Low Doc Loans
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Gone are the days of the traditional 9 to 5 workplace. Now there are so many different ways to earn a stable income. Are you self-employed, a freelancer, a contract worker or a seasonal worker without the conventional documentation usually required to apply for a loan? We believe everyone deserves a fair go, and that’s why we’re here to help offer a number of lenders with low doc home loans to those who need them.
What Is A Low Doc Loan?
Low documentation, or Low Doc, home loans are flexible loans for self-employed workers who typically can’t provide traditional proof of income such as PAYG slips and tax returns. Your income may be irregular, but it may still be high enough and stable enough to make the required repayments. There is a misconception that the term low doc means you don’t have to provide as much evidence of your income. It actually means that low doc loans accommodate different sources of income evidence.
Not every bank or lender offers low doc loans, and those that do might request a larger deposit or higher interest rate as part of the loan terms. The Crest team are experienced in low doc homes and can help walk you through all the requirements for this type of loan.
Low Doc Home Loans
Low doc home loans or alt doc home loans cater to people in all professions by allowing them to apply for a mortgage without the traditional documentation required for a standard home loan. Applying for this type of home loan doesn’t mean a borrower supplies less documentation. It means they can provide alternative documents for lenders to assess.
Crest Lending will walk you through the application process and talk to you about how you can provide proof of your income and any other ways to confirm whether you can service the loan. Our mortgage brokers make this clear from the very beginning making you aware if you would be considered a low doc loan applicant.
A low doc home loan is an excellent option if you are self-employed. Check out our loan calculators to determine how much you can borrow and speak to Crest low doc mortgage lenders about how you can begin your home loan application.
Low Doc Loans for Self Employed Professionals
Low doc or alt loans are flexible financing solutions for people with relaxed working lives. Many self-employed Australians don’t realise that they are eligible for a low doc loan. The eligibility criteria for these types of loans are usually extended to small business owners, freelancers and certain people who hold an ABN and can verify their income.
The Low Doc Loan Application Process
We can work with you during the application process to get your documentation in order, proving that you can service a loan, but you will still need to prove that you have a good credit history. You may also need to supply your previous year’s Business Activity Statements (BAS).
If you can service a loan, but have irregular income week on week, talk to a Crest Lender to find out how we can help you apply for a loan.
What documents will you need to supply to a low doc mortgage lender?
No matter who you are and what documentation you supply, lenders must do their due diligence when completing a comprehensive loan application assessment. Each low doc loan application must satisfy our credit assessment and meet our lender requirements.
While you don’t have to supply as much documentation, you will still need to complete a rigorous loan application process to be approved for the loan. When declaring your income and affordability, you’ll need to supply the documents listed below.
Registered Business Name and ABN
A low doc loan considers income made by you by your business, so you will need to provide your basic business information.
Business Activity Statements (BAS)
You will need to submit the past 12 months’ worth of BAS statements, which will help us decide which reveals your business turnover and ability to service a loan.
Self-Verified Income Declaration
As someone who is self-employed, it’s unlikely you’ll have traditional payslips or ta returns. To apply for a low doc loan, you will need to sign a statement that verifies that you earn the amount you say you earn.
A Letter From Your Accountant
You will need an income declaration letter signed by your accountant to support your claim in most cases.
Primary Business Bank Statements
You will support your earning claims by sharing your bank account statements from your primary business account.
The exact requirements and documentation may change depending on your situation. In most cases, your low doc loan will be assessed on your application’s overall strength, self-employed tenure, and credit history.
Applying for Low Doc Loans on the Gold Coast
As a busy small business owner, self-employed contractor or freelancer, it’s likely you don’t have the time to make sense of the complex low doc application process. Finding the right lender for your low doc loan is crucial to securing the finance you need.
Crest Lending possesses a wealth of knowledge to help all Australians with regular or irregular incomes apply for loans. We simplify the process so you can focus on your business. We offer a personalised service where we get to know you and your situation to understand your financial history and empower you to make the right financial decision for you. Contact us today to get started.