Low Documentation Loan: What You Need to Qualify and How to Apply

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A loan is a sum of money borrowed by one person from a financial institution with the intention to pay it back with added interest. How we fit into this is we provide the customer You, with our expertise and extended network of finance options with our professional broker service finding you the best deal for your current situation.


Low Doc Loan vs. Traditional Loan


A low doc loan (low documentation loan) is just that; a loan with little or no document required from a borrower to apply for a loan. Traditional loans need many documents which may be tricky or impossible for someone self-employed to provide, such as; tax returns, payslips and financial income statements. A low doc loan, on the other hand, includes little to no documents to apply for a loan. However, due to the high-risk nature of low doc loans, they usually have a higher interest rate LMI premiums than traditional loans.

 couple signing finance papers for new car

Who Can Apply for a Low Doc Loan?


Low doc loans are for people who may be contractors, self-employed, business owners to the simple and fast paced nature of both the borrower and the application process.


Applying for a loan can be a tedious and long task, especially if you’re applying as a self-employed worker, business owner or even a contractor. With the need to find multiple pages of paperwork, spend hours upon hours sorting through finance documents and talking on the phone for what seems like forever can ultimately be a waste of your time if your application is denied. This is why loans which require little to no documentation are necessary for those who qualify.


Steps to Applying for a Low Documentation Loan


Getting approved for a low doc loan is an easy process with these four steps:

STEP ONE – Collect the reasonable and valid documentation needed to apply for a low doc loan.

STEP TWO – Due to the fact that low doc loans are a high risk to financial lenders, they usually have high interest rates and LMI premiums. It’s important to research which lender has the lowest rates and premiums in order to utilise the amount you are to be loaned.

STEP THREE – Fill in the application form and bring the essential documentation and proof of favourable qualifications and bring them to your selected financial lender.

STEP FOUR – Once approved, walk out with your newly approved low doc loan.

Accepted Documents


Although it is a low document loan, there are a few documents the lender will need to verify in order to approve the application. These include;


OLD TAX RETURNS – tax returns from 24 months or older provide an insight to your financial income for the lender.


INTERIM FINANCIAL STATEMENTS – these are financial statements over the period of less than a year.


INCOME DECLARATION FORM – this is a document required from the lender which includes the borrowers ABN, business name and the amount to be borrowed.


Favorable Qualifications


ABN – lenders will approve loans based off of multiple lengths of ABN registrations, the most common being one month.


ACCOUNTANTS LETTER – an accountant’s letter is a document that is signed and dated by an accountant and verifies your income.


TOTAL DEBT EXPOSURE – most lenders will prefer an applicant with under one million dollars in debt.

CREDIT HISTORY – lenders will often consider your credit score whilst deciding your approval, since they cannot verify your total income. 



If you’re a business owner, contractor or self-employed, a low doc loan might be the most effective and efficient loan you can apply for. With less paperwork, fuss and application time, the low doc loans are the one most simple way for a borrower to apply and be approved for a loan. Apply here now for a low doc and low fuss loan.




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