Low, or alt doc, home loans are for self-employed borrowers who can't prove their income via regular pay slips. Compare low doc home loans from 4.94% and apply today.
These home loans offer low costs, coupled with a host of features, giving the best overall value.
7+
Great
These home loans may have slightly higher interest rates or fewer features but overall, a competitive offering.
5+
Standard
Usually the home loans would offer above average rates. They may still include some competitive features.
0+
Basic
Higher costs and/or fewer features.
What is Finder Score?
The Finder Score crunches 7,000 home loans across 120+ lenders. It takes into account the product's interest rate, fees and features, as well as the type of loan eg investor, variable, fixed rate - this gives you a simple score out of 10.
To provide a Score, we compare like-for-like loans. So if you're comparing the best home loans for cashback, you can see how each home loan stacks up against other home loans with the same borrower type, rate type and repayment type. We also take into consideration the amount of cashback offered when calculating the Score so you can tell if it's really worth it.
Like any other home loan, you can make sure you're getting a good deal on a low doc loan by looking at:
The interest rate
A lower interest rate makes the loan cheaper. It's the most important factor when comparing home loans.
The loan features
Some low doc home loans let you make extra repayments so you can pay it off faster. A redraw facility lets you access those extra repayments to spend if needed. And a loan with an offset account lets you save money while reducing your overall interest charges.
The loan fees
Weigh up the loan's overall fees, including application, settlement and ongoing fees. The fewer the fees, the cheaper the loan.
The minimum deposit
Some lenders let you borrow up to 80% of a property's value. That means a 20% minimum deposit. For alt or low doc loans lenders they often require higher deposits. That said, 90% loans or even 95% loans may be available for certain investors or borrowers.
What are the differences between low-doc loans and regular home loans?
Compared to regular home loans for borrowers with monthly pay slips, low doc loans usually have:
A lower maximum loan-to-value ratio (LVR). You can usually only borrow up to 80% with a low doc loan, but some lenders may only lend you 60% – 70% of the property's value.
A higher interest rate. This is because low doc borrowers are higher risk.
Higher fees. Low doc loans may have higher fees than other loans.
Easier approval for self-employed borrowers. If you can't demonstrate you have a regular income via PAYG statements or regular payslips, a low doc loan can be your best chance of getting a home loan.
Am I eligible for a low doc loan?
Low doc home loans suit the following borrowers:
Business owners.
Self-employed people.
Investors.
Sole traders.
Contract workers and freelancers.
Eligibility requirements differ from lender to lender but you will need an ABN and a good credit history.
You may be eligible for a traditional home loan
If your business is well-established or you've been operating in the same industry for many years, with steady cashflow, and you're able to prove it, some lenders may approve a regular home loan.
Make sure you check with a lender before submitting a full application, or talk to a mortgage broker.
What documents will I need when applying for a low doc home loan?
Note: Every lender's policies surrounding low doc loans, including their lending criteria, is different. It is important to read the eligibility criteria for a loan before you apply.
A low doc home loan application will require one or more of the following.
Business Activity Statements (BAS). In most cases you'll be required to submit 12 months' worth of statements, which will help your lender decide whether or not you're able to afford the loan.
Registered business name and ABN. Your lender will want information about your business, including your registered business name and Australian Business Number (ABN).
Self-verified income declaration. Lenders may ask you to sign a statement verifying that you earn the amount you say that you earn, and that you can afford the loan.
A letter from your accountant. Similar to the signed income declaration, your lender might also require an income form signed by your accountant.
Business bank statements. Depending on what lender you opt for, they may want to see statements from your primary business bank account. These are usually requested for as far back as six months.
GST registration information.
Expert insight: Why Alt Docs loans can be helpful
"You might be someone who may not have all the paperwork for a typical home loan, but that doesn't mean you have to miss out on home ownership. Low doc or Alt Doc loans, are a solution for self-employed Australians who may not tick the usual loan application boxes or can't provide the same level of documentation that might be required for a traditional home loan. It is important to have a wide range of financial options available for Australians as everyone's circumstances are different, there is no one size fits all loan. Alt Doc loans still require supporting documentation and go through our full credit assessment criteria, however the documentation needed caters to a wider variety of financial circumstances and complies with today's lending standards. Alt doc home loans are designed to be more flexible than your standard home loan so they can help you achieve your financial goals, whatever that might be."
Lenders often use different names for low doc loans, including "business home loans" or alternative (alt) doc loans. This is just a small list of some lenders who provide loans for low doc or similar borrowers.
Pepper. Pepper offers a range of home loans for self-employed borrowers, which also includes those who have credit impairment.
Resimac. Resimac is a non-bank lender that offers alt doc loans.
CBA.The Commonwealth Bank lends to business borrowers or self-employed people who are able to pay themselves a regular salary.
RAMS. RAMS is a non-bank lender which offers low doc home loans for self-employed borrowers.
Liberty Financial. This lender offers alternate documentation loans for self-employed borrowers.
Who offers the best low doc loans?
There's no one best home loan for any borrower. It's all about comparing the rates, fees and loan features.
And the best home loan is often the one you can get when you need it. For some low doc borrowers, an existing business banking relationship with a bank makes it easier to get a loan approved.
If you're starting from scratch, have very limited paperwork or past credit troubles, then a specialist lender like Pepper or Resimac might be better placed to help you.
Other options
Talk to a mortgage broker.Brokers are experts who help borrowers find home loans. A good broker can guide you towards a suitable lender that is more willing to lend to a self-employed borrower.
Standard home loans. Many self-employed borrowers or small business owners may be able to get a standard home loan from a big bank or smaller lender. This is especially true if you've been in business for a while and pay yourself a salary.
Can I refinance my low doc home loan?
Yes, low doc loans can be refinanced. But before you start considering refinancing your low doc loan to get a better deal, keep in mind that you will need to essentially reapply for a new loan. You may be subject to stricter eligibility and documentation requirements.
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Frequently asked questions
If you are planning on consolidating many debts onto your low doc home loan then you should ask your lender if this is allowed.
If your partner is a PAYG employee you should ask your broker or lender whether you will still need a low doc home loan. As most low doc home loans will attract a high interest rate you may want to ask your provider if your partner is allowed to get a standard loan with you as a co-borrower.
Lending standards in Australia have tightened since the Global Financial Crisis. Lenders were once willing to offer home loans with no proof of income. But this isn't the case any more.
Any no doc loans today are usually offered for commercial or business borrowers and fall outside the scope of traditional mortgages.
Most low doc home loans will require you to have an active ABN for a minimum of two years.
Many low doc home loans will allow you to move to a full doc home loan after a period of time, assuming you have made all the repayments and that you provide your tax returns as proof of income.
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To make sure you get accurate and helpful information, this guide has been reviewed by John Pidgeon, a member of Finder's Editorial Review Board.
Richard Whitten is Finder’s Money Editor, with over seven years of experience in home loans, property and personal finance. His insights appear in top media outlets like Yahoo Finance, Money Magazine, and the Herald Sun, and he frequently offers expert commentary on television and radio, helping Australians navigate mortgages and property ownership. Richard holds multiple industry certifications, including a Certificate IV in Mortgage Broking (RG 206) and Tier 1 and Tier 2 certifications (RG 146), as well as a Graduate Certificate in Communications from Deakin University. See full bio
Richard's expertise
Richard has written 618 Finder guides across topics including:
With over 20 years of experience in property, finance and investment journalism, Sarah is a trusted expert whose insights regularly appear across television, radio, and print media, including Sunrise, ABC News, and Yahoo! Finance. She has previously served as managing editor for Your Investment Property and Australian Broker, and her expert advice has been shared over 2,500 times in 2023-2024 alone. Sarah holds a Bachelor’s degree in Communications and a Tier 1 Generic Knowledge certification, which complies with ASIC standards. See full bio
Sarah's expertise
Sarah has written 200 Finder guides across topics including:
I would like to do a review of my loan and enquire about business opportunities. Can I make an appointment to see a loan manager.
Finder
RichardJuly 30, 2022Finder
Hi Richard,
At Finder, we do not offer loans. We just provide general information. You can get in touch with a mortgage broker or contact your chosen lender for assistance.
I hope this helps
Kind regards,
Richard
MarcusOctober 16, 2021
I would like to borrow 90-95% for an investment property with my current home equity as warrantor for the new loan. Please let me know if you could help
Finder
RichardOctober 21, 2021Finder
Hi Marcus,
Low deposit home loans typically allow you to borrow up to 95% of the property value. If this is the type of loan you’re looking for, you can view available lenders here.
Please note that this loan program has more rigid application criteria and often comes with additional costs.
Hope this helps!
Cheers,
Richard
LaraJuly 13, 2017
I would like to know if there is any possibility of getting a home loan in my situation. My husband and I are both self employed with only 5% deposit. We have no debts. My parents want to guarantee for us.
JonathanJuly 15, 2017
Hello Lara,
Thank you for your inquiry today. :)
You may consider the low-deposit loans we have featured on our website. It gives you the full-guide on how to apply and which lenders may consider you. Moreover, some lenders may consider giving 100% loan considering that you have your parents’ equity for guarantee. You can read about guarantor loans as your alternative option.
Hope this helps.
Cheers,
Jonathan
JennyFebruary 24, 2016
Hi there. Can a person on newstart or disability payment obtain a low doc or no doc loan. I have 70% deposit and would therefore only require a loan of 30%. Thank you, Jenny.
BelindaFebruary 24, 2016
Hi Jenny,
Thanks for reaching out.
You can learn more about home loans for Centrelink recipientsand how it works. You can also enquire with a mortgage broker to explore your options. A licensed mortgage broker can help you understand your borrowing power and they can recommend products that will be most suitable for you.
Before applying, please ensure that you meet all the eligibility criteria and read through the details of the needed requirements as well as the relevant Product Disclosure Statements/Terms and Conditions when comparing your options before making a decision on whether it is right for you.
Your ability to qualify for a home loan will depend on the lender’s individual criteria, the amount of your benefit that you’re using to service the loan, as well as any other income sources or assets that could be used to repay the loan.
However, if you have a 70% deposit then this may help your chance of being approved but lenders will treat these applications on a case-by-case basis.
All the best,
Belinda
JulieAugust 10, 2015
HELLO,
My house is worth $700000 with a $200000 mortgage, which I have been paying off for 5 years without missing a payment. I have recently come in some money, $200000, so I would like to invest in an investment property or 2 if possible.
My thoughts are that instead of paying off my mortgage, I can buy investment property which will pay my mortgage off when the market rises, and I would still have investment property.
I can then refinance and pay off my mortgage.
I am self employed and I have recently had a gap year. Can my financial info be given for the 5 years before my gap year? Can I borrow even though my income on paper has only been $35000?
thanks
Julie
Finder
MarcAugust 10, 2015Finder
Hi Julie,
thanks for the question.
The answers to these questions will differ depending on the lender you approach, so it might be a good idea to contact a lender for a loan you’re interested in directly to see what their policies are regarding your income and history.
Home loan cashback deals can help you refinance to a cheaper interest rate and get a lump sum cash payment. Compare the latest deals and check your eligibility today.
Learn how to compare rates to find the best home loan and start saving money on your mortgage today.
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I would like to do a review of my loan and enquire about business opportunities. Can I make an appointment to see a loan manager.
Hi Richard,
At Finder, we do not offer loans. We just provide general information. You can get in touch with a mortgage broker or contact your chosen lender for assistance.
I hope this helps
Kind regards,
Richard
I would like to borrow 90-95% for an investment property with my current home equity as warrantor for the new loan. Please let me know if you could help
Hi Marcus,
Low deposit home loans typically allow you to borrow up to 95% of the property value. If this is the type of loan you’re looking for, you can view available lenders here.
Please note that this loan program has more rigid application criteria and often comes with additional costs.
Hope this helps!
Cheers,
Richard
I would like to know if there is any possibility of getting a home loan in my situation. My husband and I are both self employed with only 5% deposit. We have no debts. My parents want to guarantee for us.
Hello Lara,
Thank you for your inquiry today. :)
You may consider the low-deposit loans we have featured on our website. It gives you the full-guide on how to apply and which lenders may consider you. Moreover, some lenders may consider giving 100% loan considering that you have your parents’ equity for guarantee. You can read about guarantor loans as your alternative option.
Hope this helps.
Cheers,
Jonathan
Hi there. Can a person on newstart or disability payment obtain a low doc or no doc loan. I have 70% deposit and would therefore only require a loan of 30%. Thank you, Jenny.
Hi Jenny,
Thanks for reaching out.
You can learn more about home loans for Centrelink recipientsand how it works. You can also enquire with a mortgage broker to explore your options. A licensed mortgage broker can help you understand your borrowing power and they can recommend products that will be most suitable for you.
Before applying, please ensure that you meet all the eligibility criteria and read through the details of the needed requirements as well as the relevant Product Disclosure Statements/Terms and Conditions when comparing your options before making a decision on whether it is right for you.
Your ability to qualify for a home loan will depend on the lender’s individual criteria, the amount of your benefit that you’re using to service the loan, as well as any other income sources or assets that could be used to repay the loan.
However, if you have a 70% deposit then this may help your chance of being approved but lenders will treat these applications on a case-by-case basis.
All the best,
Belinda
HELLO,
My house is worth $700000 with a $200000 mortgage, which I have been paying off for 5 years without missing a payment. I have recently come in some money, $200000, so I would like to invest in an investment property or 2 if possible.
My thoughts are that instead of paying off my mortgage, I can buy investment property which will pay my mortgage off when the market rises, and I would still have investment property.
I can then refinance and pay off my mortgage.
I am self employed and I have recently had a gap year. Can my financial info be given for the 5 years before my gap year? Can I borrow even though my income on paper has only been $35000?
thanks
Julie
Hi Julie,
thanks for the question.
The answers to these questions will differ depending on the lender you approach, so it might be a good idea to contact a lender for a loan you’re interested in directly to see what their policies are regarding your income and history.
Cheers,
Marc.