Self-employed people can find it tough to get finance. LFG Loans make it easy.

For the self-employed, getting finance isn’t typically the easiest thing to do – if you don’t have all your paperwork in order, such as up-to-date tax returns, convincing a bank or traditional lender that you can service a loan every month can be a hard sell.

That’s why we don’t work with traditional lenders – we work with lenders who understand the difficulties of being your own boss, and who also understand that your application shouldn’t be reviewed by a computer algorithm, but an actual person who can listen to your story and make a common sense decision on whether or not to approve your application. It’s with this methodology that we’ve been able to help hundreds of people – throughout Perth & WA – achieve their dreams of home ownership.

This is what you get when you work with LFG Loans:

Apply with or without your up-to-date tax returnstick
Gifted depositstick
Get cash out for approved business needstick
Account splits possible if requiredtick
Get access to redraw facilitiestick
Competitive interest rates, matched to your circumstancestick

Both LFG Loans and our lenders agree – your particular business’s circumstances may not be typical, but that doesn’t mean that you shouldn’t be able to get finance.

To find out if you can qualify for a low doc loan, request a call-back at a time that suits you.

self employed man looking for low documentation loans

Further Low Documentation Loan Info

Who is Eligible

If you’re self-employed in any capacity (perhaps you own a small business or are a freelancer), then you are most likely eligible for a low doc loan. Similarly, contract workers and full-time investors can also make use of loc doc financing, as they don’t typically have regular incomes either. Note that as banks/lenders generally see the self-employed as less “stable” in terms of income, low doc loans generally come with higher interest rates and fees, as well as more stringent requirements, such as a lower LTV (loan to value) ratio.

Helpful Documentation

Even though they are called “low documentation loans” (they are also referred to as “lo doc”, “low doc”, “lite doc” and “alt doc”), you still need to provide some documentation to prove your viability as a borrower. These include the following:

  • Your business’s name
  • Your ABN
  • Your BAS (Business Income Statement) over the last 12 months
  • Borrower’s Income Declaration that shows your usual income
  • Previous bank statements, going back as far as 6 months

You may also need to have been registered for GST over the last 12 months, depending on the lender.

Other Requirements

As well as the above documents, you’ll also have to meet certain criteria before you apply, shown below:

  • Clean credit history
  • At least a 20% deposit on the house’s purchase price (some lenders will allow a 10% deposit). To avoid Lender’s Mortgage Insurance (LMI) you’ll need to bump that up to 40%
  • The property will need to be completely evaluated
  • You’ll need to have been self-employed for at least 12 months (ideally for 2 years)
  • There can’t be an existing mortgage on the property already

To find out if you can qualify for a low doc loan, request a call-back at a time that suits you.

FAQs

My partner is an employee, will I still need a low doc loan?

It may make more sense for your partner to apply for a standard loan, with you as a co-borrower. Get in touch with LFG Loans and we’ll look at what makes the most sense for your situation.

If I meet the requirements of a full-doc loan later on, will I be able to switch?

Assuming that you’re made all your repayments, and can provide updated tax returns, then you should be able to switch to a full-doc loan.

What About “No Doc” Loans?

The number of lenders that still provide “no doc” finance dropped off considerably after the GFC. While there are still “no documentation” financing options available, they have particularly stringent requirements nowadays, to the point where it’s no longer a valid option for most people. A low doc loan will most likely serve you just as well!

To find out if you can qualify for a low doc loan, request a call-back at a time that suits you.