We understand that being Self-Employed means that getting a new home loan or a refinance can often be harder. But we work differently to other lenders. We don’t make it complicated. No long paper trails required, we can get you on your way to a new home purchase or a refinance with just one of the below options.
What do you need to become approved?
- Accountant Declaration or
- 1 Year Tax Returns or
- 2 Most Recent BAS Statements or
- 6 Months Trading Statements
Low Doc home loans require less documentation and are ideally designed for borrowers who are small business owners, contractors and freelancers that do not necessarily have access to the usual documents otherwise required.
Remember, Low Doc Loans aren’t the only option for self-employed individuals, and they may not suit everyone. However, you can discover more about this loan type below.
This type of loan is good for those who are not able to provide lodged tax returns or financial statements.
A low doc loan does still require an element of self-verification to confirm your income.
When applying, borrowers will sign a declaration outlining their earnings and provide supplemental documents such as BAS, Bank statements or Accountant’s letter to validate the income as opposed to lodged tax returns/financials.
- Low Doc options can require you to pay a higher interest rate, compared to someone with full documentation. Check out our Comparison Rate Calculator to compare two loans side by side and get an estimate of the total repayments over the lifetime of the loan
- With low doc home loans lenders can require significantly lower LVR. You may need to pay a larger deposit to avoid paying lenders mortgage insurance (LMI). Borrowers may be required to pay LMI if they’re borrowing more than 80% of the property value.
Self-Employed for 1 year?
You can still be eligible for a home loan! Talk to one of friendly Home Lending Specialists to discuss your options here
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