian Credit Licence 237879.

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Low doc loans

Low doc loans are home loans that only need a low amount of documentation. Low doc loans are designed for those who are self-employed, own their own business, do freelance and contract work or are new Australians and can’t provide the full range of documentation needed for a home loan application.

There are many different types of low doc loans available to ensure your home loan meets your needs. You may select to take out a fixed rate low doc loan, which is where the interest rate for your home loan is locked in for a period of time, providing you with security and avoiding any interest rate fluctuations. Alternatively, you may be interested in a variable rate low doc loan. With these loans, your interest rate is not locked in and it fluctuates with the interest rate announcements, providing you with flexibility. A line of credit is another low doc option available. This is where you can borrow money against the value of a secured property.

What documents do low doc loans require?

Although low doc loans require less documentation, there’s still some information and documentation you need to provide to progress through the application process. Typically, you will need to provide your Australian Business Number (ABN) and/or Certificate of Incorporation, a Business Activity Statement (BAS), details of GST and in some cases, statements from your primary business or personal transaction account. The documentation and information you need to provide will differ depending on what financial lender you take your low doc loan out with.

In most cases, you can apply for your low doc loan online, over the phone or in person at your local branch. Prepare all the documentation you can before you apply for your low doc home loan.

Pros and cons of low doc loans

  • Pros

  • You don’t have to show much evidence of income or savings. Showing evidence is often difficult for those who own their own business. Fortunately, with low doc home loans you are not required to.
  • Verify your income. With low doc loans, you are able to self-verify your income. You don’t need to provide payslips or tax returns; all you need to do is sign a statement verifying that a specified amount is the income you earn.
  • Range of loans available. With low doc home loans, you can still access a range of loans including fixed rate loans, variable rate loans and lines of credit. There is also a wide range of lenders you can select from.
  • Cons

  • Fees. Typically, if you borrow more than 60% of the property’s value, you will need to take out Lender’s Mortgage Insurance (LMI). There are also some other fees you may be liable for.
  • Higher rates. Some low doc loans will come with higher interest rates, so be sure to add this to your comparison.

Things to consider

Taking out a low doc loan usually costs more than a regular home loan. They tend to have higher fees and higher rates, along with a lower Loan to Value Ratio (LVR). To find the best low doc loan, it’s important that you compare each loan and the features they offer. Make sure you compare any associated fees, loan types, documentation needed in the application process, rates and any additional features of the loan such as flexibility in repayments and redraw facility.

Don’t let your lack of documentation and proof of income get in the way of getting a home loan. Those who own their own business can get the money they need to enter into the property market with a low doc loan. Low doc loans are designed specially to meet the unique needs of business owners, so start comparing low doc loans today and find one that is right for you.

Find out more about low doc loans today

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Important Information*
Logo for Athena Liberate Home Loan - 70% to 80% LVR Owner Occupier, P&I (*now 2.59%, drops to 2.54% on 30 Sep)
Athena Liberate Home Loan - 70% to 80% LVR Owner Occupier, P&I (*now 2.59%, drops to 2.54% on 30 Sep)

A competitive variable rate mortgage for owner occupiers $0 application and $0 ongoing fees. This interest rate falls over time as you pay off the loan. This rate will drop to 2.54% p.a on 30 September 2020 for new and existing customers. You can get this rate if you apply today.

Logo for UBank UHomeLoan Variable Rate - Discount Offer for Owner Occupiers, Variable P&I Rate
UBank UHomeLoan Variable Rate - Discount Offer for Owner Occupiers, Variable P&I Rate

Take advantage of a low-fee mortgage with a special interest rate of just 2.49% p.a. and a 2.49% p.a. comparison rate.

Logo for HSBC Home Value Loan - Promotional Offer (Owner Occupier P&I)
HSBC Home Value Loan - Promotional Offer (Owner Occupier P&I)

Get a low interest rate loan with no ongoing fees. Plus you can make extra repayments and free redraw online.

Logo for ME Flexible Home Loan Fixed with Members Package - 2 Year Fixed Rate LVR ≤ 80% (Owner Occupier, P&I)
ME Flexible Home Loan Fixed with Members Package - 2 Year Fixed Rate LVR ≤ 80% (Owner Occupier, P&I)

Lock in a competitive rate for owner occupiers for two years. Comes with a 100% offset account.

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