Loans for the self employed
Generally, banks are happy to lend to self-employed people.
While most banks require two full years’ tax returns and Notices of Assessment, some banks now only require one years’ full tax returns.
But as you know, running your own business you may not have the proof of income documents usually required to apply for a home loan. However, you may be eligible for what they call a low doc (or low documentation) loan.
As the name implies, a low doc loan means you don’t have to supply as many documents to prove your income, assets and liabilities as you would with a standard loan.
So what information needs to be supplied when applying for a low doc loan?
Generally when applying for a low doc loan you’ll need to provide the following:
- A signed Borrower's Income Declaration
- Your registered business name
- Your ABN
- Your Business Activity Statements for the last 12 months
The loan features are the same as for a standard loan, however less documentation is required on application. Interest rates can also vary but we will investigate these and discuss the options with you.