Low Doc Loans Perth

Do you own your own business in Perth?

Are you missing some of the paperwork or proof of income that banks require for normal loans?

Low Doc Loans Perth

Maybe a low documentation loan is for you. Low doc loans are exactly as their name implies. They are mortgages that have less stringent documentation needs for those who have non-typical employment or other extenuating financial circumstances.

If you have been knocked back for loans because of your financial situation or you just aren’t sure whether you would need a low-doc loan or not, talk to one of the friendly mortgage brokers at our Perth office. We’d be happy to help and let you know exactly what you need so that you can get the home you’ve always wanted.

This type of finance is normally used by the self employed, sole traders and small business owners.

For a standard mortgage, banks typically require documentation that people in these situations may not have. Rather than being locked out of the housing market, they do have the option to take up a low documentation loan. These loans have higher risks for financial institutions, so borrowers tend to face greater fees and more restrictions. Low doc finance has higher interest rates, depending on the supporting documentation that the applicant can provide. They will also normally need a much higher deposit and mortgage insurance is typically applied if you borrow more than 60%.

Restrictions on Low Doc Home Loans

Although these restrictions and extra costs make the process more difficult for many people who are looking for a loan, for some it is the only way that they can purchase property. Lenders will generally require access to your BAS or information from your previous tax returns. You may also be required to provide a signed Borrower’s Income Declaration, your business name and your ABN. Low doc mortgages have gotten more difficult to get since the global financial crisis, because they are considered a much higher risk by the lender, however they are still a great option for many Australians.

Types of Low Documentations Home Loans in Perth

Low doc home loans can normally be taken out as variable or fixed rate finance, but the interest rates will tend to be higher than for standard loan products. Some banks may allow you to switch from a low-doc loan to a standard mortgage after a certain period of time, but this varies between financial institutions. Recently, lenders have started offering low doc construction loans. These open up the possibility of building a home to the many self employed tradespeople in Perth.

If you think you might need a low doc loan, come in and talk to one of our brokers. We’d love to help you wrap your head around the complexities of these loans and help you find a great deal. We’ll even help you out with the paperwork.

Set up a consultation today.


It’s free and there are no obligations or risks.

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