Last Updated:
November 29, 2023

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Alt Doc Home Loans for Self Employed Australians

Are Alt Doc Home Loans still available in Australia?

Self-Employed Australians can still get a home loan if they do not have up to date lodged Financials. As Maximum loans are 85% of Purchase price you will need 15% Deposit plus stamp duty plus costs as funds to complete.

It is actually quite hard for the average Self Employed Australian to get a mortgage from a bank in comparison to a PAYG worker who generally only requires 2 payslips to confirm income. Australian banks will put every obstacle and hurdle in the way to make it as hard as possible for self-employed Australians to get a commercial loan, and especially a home loan or a mortgage.

If an Australian self-employed business person walks into a bank, especially one of the big four, the bank manager will simply say, you are a self-employed businessman, and while you appear to be making good money, have a fantastic income, and have showed years of excellent bank savings all the while being self-employed, you just don’t tick all the boxes as you do not have up to date financials.

The average self-employed Australian would just put trying to get a home loan via a standard lender in the too hard basket – and they do. Others are so desperate to secure a house loan that we see them wind up their successful business, to go out and seek employment and work twice as many hours for half the money that they once did in their successful small business – all this just to please the bank so they can too, take part in the Australian dream of owning their own house.

Good news though, the team at FinanceMe are experts when it comes to help guiding entrepreneurial Aussies who have a successful Australian business into getting their home loan or commercial property loan.

Alt Doc home Loans (Low documentation loans) are designed for these self-employed people who do not have up to date financial statements and tax returns which are required for a prime home loan. Generally the same features and facilities are available on prime loan are also available on a Alt Doc Loan as the name indicates the difference is in the documentation. If you are self-employed or have a small business and can’t provide lodged returns then it is the way to apply for a home loan.

Although financial statements and tax returns are not required for these loans, lenders will require some form of proof that you can service these loans. For these low doc loans, you may need to provide the lender with a statement confirming your income generally certified by your accountant or Business Bank Statements or BAS Statements or a combination of above

If you are a self-employed Australian who is looking to get an Alt Doc loan, we have good news for you, it certainly can be achieved.

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