If you're a self-employed Australian looking to secure a home loan, you be forgiven for feeling slightly outside the normal range of traditional mortgage packages. One of the complications is often the lack of documents needed to successfully apply for a regular home loan.

Luckily, there are options available to help you achieve your property goals. These come in the form of a low doc home loan, which could be your ticket to securing your dream home. 

What is a low doc home loan?

Low doc home loans – which stand for low documentation – are mortgages that can be applied for and approved without the usual paperwork. While with normal home loans it's often required to provide a wide range of statements and documents to help prove you're reliability as a borrower, low doc home loans require significantly less. 

This is because self-employed individuals often don't have all the required statements necessary for a regular home loan application. 

How do I apply for a low doc home loan?

As a self-employed individual, you need to prove that you have a regular income in order to assure the lender of your ability to make regular repayments, on time and in full. 

Therefore, lenders ask to see your Australian Business Number – which usually has to be older than 12 months – as well as evidence of regular income and a degree of savings. These pieces of evidence will help you to secure a home loan, while any other statements will provide supplementary evidence. 

You can contact a Smartline Mortgage Adviser on 13 14 97 for home loan advice. Or complete our call request form and we'll call you!

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DISCLAIMER: The information contained in this article is correct at the time of publishing and is subject to change. It is intended to be of a general nature only. It has been prepared without taking into account any person’s objectives, financial situation or needs. Before acting on this information, Smartline recommends that you consider whether it is appropriate for your circumstances. Smartline recommends that you seek independent legal, financial, and taxation advice before acting on any information in this article.