Modern 'low doc' lending is really alt-doc: instead of two years of tax returns, income is verified through alternatives — 6–12 months of BAS statements, business bank account statements, or a signed declaration from your accountant. It exists for business owners whose financials lag reality: the new business growing fast, the sole trader whose accountant legitimately minimises taxable income, the contractor between structures. Rates carry a modest premium over full-doc, and the standard strategy is to refinance to full-doc pricing once two years of returns exist. Responsible lending still applies — this is verified lending, just verified differently.
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Frequently asked questions
What documents do I need for a low doc home loan?
Typically: active ABN (usually 12–24 months), GST registration where applicable, and one or more of: 6–12 months of BAS statements, 3–6 months of business bank statements, or an accountant's declaration of income. Exact recipes vary by lender.
Are low doc loans more expensive?
Alt-doc rates typically carry a 0.5–1.5% premium over full-doc depending on LVR and lender, plus sometimes a slightly larger deposit requirement. The premium disappears when you refinance to full-doc later.
How much deposit do I need?
Most alt-doc lenders cap LVR at 80%, with the sharpest pricing at 60–70%. A handful go higher with LMI. A 20%+ deposit opens the best options.
Is low doc lending still legal after the credit reforms?
Yes — today's alt-doc lending is fully regulated and income is genuinely verified, just through alternative documents rather than tax returns. The pre-2010 'no doc' era is gone.
Can I use a low doc loan for investment property?
Yes — many alt-doc lenders write investment loans, and rental income can supplement your verified business income in servicing.