Low Doc Application
What is a Low Doc Application?
A “low doc application” is a loan application designed for those who may not meet the typical documentation requirements of traditional lenders. It’s particularly well-suited for self-employed individuals or small business owners who might not have the standard financial documentation, such as tax returns and NOA, required for a conventional home or commercial loan.
How Does a Low Doc Application Work?
Low doc applications typically require less documentation, making it easier for self-employed individuals to qualify for a home or commercial loan. Instead of the extensive financial documentation typically demanded by traditional lenders, low doc applications may request:
- A self-declaration of your income.
- Business Activity Statements (BAS) or alternative forms of income verification.
- Other supporting documents, such as bank statements and accountant letters.
These reduced documentation requirements facilitate a faster and more accessible application process.
