Low Doc Home Loans

Self-Employed Home Loan Options

Low doc home loans provide a way for self-employed, small business owners and contractors to get home loans, despite having difficulty obtaining all the documentation, such as payslips, that lenders typically require - and we could help!

Apply with us:

  • No 'hard' credit check on application
  • Low doc home loans with bad credit possible
  • First-time home loans are possible
  • Low deposit home loan options available
  • Approvals with Centrelink income possible
  • Fast home loan approvals possible
  • Personalised & FREE lending assessment
  • Affordable terms to suit your financial situation
  • We are experts in self-employed home loan solutions
  • Must earn over $700 per week (income and/ or benefits)

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What Are Low Doc Home Loans?

Low doc home loans, short for low documentation home loans, are designed for borrowers who may not have the full financial documentation required for a traditional home loan. These loans are particularly popular among the self-employed, small business owners, freelancers, and contractors who often have irregular income and may not have up-to-date tax returns or financial statements. They provide an alternative way to get home loans approved.

Key Features of Low Doc Home Loans:

  1. Simplified Documentation: Unlike conventional home loans that require comprehensive financial records, low doc home loans typically need minimal paperwork. This might include a signed income declaration, business activity statements (BAS), or an accountant’s letter.
  2. Flexible Income Verification: Instead of relying solely on traditional income verification methods, lenders may consider alternative forms of income proof, such as bank statements, to assess your borrowing capacity. Which is why these loans are also referred to as 'alt doc home loans'.
  3. Increased Lender Risk: Due to the increased risk associated with lower documentation, low doc home loans may come with higher interest rates compared to standard home loans.
  4. Larger Deposits: Lenders might require a larger deposit for low doc loans, typically starting from 20% of the property’s value. This helps mitigate the risk for the lender.
  5. Lender's Mortgage Insurance (LMI): If your deposit is less than 20%, you may need to pay Lender’s Mortgage Insurance, which protects the lender in case you default on the loan.

Pros and Cons of Low Doc Home Loans

Pros

Cons

Understanding the pros and cons of low doc home loans can help you make an informed decision about whether this type of home loan is right for you. For personalised advice and to explore your options, contact Rapid Finance at 1300 467 274 or start by completing our "Free Financial Assessment" form above.

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Low Doc Home Loan - FAQs