Low Doc Home Loans: Best Rates & Application Guide

St.George Bank

5.94% variable (5.95% p.a comparison rate^) Max LVR 70%

• Fast Track application only requires two most recent personal ATO Notices of Assessment.
• Self-employed borrowers get the same residential loans, interest rates and features as salary-earners, as long as the loan is in their name.

Not specified

70%

ANZ

6.19% p.a. Basic variable (6.19% p.a. comparison rate^) Max LVR 60%

• Company director and shareholders paying themselves a regular company wage for 6 months+ may qualify for streamlined application, in which case you’ll need...
• A valid ABN/ACN which has been registered for 18 months.
• One payslip dated within 60 days.
• Your most recent ATO income statement showing your year-to-date salary.

Not specified

95%

Westpac

6.09% p.a. variable 2-year intro rate (6.42% p.a comparison rate^)

‘Fast Track’ application available if you:

• Can provide your last two years of personal ATO Notices of Assessment.
• Have been self-employed for more than 2 years.
• Do not rely on any other source of income to afford your home loan repayments, other than income shown in your Notices of Assessment.

Not specified

70%

Commbank

6.24% p.a. variable (6.62% p.a. comparison rate^) on Wealth Package Home Loan

• Designed for self-employed business owners.
• Simplified income verification process.

Not specified

60%

NAB

6.59% p.a. variable (6.63% p.a. comparison rate^) Basic Variable Home Loan

• NAB says each application is treated individually including eligibility (income details, length of time trading and other requirements).

Not specified

95%

Pepper Money

6.49% p.a. variable (6.67% p.a. comparison rate^) for LVRs up to 65% – higher rates apply for higher LVRs

• Apply with just 6 months GST & ABN registration.

$2.5m

95%

Bluestone

6.94% p.a. variable (7.00% p.a. comparison rate^)

• Income verification methods include customer declaration and either 6 months business bank statements or 6 months BAS OR Accountants Letter.
• No credit score check.

$3m

90%

ORDE Financial (apply through broker only)

6.94% p.a. (7.02% p.a. comparison rate^)

• Suitable for loans where one or multiple applicants are self-employed and unable to fully verify their income with the most recent years tax returns.

$2m

80%

Resimac

6.99% p.a. variable (7.02% p.a. comparison rate^) Resimac Prime Alt Doc 70% max LVR

Choice of income verification options, such as:

• Financial Declaration supported by one of the following:
• Accountant’s Verification (provided the accountant has acted for the applicant(s) for 12 months or greater); or 6 months Business Activity Statements; or 3 months Business Bank Statements.

$2m (70% max LVR) $1.5m (80% max LVR)

80%

Reduce Home Loans

6.99% p.a. variable (7.06% p.a. comparison rate^) on Capitalizer Home Loan) (max LVR 70%)

• Suitable for for self-employed applicants.

$1m or up to $1.75m with a higher interest rate (+0.30%) and lower max LVR (65%)

80% (higher interest rate applies)

La Trobe Financial

7.34% p.a. variable (7.61%* p.a. comparison rate^) Self-Employed Lite Doc Loan

• Income verification options include BAS and accountant’s letter.

$25m (70% LVR); $5m (75% LVR); $2m (80% LVR)

80%

Liberty Financial

7.39% p.a. variable (7.66% p.a. comparison rate^)

• Suitable for self-employed.
• Flexible income verification.

$2m

85%

Axis Lending

Rates not advertised

• State what you currently earn and provide your Business Activity Statements and/or your recent business bank accounts to support your stated income, without the need to provide your financial statements or tax returns.

$2m

80%

Connective Home Loans

Rates not advertised

• Quick doc loan approval based on self-certification of personal and business income.
• Mid doc loan approval based on self-certification of personal and business income plus one of: last two BAS statements; last six months of business bank statements, or supporting accountant’s letter.

$2m

65% (quick doc); 70% (mid doc)

MA Money

Rates not advertised

• Self-employed applicants with a business registered in the last 6-12 months have a variety of income verification options.

$2m (MA Money Near Prime)

80% (MA Money Near Prime)

Red Rock

Rates not advertised

• Choice of supporting documents including accountant’s letter, business bank statement, BAS.
• ABNs from 6 months
• No tax returns required

No maximum advertised

80%

Red Zed

Rates not advertised

Borrowers require:

• 15% equity for Residential Loans
• 30% equity for Commercial Loans
• A suitable property to offer as security for your loan
• A good credit profile
• A good income

$1.75m

85%

Resi

Rates not advertised

• Multiple income streams considered.
• Choice of Income verification options.

$2m (prime alt doc)

95%

Vast Capital

Rates not advertised

• One accountant letter accepted.
• Short term ABN accepted.
• Vacant land accepted.

$5m (for VE Residential Alt Doc Variable Product)

95% (for VE Residential Alt Doc Variable Product)

Income requirements

Flexible (fewer) income verification requirements.

Full documentation required to prove your income.

Maximum loan-to-value ratio (LVR)

Usually up to 85% but varies by lender.

Usually 95% (with lender’s mortgage insurance).

Interest rates

Depends on the application but generally high compared to standard loans.

Lower than low doc rates but vary based on the LVR and other factors.

Fees

Usually higher than standard loans. Additional ‘risk fees’ may apply based on a percentage of the loan amount.

Standard home loan fees apply.

Application

Some lenders only allow applications through a mortgage broker.

You can usually apply directly with a lender or through a broker.