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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.

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Low doc personal loans

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Best low doc personal loan interest rate comparison

Compare low doc personal loans in Australia. We display all low doc personal loans on our database and we’re not paid by lenders if you click through to their website. Loans are subject to approval criteria. The table is sorted by lowest interest rate. Use the filters to search for low doc personal loans based on what you need. Read the comparison rate warning and other important information.

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Rates updated 02 December 2024

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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.

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 - 7 years

Early exit fees

$0 to $500

Repayment cycle

Weekly, fortnightly, monthly

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.

Which lenders offer low doc personal loans?

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

Low doc personal loans & 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 & 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:

1

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

2

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

3

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

4

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

5

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.

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Personal loan guides & resources

Not sure about the next steps? Our guides and resources can help.

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.

Sean Callery is the Editor of Money.com.au. He has over 15 years of international experience. He is qualified with a Certificate IV in Finance and Mortgage Broking (FNS40821) and is compliant to provide general advice in Tier 1 General Insurance (RG 146) products.

Shaun McGowan is the founder of Money.com.au. He's determined to help people and businesses pay as little as possible for financial products, through education and building world class technology. Previously Shaun co-founded CarLoans.com.au and Lend.

Important information

Unless otherwise stated, personal loan comparison rates are calculated based on a loan amount of $30,000 repaid over a 5-year term. The comparison rates only apply to the examples given. Different loan amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees and cost savings such as fee waivers are not included in the comparison rate but may influence the cost of the loan. Check with the provider for full loan details, including rates, fees, eligibility and terms and conditions to make sure the product is right for you.

General information only The information on this page is general in nature and has been prepared without considering your objectives, financial situation or needs. You should consider whether the information provided and the nature of any personal loan product is suitable for you and seek independent financial advice if necessary.

We are not providing you with a recommendation or suggestion about a particular personal loan. You should read the relevant disclosure statements or other offer documents before deciding whether to apply for or continue to use a particular product.

What products, features and information are shown While we make every effort to ensure all personal loans available in Australia are shown in our comparison tables, we do not guarantee that all products are included.

Our product comparisons may not compare all personal loan features and attributes relevant to you. Product information, such as interest rates, fees and charges, is subject to change without notice. Before acting on any information, you should confirm the relevant product information with the lender.

How personal loans are sorted and filtered by default Users can easily change the sort order and apply product filters to our product comparison tables. However, when you arrive on a page initially, by default personal loans are sorted by:

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  • Lowest loan interest rate, then;
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  • Lowest establishment fee, then;
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  • Lowest ongoing fee, then;
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  • Provider name (A-Z)

Some personal loan products listed in our tables are available through a broker. These are the products with an option to ‘Check Eligibility on Money.com.au’. Brokers may not be able to offer loans from every provider and there may be more suitable loans for your personal circumstances. Brokers are not authorised by Money's Australian Credit Licence and operate under their own Australian Credit Licence, or as a credit representative of another Australian Credit Licensee. Brokers can make recommendations about loan products that may suit your objectives, financial situation and needs.

Our tables feature all personal loans available from lenders on our database that match the search criteria selected. Lenders do not pay to feature in our tables, nor do we earn commission if you click to visit a lender’s website. The order of the products in the table is not influenced by any commercial arrangements.

If you get a personal loan as a result of visiting this page, we may earn a commission.

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Interest rates, fees and charges are subject to change without notice. Before acting on any information, you should confirm the interest rates, fees, charges and product information with the provider. For clarity, where we have used the terms “lowest” or “best” these relate solely to the rates of interest offered by the provider and not on any other factor. The application of these terms to a particular product is subject to change without notice if the provider changes their rates.

The calculator provided on money.com.au is intended for informational and illustrative purposes only. The results generated by this calculator are based on the inputs you provide and the assumptions set by us. These results should not be considered as financial advice or a recommendation to buy or sell any financial product. By using this calculator, you acknowledge and agree to the terms set out in this disclaimer. For more detailed information, please review our full terms and conditions on the website.

Assumptions:

  • The calculations do not account for changes in interest rates or other market conditions that may occur.
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