When you apply for a low doc home loan, some lenders will require a minimum of 2 documents, which can include the following:
- A signed Borrower’s Income Declaration stating your usual income
- Your registered business name
- Your Australian Business Number (ABN)
- Your Business Activity Statements (BAS) for the last 12 months
You may need to confirm with your lender that you have been registered for GST for at least 12 months, so it’s essential that you have everything in order before you start applying. The levels of risk involved lending large sums of money with low doc applicants is reflected in the increased cost in terms of interest rates, plus fees.