Are you a self-employed business owner on the Gold Coast struggling to get a home loan? A Low Doc loan could be your answer. This guide explains how you can use alternative documents like BAS or business bank statements to prove your income, instead of traditional tax returns. Learn how this specialist solution can unlock the door to your property dreams.
As a business owner on the Gold Coast, you're an expert at navigating your industry and driving success. But when it comes to getting a home loan, do the traditional banks make you feel like your income is too complex or that you don't fit their rigid boxes?
If you don't have two years of perfect tax returns ready to go, it can be frustrating. The good news is, there is a solution designed specifically for you: the Low Doc Home Loan.
What is a Low Doc Loan?
"Low Doc" stands for Low Documentation. It is a specialised home loan for self-employed borrowers who have a solid income, but can't provide the standard two years of personal and business tax returns that a 'Full Doc' loan requires.
It's important to know that it does not mean "no documentation". It simply means we use different, more up-to-date documents to verify your income and prove your financial strength.
Who Are Low Doc Loans For?
Low Doc loans are the perfect fit for:
- Sole Traders & Freelancers with an ABN
- Small Business Owners and Company Directors
- Independent Contractors and Consultants
- Entrepreneurs whose business is new or growing so fast that last year's tax return doesn't reflect this year's success.
How Do You Prove Your Income?
Instead of relying on historical tax returns, Low Doc lenders allow you to verify your income using alternative methods, such as:
- Business Activity Statements (BAS): Providing your last 6 to 12 months of BAS is a common way to show lenders your consistent business turnover.
- Business Bank Statements: A series of statements showing healthy and regular cash flow into your business account.
- An Accountant's Letter: A signed declaration from your qualified accountant confirming your business's income.
Why Use a Broker for a Low Doc Loan?
The Low Doc loan market is a highly specialised area. Every lender has vastly different rules, documentation requirements, and interest rates. This is where an expert mortgage broker is essential. We know exactly which lenders have the most favourable policies for Gold Coast business owners and, crucially, how to package your application for the best possible chance of a fast and successful approval.
Being self-employed shouldn't be a barrier to owning your dream home or investment property. Let us show you how.
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Let’s chat today and find the right solution for you. Whether you’re buying your first home, expanding your business, or upgrading your vehicle, Maxine and the Max Rich Brokerage team provide expert, obligation-free guidance across the Gold Coast, Logan, Brisbane, and the Scenic Rim, tailored to your goals.
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