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Get a home loan even if you are self-employed with little proof of income.

Traditionally, these are designed for borrowers who do not have enough personal documentation to qualify for a standard home loan.


If you are self-employed, employed as a seasonal worker, or receive irregular income, you may not have sufficient documentation to prove your income.  You may simply not want to disclose your full income.  In any of these cases, you can apply for a low doc or no doc home loan.  These loans normally come with a higher interest rate but you can renegotiate a lower rate further down the track should you be able to show the traditional required forms of documentation.

Interest rates keep falling...

You may have read recently that not all banks are passing on the full interest rate cuts.

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Low Doc Home Loans
Low-doc home loans still require some documentation but not as much as a standard home loan.  You may have some bank statements, tax returns or other financial accounts that you can use to back up your application.  

No Doc Home Loans
No-doc home loans do not require any documentation to prove your income.  Instead you sign a statuary declaration stating your income, and the lender may require a clean credit history.  You will still need to show personal identification.


Benefits:
  • Customers with little or no proof of income used to struggle to get a mortgage approved.  With the low doc home loans, it is possible to get a home loan and purchase property.  
  • Borrowers can sign a declaration of income instead of showing proof of income
  • You can choose whether to take a variable rate home loan or a fixed rate loan, and many also come with added features, just like a standard home loan.

Considerations:
  • With both no-doc and low-doc loans you will need to show personal identification.
  • Remember, the less documentation you provide, the higher the interest rate on the loan is likely to be.
  • Major lenders will usually insist on a Loan to Value Ratio (LVR) of at least 80 per cent, however some specialist lenders may accept an LVR of up to 95 per cent.
  • Most lenders will require you to take out Lenders Mortgage Insurance (LMI) for a low-doc loan with an LVR greater than 60 per cent.

Talk to your Local Brisbane Mortgage Broker and find out the facts before making your decision.  Our mortgage advisors are all experienced and understand the mortgage market so we are the best resource for you when it comes to selecting a home loan.  We can help you choose the right home loan. Call us on .

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