Low, or alt doc, home loans are for self-employed borrowers who can't prove their income via regular pay slips. Compare low doc home loans from 4.64% and apply today.
These home loans offer low costs, coupled with a host of features, giving the best overall value.
7+
Great
These home loans may have slightly higher interest rates or fewer features but overall, a competitive offering.
5+
Standard
Usually the home loans would offer above average rates. They may still include some competitive features.
0+
Basic
Higher costs and/or fewer features.
What is Finder Score?
The Finder Score crunches 7,000 home loans across 120+ lenders. It takes into account the product's interest rate, fees and features, as well as the type of loan eg investor, variable, fixed rate - this gives you a simple score out of 10.
To provide a Score, we compare like-for-like loans. So if you're comparing the best home loans for cashback, you can see how each home loan stacks up against other home loans with the same borrower type, rate type and repayment type. We also take into consideration the amount of cashback offered when calculating the Score so you can tell if it's really worth it.
Like any other home loan, you can make sure you're getting a good deal on a low doc loan by looking at:
The interest rate
A lower interest rate makes the loan cheaper. It's the most important factor when comparing home loans.
The loan features
Some low doc home loans let you make extra repayments so you can pay it off faster. A redraw facility lets you access those extra repayments to spend if needed. And a loan with an offset account lets you save money while reducing your overall interest charges.
The loan fees
Weigh up the loan's overall fees, including application, settlement and ongoing fees. The fewer the fees, the cheaper the loan.
The minimum deposit
Some lenders let you borrow up to 80% of a property's value. That means a 20% minimum deposit. For alt or low doc loans lenders they often require higher deposits. That said, 90% loans or even 95% loans may be available for certain investors or borrowers.
What are the differences between low-doc loans and regular home loans?
Compared to regular home loans for borrowers with monthly pay slips, low doc loans usually have:
A lower maximum loan-to-value ratio (LVR). You can usually only borrow up to 80% with a low doc loan, but some lenders may only lend you 60% – 70% of the property's value.
A higher interest rate. This is because low doc borrowers are higher risk.
Higher fees. Low doc loans may have higher fees than other loans.
Easier approval for self-employed borrowers. If you can't demonstrate you have a regular income via PAYG statements or regular payslips, a low doc loan can be your best chance of getting a home loan.
Am I eligible for a low doc loan?
Low doc home loans suit the following borrowers:
Business owners.
Self-employed people.
Investors.
Sole traders.
Contract workers and freelancers.
Eligibility requirements differ from lender to lender but you will need an ABN and a good credit history.
You may be eligible for a traditional home loan
If your business is well-established or you've been operating in the same industry for many years, with steady cashflow, and you're able to prove it, some lenders may approve a regular home loan.
Make sure you check with a lender before submitting a full application, or talk to a mortgage broker.
What documents will I need when applying for a low doc home loan?
Note: Every lender's policies surrounding low doc loans, including their lending criteria, is different. It is important to read the eligibility criteria for a loan before you apply.
A low doc home loan application will require one or more of the following.
Business Activity Statements (BAS). In most cases you'll be required to submit 12 months' worth of statements, which will help your lender decide whether or not you're able to afford the loan.
Registered business name and ABN. Your lender will want information about your business, including your registered business name and Australian Business Number (ABN).
Self-verified income declaration. Lenders may ask you to sign a statement verifying that you earn the amount you say that you earn, and that you can afford the loan.
A letter from your accountant. Similar to the signed income declaration, your lender might also require an income form signed by your accountant.
Business bank statements. Depending on what lender you opt for, they may want to see statements from your primary business bank account. These are usually requested for as far back as six months.
GST registration information.
Expert insight: Why Alt Docs loans can be helpful
"You might be someone who may not have all the paperwork for a typical home loan, but that doesn't mean you have to miss out on home ownership. Low doc or Alt Doc loans, are a solution for self-employed Australians who may not tick the usual loan application boxes or can't provide the same level of documentation that might be required for a traditional home loan. It is important to have a wide range of financial options available for Australians as everyone's circumstances are different, there is no one size fits all loan. Alt Doc loans still require supporting documentation and go through our full credit assessment criteria, however the documentation needed caters to a wider variety of financial circumstances and complies with today's lending standards. Alt doc home loans are designed to be more flexible than your standard home loan so they can help you achieve your financial goals, whatever that might be."
Lenders often use different names for low doc loans, including "business home loans" or alternative (alt) doc loans. This is just a small list of some lenders who provide loans for low doc or similar borrowers.
Pepper. Pepper offers a range of home loans for self-employed borrowers, which also includes those who have credit impairment.
Resimac. Resimac is a non-bank lender that offers alt doc loans.
CBA.The Commonwealth Bank lends to business borrowers or self-employed people who are able to pay themselves a regular salary.
RAMS. RAMS is a non-bank lender which offers low doc home loans for self-employed borrowers.
Liberty Financial. This lender offers alternate documentation loans for self-employed borrowers.
Who offers the best low doc loans?
There's no one best home loan for any borrower. It's all about comparing the rates, fees and loan features.
And the best home loan is often the one you can get when you need it. For some low doc borrowers, an existing business banking relationship with a bank makes it easier to get a loan approved.
If you're starting from scratch, have very limited paperwork or past credit troubles, then a specialist lender like Pepper or Resimac might be better placed to help you.
Other options
Talk to a mortgage broker.Brokers are experts who help borrowers find home loans. A good broker can guide you towards a suitable lender that is more willing to lend to a self-employed borrower.
Standard home loans. Many self-employed borrowers or small business owners may be able to get a standard home loan from a big bank or smaller lender. This is especially true if you've been in business for a while and pay yourself a salary.
Can I refinance my low doc home loan?
Yes, low doc loans can be refinanced. But before you start considering refinancing your low doc loan to get a better deal, keep in mind that you will need to essentially reapply for a new loan. You may be subject to stricter eligibility and documentation requirements.
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Frequently asked questions
If you are planning on consolidating many debts onto your low doc home loan then you should ask your lender if this is allowed.
If your partner is a PAYG employee you should ask your broker or lender whether you will still need a low doc home loan. As most low doc home loans will attract a high interest rate you may want to ask your provider if your partner is allowed to get a standard loan with you as a co-borrower.
Lending standards in Australia have tightened since the Global Financial Crisis. Lenders were once willing to offer home loans with no proof of income. But this isn't the case any more.
Any no doc loans today are usually offered for commercial or business borrowers and fall outside the scope of traditional mortgages.
Most low doc home loans will require you to have an active ABN for a minimum of two years.
Many low doc home loans will allow you to move to a full doc home loan after a period of time, assuming you have made all the repayments and that you provide your tax returns as proof of income.
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Richard Whitten is Finder’s Senior Money Editor, with over eight years of experience in home loans, property, credit cards and personal finance. His insights appear in top media outlets like Yahoo Finance, Money Magazine, and the Herald Sun, and he frequently offers expert commentary on television and radio, helping Australians navigate mortgages and property ownership. Richard started his career in education and textbook publishing in South Korea. He holds multiple industry certifications, including a Certificate IV in Mortgage Broking (RG 206) and Tier 1 and Tier 2 certifications (RG 146), as well as a Bachelor of Education from the University of Sydney and a Graduate Certificate in Communications from Deakin University.
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Hi, I am currently living overseas but am Australian. I have a large deposit for a property however do not currently have an income as I have returned to studying. I am wondering if a no doc or low doc loan would be possible for me to obtain?
Finder
ShirleyJanuary 19, 2015Finder
Hi Jay,
Thanks for your question.
A no doc home loan needs to National Consumer Credit Protection Act (NCCP) unregulated. This means that your loan must either be for business purposes, investment purposes or be in the name of a company of trust.
With a low doc loan, you are still required to show some evidence of income, such as a Business Activity Statement or your accountant’s declaration.
It’s advisable for you to speak to a mortgage specialist regarding your situation. They are home loan experts who can help you find the right loan for your situation.
Cheers,
Shirley
ueOctober 3, 2014
I’m an Australian living and working in the UK, I’m a self employed IT contractor i.e. I don’t have an ABN but I have a UK equivalent “Certificate of Incorporation”, in addition my accountants can provide my books/accounts for the revenue/income my business earns.
Will a low doc home loan be feasible in my circumstance?
Finder
ShirleyOctober 7, 2014Finder
Hi Ue,
Thanks for your question.
You may be able to work with some of the larger banks here in Australia as they have department dedicated to migrant banking. The following banks have migrant banking facilities available: ANZ,NAB, Westpac and St.George.
Alternatively, a mortgage broker can also help you find a home loan suitable for your situation.
All the best,
Shirley
PAULMarch 19, 2014
I am looking for a low doc loan as I am in small business, my home is on 80h 10 minutes out of Canberra NSW Freehold, value $1.8m looking for 50%, do you know what lenders would consider this or is this not a service you provide, I would prefer it not be one of the major 4 banks! My credit Rating is good!
Finder
MarcMarch 20, 2014Finder
Hi Paul,
Thanks for the question.
You may find lenders that offers low doc home loans to see their lending criteria, rates, fees, and features.
I also recommend getting in touch with a licensed mortgage broker. A broker can help you understand your financial position and they can leverage their panel of networks to find a lender that is more inclined to review your application.
I hope this helps,
Marc
RoderickNovember 11, 2013
IF i am looking at buying a property for 700k
and put down 350k deposit what documentation will be required to get approval for a low doc loan ?
Finder
MarcNovember 12, 2013Finder
Hello Roderick,
thanks for the question.
In most cases you’ll need to supply a mixture of: BAS statements for the past 12 months verified by the ATO, 3-6 months worth of account statements for your business, a borrower’s income declaration form, and your ABN.
A mortgage broker can help you with your application – all the best.
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Hi, I am currently living overseas but am Australian. I have a large deposit for a property however do not currently have an income as I have returned to studying. I am wondering if a no doc or low doc loan would be possible for me to obtain?
Hi Jay,
Thanks for your question.
A no doc home loan needs to National Consumer Credit Protection Act (NCCP) unregulated. This means that your loan must either be for business purposes, investment purposes or be in the name of a company of trust.
With a low doc loan, you are still required to show some evidence of income, such as a Business Activity Statement or your accountant’s declaration.
It’s advisable for you to speak to a mortgage specialist regarding your situation. They are home loan experts who can help you find the right loan for your situation.
Cheers,
Shirley
I’m an Australian living and working in the UK, I’m a self employed IT contractor i.e. I don’t have an ABN but I have a UK equivalent “Certificate of Incorporation”, in addition my accountants can provide my books/accounts for the revenue/income my business earns.
Will a low doc home loan be feasible in my circumstance?
Hi Ue,
Thanks for your question.
You may be able to work with some of the larger banks here in Australia as they have department dedicated to migrant banking. The following banks have migrant banking facilities available: ANZ,NAB, Westpac and St.George.
Alternatively, a mortgage broker can also help you find a home loan suitable for your situation.
All the best,
Shirley
I am looking for a low doc loan as I am in small business, my home is on 80h 10 minutes out of Canberra NSW Freehold, value $1.8m looking for 50%, do you know what lenders would consider this or is this not a service you provide, I would prefer it not be one of the major 4 banks! My credit Rating is good!
Hi Paul,
Thanks for the question.
You may find lenders that offers low doc home loans to see their lending criteria, rates, fees, and features.
I also recommend getting in touch with a licensed mortgage broker. A broker can help you understand your financial position and they can leverage their panel of networks to find a lender that is more inclined to review your application.
I hope this helps,
Marc
IF i am looking at buying a property for 700k
and put down 350k deposit what documentation will be required to get approval for a low doc loan ?
Hello Roderick,
thanks for the question.
In most cases you’ll need to supply a mixture of: BAS statements for the past 12 months verified by the ATO, 3-6 months worth of account statements for your business, a borrower’s income declaration form, and your ABN.
A mortgage broker can help you with your application – all the best.
I hope this helps,
Marc.