Low Doc loans ( Lo Doc Programs) are a flexible solution for self-employed people who have income and assets, but are unable to provide the required financial statements or tax returns at the time of application. When applying for a Low Doc Loan, you won't need to provide proof of your income.

However most lenders will ask you to complete an income declaration form along with a standard loan application. Generally to qualify for a traditional mortgage, a self employed person needs to have been in business for a minimum of 2 – 3 years and possess full tax returns and financial statements for that period.

We understand that it is sometimes difficult to have all your financials up to date as you are probably too busy running your business to take the time out to get the required information to your accountant. The Lenders and Mortgage Managers we work with, understand this too. Low Doc Home Loans are available both to investors and owner occupiers. They have been created especially with Small Business Owners in mind.

Some of the loan features of a Low Doc Loan are :

Greater deposit than with a traditional loan - say 10% - 20% is generally required;
Slightly higher interest rate than the traditional full doc products. However some lenders do provide a very competitive alternative.

Generally most of the loan features and loan types available with a standard full doc mortgage are also available with a low doc product, including :

• interest only;
• principal and interest;
• fixed rates;
• honeymoon;
• offset accounts;
• lines of credit;
• construction loans;
• debt consolidation;
• renovation loans;
• land loans;
• refinance loans etc.

A No Doc Loan does not require the borrower to disclose neither their income nor their asset position.