Low doc lenders check your declared income against your BAS turnover. See the range your turnover implies.
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Low doc lenders do not lend straight off turnover. They check the income you or your accountant declares against your BAS sales as a plausibility test, then assess borrowing on that income.
Enter four quarters of sales, excluding GST, to see the income range those sales imply at different margins.
Part of the employment and income home loans guide.
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Charles went above and beyond to help us secure our home loan. He worked hard to find the best option for us and kept us updated throughout the whole process. His knowledge of the lending market was impressive and he made everything straightforward.
Charles is an absolute star at what he does. He was straight-up, highly professional, and worked hard to secure a fantastic rate for our home loan. Communication was prompt and clear the entire way through. I would trust him with any future financial needs
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Where the business is strong but the paperwork lags: a recent structural change, a year not yet lodged, or financials that understate current trading. It is a legitimate product at transparent pricing, generally higher than full-doc lending because the lender holds less verification.
Our low doc guide covers the trade-offs.
Alt-doc should usually be a stage rather than a destination. Once two years of clean financials exist, refinancing to full-doc pricing is the plan that should be discussed at the outset rather than discovered later.
If nobody mentions the exit when arranging the entry, that is worth asking about.
Yes, with some lenders’ alt-doc loans: your income is declared and supported by an accountant, with BAS and business bank statements as corroboration. Lenders differ on how many quarters they want and what must come with them.
No, and any tool suggesting a fixed conversion is misleading. Margins vary enormously by industry and by business. Lenders use BAS to check that a declared income is plausible against reported turnover, not to calculate income from it. This calculator shows a range for that conversation rather than an answer.
Generally yes, because the lender holds less verification and prices for that. How much more varies, and it should be compared against waiting for full financials. Where the business is strong, the premium buys you the ability to act now rather than in eighteen months.
Commonly the four most recent quarters, sometimes more, and often alongside business bank statements covering a similar period. The specific requirement differs by lender and by product, so it is worth confirming before assembling paperwork.
It depends on what waiting costs you and what alt-doc costs you, and those are both numbers rather than opinions.
If your next financial year will be lodged in a few months and the market is not moving against you, waiting may be cheaper. If the opportunity is now, alt-doc exists for exactly that.
Charles can tell you whether alt-doc is needed, or whether a full-doc lender would take the file as it stands.
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Estimates only, not credit or financial advice. This tool uses general assumptions and cannot see your credit file, verify your income or apply any particular lender's policy. Your position is confirmed in a full assessment.
