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What are Low Doc Loans and How to Get One

What are Low Doc Loans and How to Get One

The process of getting a home loan involves a lot of paperwork. And although this requisite differs from lender to lender, it is mandatory to submit employment or income proof before your loan can be approved.

Unfortunately, there are many instances when this might be a problem for you.

Enter low doc loans.

A low doc loan is a type of loan that requires very little paperwork. The following are the two most common types of borrowers of such loans:-

Small Business Owners

Financing a small business can be difficult. Most conventional lenders need you to provide documents that prove the consistency of your income, which may not be possible to provide in the early stages of a business. Self-employed loans can help you out in such situations.

To obtain one, you need to have a registered Australian Business Number, a minimum deposit against the loan, and documents that verify your business activity, either in the form of a signed letter from your accountant, BAS Statements or the bank statements of your business.


Independent contractors, also known as seasonal workers, are at a distinct disadvantage when it comes to loans because they are unable to provide documents that show a consistent source of income (since they only work on short-term or fixed-term basis).

If you are an independent contractor, then low doc loans are your best option because you can easily verify your income by providing the contract of your most recent employment.

Low doc loans in general have the same features as a regular home loan. Therefore, you have the freedom of choice depending on your financial situation.