We don’t need much from you
Low doc home loans are designed for self-employed individuals who may not have the same level of documentation required by traditional lenders. Here’s what you may need to provide:
Your ABN
Your Australian Business Number (ABN) is a unique 11-digit number issued by the Australian Business Register (ABR) that identifies your business to the government and community. You will need to provide your ABN to the lender to prove that you are self-employed.
GST Registration (depending on loan amount)
Goods and Services Tax (GST) is a tax on most goods and services in Australia. If your business has a GST turnover of $75,000 or more, you must register for GST. Depending on the loan amount, the lender may require proof of your GST registration.
Business banking statements
You may need to provide recent business banking statements to the lender as proof of income. This will show your business’s income and expenses over a specified period. The lender will use this information to assess your loan application.
BAS Returns
Business Activity Statements (BAS) are forms that businesses use to report and pay their tax obligations to the Australian Taxation Office (ATO). You may need to provide recent BAS returns to the lender as proof of income.
letter from your accountant stating your income
Some lenders accept a letter from your accountant as proof of your income. The letter should include details such as your business structure, annual turnover, and taxable income. This letter is generally written in the lender’s format and completed by your accountant.
What You Need To Know
Low doc home loan requirements are less than traditional loans, and the documentation required can vary depending on the lender. However, as a general rule, you will need to provide proof of your self-employment status, income, and expenses. Providing this information will help the lender to assess your loan application and determine your eligibility for a low doc home loan.
In summary, to apply for a low doc home loan, you will need to provide your ABN, GST registration (depending on the loan amount), business banking statements, BAS returns, or a letter from your accountant stating your income. If you’re self-employed and looking to buy a home or invest in property, contact us today to learn more about low doc home loans and how they can help you achieve your financial goals.