Typically, standard loans require two years’ worth of business and personal financial statements and lodged tax returns – but this can prove tricky if you’re a sole trader who doesn’t earn a regular income or a small business owner just getting started.
That’s where low doc loans come in!
Low doc loans, also known as alt doc loans or non-confirming loans, use other methods to verify income, assets, and liabilities and prove your ability to repay your loans. They don’t need payslips or job contracts and it’s ok that you earn different amounts each month. So, if you’re self-employed, an independent contractor, or a freelancer, a low doc loan might be the financing solution you’re looking for.