What are Low Doc Home Loans?

A low documentation (low doc or lo doc) home loan is a loan aimed at those who cannot provide the usual required paperwork such as tax returns and financial statements when applying for a home loan. This includes self-employed borrowers or investors without a regular PAYG income.

Why it's no longer difficult to find a home loan if you're self-employed

Low doc home loans, otherwise known as lite doc, or alt doc loans, offer you a home loan option if you're self-employed. Rather than having to provide payslips you can usually self-certify your income by providing statements from your accountant, recent Business Activity Statements or a self-signed income declaration form.

Bankruptcy can stay on your credit file for up to seven years, but this doesn't have to stop you from getting a home loan

Bankruptcy can happen for many reasons, many of which might not be your fault.

Unfortunately your credit file doesn't list the reasons behind your bankruptcy, meaning you could find it very difficult to get any sort of home loan even once you're discharged.

Because these listings stay on your credit file for seven years, this can put your dreams of owning a home on hold for more than half a decade.

Luckily there are now a range of specialist lenders willing to offer home loans, some of which will consider borrowers who have been discharged from bankruptcy for as little as one day. While these can come with higher rates and fees, they're an option to help you get into a home or refinance an existing loan without having to wait so long.

Discharged bankrupt? Don't apply for another home loan until you've spoken Approved All Loans Group.