What are low-documentation loans and loans with no conditions?

Are you self-employed or have a mixed credit history? Not everyone is a typical wage or salaried (PAYG) worker. If you are self-employed or your circumstances are unusual, there may be options available to help you get your first home.

When you apply for your first home loan, lenders want to see proof of your income – for many people, this means providing payslips and other financial statements. But if you are self-employed and don't have regular documents to prove your income, it's still possible to buy a home with a low-documentation loan or a loan with no conditions.

Low Doc Loan?

Low doc loans are designed for self-employed individuals who cannot provide traditional proof of income, such as regular payslips. The term "low doc" refers to alternative types of proof of income. Not all lenders offer low doc loans, and those that do may require a higher deposit or interest rate.

You can apply with us to explore your options and compare rates.

Loans for Self-Employed Persons / Sole Traders

If you are self-employed or a sole trader, it is important to keep all your financial documents up to date. Lenders usually need your most recent one to two years of personal and company tax returns and income statements. This helps determine how much you can borrow, based on your taxable income rather than gross turnover.

We provide more information on what documents a self-employed person needs to apply for a home loan.

Self-Certification

A Low Doc loan can help you get your own home even if you don’t have up-to-date documents. Some lenders may accept self-certification of your income, with possible approval from your accountant.

Typically, you may need to provide:

• Australian Business Number (ABN)
• Proof of being self-employed in the same industry for at least 12 months
• Most recent Business Activity Statements (BAS) certified by the Australian Taxation Office
• Several months of bank statements

Non-Conforming Home Loans

Non-conforming home loans are for buyers with gaps in credit records or no credit history. This includes previous defaults, new arrivals in Australia, or first-time applicants. They may carry a higher interest rate, but once a solid repayment history is established, you can refinance or negotiate better terms.

If you don’t fit the profile of a “typical” first home buyer, we offer strategies to help you start on the property ladder.