Looking for a Low Doc / Alt Doc loans for Self Employed? We can help.
Alternative documentation (Alt Doc) and low documentation (Low Doc) loans are good ways for people who have trouble meeting the strict paperwork requirements for traditional loans to get the money they need. Self-employed people, freelancers, or have other non-traditional or unpredictable income streams can benefit the most from these types of loans.
Traditional loans usually need a lot of proof of income, like tax records and pay stubs, which can be hard for these people to show. Low Doc and Alt Doc Loans, on the other hand, are made to fit people’s specific financial situations by letting them use different types of proof of income, like business activity statements, bank statements, or accountant reports.
This gives these borrowers more options when it comes to getting the money they need, so they can invest in their businesses, buy homes, or handle their personal funds without having to deal with the problems that come with traditional loan documentation requirements.
Understanding Low Doc Loans:
- Operated their business for under two years
- Experience seasonal or inconsistent income
- Generate income from multiple sources, including part-time jobs, investments, rental properties, or owning a business
- Have recently changed industries or moved between full-time jobs and self-employment
Eligibility Criteria:
- Evidence of ABN and/or GST registration
- Business Activity Statements (BAS)
- Business bank transaction statements
- Letter from an accountant
- Individual tax returns
Tailored Loan Solutions - Smooth Home Loans
Lenders view low Doc home loans as more risky because the borrower does not have standard proof of income. Because of this higher danger, interest rates and rules are often made stricter. Nonetheless, these loans can still be a good choice for people who need money right away and need an alternative to traditional forms of proof of income.
- Easier income declaration process
- Income verification through alternatives to tax returns
- Flexible loan options including fully serviceable loans, redraw facilities, lines of credit, and both variable and fixed interest rates
- Choices between Principal & Interest or Interest-only loan structures
- Often have higher interest rates
- Offer fewer features and impose stricter limits on the maximum Loan to Valuation Ratio (LVR)
- Not all lenders offer Low Doc Loans
Why choose Smooth Home Loans?
Australian based
Seek support from our friendly Australian-based lending specialists.
Flexible options
Exploring offset savings or extra repayments? Our diverse loan features fit your needs.
Low interest rates
As an online lender with lower overheads, we pass on savings to you, our customers.