If you run your own business, you may not have the proof of income documents usually required to apply for a home loan. However, you may be eligible for a low doc loan.
As the name implies, a low doc loan means you don’t have to supply as many documents to prove your income, assets and liabilities as you would with a standard loan.
What information needs to be supplied when applying for a low doc loan?
Generally when applying for a low doc loan you’ll need to provide the following:
1) A signed Borrower's Income Declaration
2) Your registered business name
3) Your ABN
4) Your Business Activity Statements for the last 12 months
The loan features are the same as a standard loan however less documentation is required on application. Interest rates can also vary; however these can be investigated on application.