Low Doc Personal Loans for Self-Employed Australians

  • Check your best low doc personal loan rates from multiple lenders in one place.
  • Compare options for self-employed borrowers with no impact to your credit score.
Find a great low doc personal loan with Money Matchmaker
Find a great low doc personal loan with Money Matchmaker

Why use Money Matchmaker® to find your low doc personal loan

Australian Lenders

Get personalised rates

No ads. No generic rate tables. We’ll show you real loan offers tailored to you.

Consolidating debt

Save money

It’s free to get matched with the best loan deals from multiple lenders. We’ll always show your loan matches with the lowest repayments first.

Credit Score

No time wasting

We've spent years getting to know lenders and their policies. We won't waste your time connecting you with lenders you're not compatible with.

Australian Customer Support

You’re in control

There’s no obligation. Just options and facts to help you make the right decision.

In our low doc personal loan guide, you’ll find:















What type of personal loan can you get if you’re self-employed?

One of the most common mistakes among people looking for a personal loan is focusing only on the interest rate first. A better question to ask initially is, ‘which kind of loan can I actually get?’

If you’re self-employed or have an irregular income, the answer may be a low doc personal loan, and NOT a standard personal loan.

In this guide, we’ll explain how low doc personal loans work and who they’re designed for. Then, we’ll explore the fundamentals that you’ll need as well as how to find the best deal.

But first, let’s compare the interest rates you can expect to pay on a low doc personal loan in Australia.

Best low doc personal loan interest rate comparison

These low doc personal loan repayment comparison examples are calculated using weekly repayments with a fixed interest rate on a 5-year term. They do not include any fees that may be charged by a lender in addition to interest.

Low doc loan amountWeekly repayment (9% interest)Weekly repayment (12% interest)Weekly repayment (15% interest)





































Low doc personal loan repayment comparison examples are calculated using weekly repayments with a fixed interest rate on a 5-year term. They do not include any fees that may be charged by a lender in addition to interest.

What is a low doc personal loan?

What are low doc personal loans?

A low doc or ‘low documentation’ personal loan is a type of loan designed for borrowers who don’t meet the standard eligibility criteria for applying for credit with a lender.

With a standard personal loan, the lender will ask for financial documents, including payslips, bank statements and recent tax returns.

Low doc personal loan applications don’t require these documents. Instead, the lender assesses your eligibility in other ways, such as based on whether you have any assets for a secured low doc loan (i.e. a home or car). They’ll also review your credit history.

This makes low doc loans popular with self-employed workers, new business owners and seasonal employees.

What you get with a low doc personal loan

Interest rate6.75% p.a. to 30.00% p.a.

Loan amount

$2,000 to $50,000

Establishment fees

$400 to $500 (depending on loan size, secured loan, unsecured loan)

Monthly fee

$0 to $15

Loan terms

1 to 7 years

Early exit fees

$0 to $500

Repayment cycle

Weekly, fortnightly, monthly

Source: Various low doc personal loan providers analysed by Money.com.au as at March 2024. This is based on Money.com.au’s analysis of low doc personal loan providers (Money Me, Latitude and Now Finance).

Low doc personal loan purposes

What can you get a low doc personal loan for?

Like standard personal loans, you usually have flexibility to use a self-employed personal loan for more or less any purpose. According to Money.com.au research, debt consolidation and financing a home renovation were the most common reasons borrowers requested a low doc personal loan in 2023.

If you’re looking for car finance, you could consider a low doc car loan. Or, if the loan is for a business purpose, there are low doc business loans.

How to apply for a self-employed personal loan

Qualifying for a low doc personal loan can be quite simple. The basic eligibility for low-doc applications requires you to be over the age of 18 and an Australian citizen or permanent resident.

Then, you’ll need to demonstrate that you can afford the repayments, which can be done by providing:

  • Two years of tax returns and/or notices of tax assessment from the Australian Taxation Office (ATO) if you have them.
  • Company information if you are a business owner. That includes your ABN and business address (with some lenders you must have held the ABN for a minimum of one or two years).
  • Any recent financial statements that show your business’s profits and losses.
  • Proof of any other income you have — i.e. rental property or investment income.
  • Recent bank statements for both your personal and business accounts.

The more documentation you can provide to prove you can comfortably afford to repay the personal loan, the more likely you’ll get approved.

You may also secure a better interest rate. Having a good credit score will also be an advantage.

Compare loans in 60 seconds

Ready to compare low doc personal loans?

Get your best offers from multiple lenders. There's no obligation and checking your rates won't impact your credit score.


Which lenders offer low doc personal loans?

  • ANZ
  • Bankwest
  • Bank of Melbourne
  • BankSA
  • BCU
  • Citi
  • CommBank
  • Gateway Bank
  • IMB
  • Latitude Financial
  • Liberty 
  • MoneyMe
  • NAB
  • Our Money Market
  • Pepper Money
  • Plenti
  • RACQ
  • RACV
  • SocietyOne
  • St. George
  • Westpac
  • Sunshine Loans
  • Nimble
Low doc personal loan application

Low doc personal loans and increased risk

Low doc personal loans offer an option to borrowers who otherwise mightn’t be able to get a loan. But something to keep in mind is that they are generally a bigger risk for the lender, because the borrower isn’t providing the standard proof of their ability to repay the loan.

This means they often have:

  • Higher interest rates

  • Higher fees

  • Lower borrowing amounts

For example, data from Money.com.au in 2023 shows that the average personal loan interest rate borrowers who are casually employed, without a long-term stable income, is 16.15% p.a. This is in contrast to an average of 13.83% p.a. for borrowers who are employed full-time.

5 ways to reduce risk on your low doc loan and get a better deal

Lenders like to minimise risk and uncertainty wherever they can. If you can remove some of the risk for them, you could get a lower interest rate on your low doc personal loan.

Here are some options self-employed borrowers can consider:

  • If you own an asset (a car, house, shares) the lender may accept this as security for the loan.

  • You can provide a personal guarantee (a written declaration) to the lender about your ability to repay the loan.

  • Do a free credit score check and if you need to, take steps to improve your score before applying.

  • You can ask someone you trust to act as a guarantor for the loan.

  • If you can afford the higher repayments, agree to a shorter loan term so you’re paying off the loan sooner. Be sure to calculate what your personal loan repayments will be over different loan terms.

FAQs about low doc personal loans

Most lenders offer a personal loan for self-employed low doc borrowers. This includes the major banks, credit unions, online lenders and specialist lenders. However, to be eligible for a low doc loan with a traditional lender, like a bank or credit union, you’ll generally need to have a good credit score.

If you’re struggling to find a suitable lender, a personal loan broker may be able to help you find one.

The process of applying for a low doc loan is generally straightforward and similar to that of applying for a standard personal loan. Each lender’s application process may differ slightly but are more often than not approved quickly online, so long as you fulfil the lender’s criteria.

You should be able to apply for a low doc personal loan between $2,000 and $50,000, but a few lenders offer as much as $80,000. It will ultimately depend on your personal circumstances and how strong your application is (credit score, proof you can repay the loan, etc.), as well as the lender’s maximum loan amount.

Lenders generally ask to see bank statements to verify your expenses and that you're able to afford the loan. But it can be possible to get a low doc loan without bank statements provided you can demonstrate to the lender overall that you are eligible.

Make sure do thorough checks on the vehicle if you're getting a loan to buy through a private sale.

You may be able to get a low doc personal loan if you have bad credit. But you might have a better chance of being approved through a specialist bad credit personal loan provider.

Yes. Low doc loans are sometimes called self-employed loans. To be approved, you will still need to provide a minimum level of documentation, which might include recent tax returns and personal ID.

Yes, it may be possible to get an unsecured personal loan as a low-doc borrower. But if you can provide security on the loan, it may be easier to get approved and find a better deal.

Generally, low doc personal loans have higher interest rates than standard personal loans. Lenders charge higher rates to cover the increased risk of default.

It’s generally pretty rare for lenders to offer no doc personal loans in Australia. When assessing your personal loan application, most lenders will want at least some information about who you are, your business and how you will be able to afford the loan.

How we help you find the best low doc personal loan

  1. Let us know who you are and what you're looking for. A little bit of information goes a long way in helping us find the right loans for you.

  2. Money Matchmaker® securely analyses your data against each lender. It finds the best loan offers that match your profile.

  3. Based on your situation, you'll see a range of qualified loan offers. Choose one and apply online today.


Hear from people who found the right loan           

Waving Robot

Personal loans guides and resources

The great thing about personal loans is they can fund almost anything. They are perfect when you need that bit extra to cover expenses, start a project or reset your finances to get back on track.

Written by

Money.com.au's Senior Finance Writer, Jared Mullane

Senior Finance Writer

Jared Mullane

Reviewed by

Sean Callery Editor Money.com.au


Sean Callery


*Information about comparison rates: Comparison rates are designed to allow borrowers to understand the true cost of a loan by taking into account fees and charges, the loan amount and the term of the loan. The comparison rate is based on an unsecured fixed rate personal loan of $10,000 over 3 years. WARNING: Comparison rates are true only for the examples provided and may not include all fees and charges. Different terms, fees or loan amounts might result in a different comparison rate.