Property - What do I need to apply for a low-doc loan?

If you are self-employed, you may not have all of the usual documentation that is required to apply for a home loan But that doesn’t mean you can’t achieve your dream of becoming a home owner or property investor.

Our Low Doc Loan is designed for self-employed people and allows you to secure a mortgage without the financial statements or tax returns usually required.

You can use our home loan calculators to work out how much you can borrow and what your repayments will be.

What you’ll need to apply for a Low Doc mortgage

If you’re self-employed and looking for a Low Doc option, there are some conditions that apply:

• You need to be self-employed in the same industry for at least one year and supply details such as your ABN and/or Certificate of Incorporation
• You need to provide your Business Activity Statements (BAS) for the past 12 consecutive months, verified by the Australian Tax Office (ATO)
• You need to confirm that your income has been registered for GST for a minimum of 12 months
• You may be asked to provide six months worth of statements for your primary business or personal transaction account
• The maximum amount you can borrow on a Low Doc Home Loan is 80% of the property value
• If you are borrowing more than 60% of the property value, you will need Lenders’ Mortgage Insurance
• The Low Doc home loan option is available on most home loans

If you’re self-employed and looking to buy a home or investment property, talk to one of our friendly staff.

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