Low doc private loans help self-employed Australians access finance without providing extensive tax returns and financial statements.
What Are Low Doc Private Loans?
Low doc loans require minimal income documentation - typically just bank statements instead of 2 years tax returns.
Who Uses Them:
- Self-employed business owners
- Contractors
- Commission-based workers
- Cash-based businesses
- Recent business owners (<2 years)
- Those with tax strategies showing low income
How Low Doc Loans Work
Traditional Loan Requirements:
- 2 years tax returns
- Financial statements
- BAS statements
- Accountant letter
- Profit & loss statements
Low Doc Loan Requirements:
- Accountant declaration (confirming self-employment)
- 3-12 months bank statements
- ABN registration
- Sometimes just asset-based (no income proof)
Low Doc Loan Rates
Interest Rates:
- Prime low doc: 7-10% p.a.
- Standard low doc: 8-14% p.a.
- Full low doc (asset-only): 10-16% p.a.
Higher than full doc because:
- Higher perceived risk
- Less income verification
- Smaller lender pool
Requirements
✅ Self-employed or business owner ✅ Strong property equity (30-40%+) ✅ Accountant declaration ✅ ABN (active 6-12+ months) ✅ Bank statements showing income deposits
LVR: Typically max 70-75%
Low Doc vs No Doc
Low Doc:
- Some documentation required
- Accountant declaration
- Bank statements
- Rates: 7-14% p.a.
No Doc:
- Purely asset-based
- No income verification
- Rates: 12-20% p.a.
- Rare in Australia post-GFC
Ready for low doc finance? Connect with low doc private lenders.