What “low doc” means
Instead of full tax returns and accountant-prepared financial statements, some lenders accept other evidence that the business can repay, such as:
- recent business bank statements;
- BAS statements;
- a signed declaration of the business’s income;
- the asset itself, as security for the loan.
Which of these a lender wants, and how long the ABN and GST registration need to be, differs from lender to lender.
Things to know
- Low doc usually costs more than a fully documented loan.
- There are limits. Lenders cap how much they’ll lend on low doc, and some ask for more once a loan gets larger.
- Some lenders don’t do private sales on low doc. If you’re buying from a private seller, tell us at the start.
- It is not “no doc”. You’ll still prove who you are, and the lender will check your credit history and look at the asset.
What we do
Tell us what you’re buying and what documents you can get easily. We’ll match that to the low doc rules of the lenders on our panel, so you know what will be asked for before anything is lodged.
The lender assesses the application and decides.
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