Self employed · Contractors · Sole traders
Low Doc Personal Loans
For self employed borrowers. No payslips? Apply with BAS, bank statements or an accountant’s letter instead.
We work with 40+ lenders to find the right fit for your income and circumstances.
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Apply with BAS and other alternatives
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Specialist and non-bank low doc lenders compared for you
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Secured and unsecured options explained upfront
What Are Low Doc Personal Loans?
A low doc (low documentation) personal loan is designed for borrowers who can’t provide the standard income evidence a lender asks for, such as payslips or two years of tax returns. Instead, the lender assesses your income using alternative documents that reflect how you’re actually paid.
Low document personal loans are most common with self employed borrowers whose taxable income is lower than their real cash flow because of business deductions.
Standard personal loan
Income evidence
Payslips, tax returns
Typical applicant
PAYG employee
Security
Secured or unsecured
Interest rate
Lower
Lenders
Banks and most lenders
Low doc personal loan
Income evidence
BAS, bank statements, accountant’s letter
Typical applicant
Self employed, contractor, sole trader
Security
Often secured against an asset you own
Interest rate
Generally higher, reduced with security
Lenders
Mainly specialist and non-bank lenders
How Do Low Doc Personal Loans Work?
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We review your situation
We look at your income, credit history and any assets you own.
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Income assessed on low doc terms
Instead of payslips, the lender accepts BAS, business bank statements or an accountant’s letter.
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The lender decides on structure
Depending on your profile, the lender may ask for the loan to be secured against an asset you own.
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Approval and settlement
Once approved, the funds are released to you or used to pay out existing debts.
Secured and Unsecured Options
Reduced documentation means the lender has less income evidence to rely on, so many low doc approvals depend on offering security. Using an asset you own as security usually improves your chances of approval and brings the interest rate down.
If a loan is secured, the lender can take action against that asset if repayments aren’t made, so we’ll always make clear which structure you’re being offered before you proceed. Our guide to secured vs unsecured loans covers the difference in more detail.
Who Can Get a Low Doc Loan?
Who low doc lending suits
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Self employed workers and small business owners
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Sole traders, freelancers and contractors
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Business owners whose taxable income is lower than their actual cash flow
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Borrowers with income from several sources, such as a business plus rental income
Typical minimum requirements
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18 years or older and an Australian citizen or permanent resident
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An active ABN that is GST registered, with many lenders looking for at least 12 to 24 months of trading history
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A credit history and credit score the lender can work with
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For secured options, an asset with enough value to support the loan amount
On a PAYG wage with payslips? A standard personal loan is usually simpler and cheaper. We’ll tell you if that’s the case.
What You Can Use a Low Doc Loan For
Debt consolidation
Roll credit cards and other debts into one repayment. More on debt consolidation
Home renovations
Fund renovations and repairs around the home.
Car, boat or caravan
Buy the vehicle or toy you’ve been saving for.
Large personal expenses
Cover a large one-off personal expense.
If the funds are for a vehicle, a low doc car loan secured against the vehicle itself may be the better fit.
Documents You’ll Need
Low doc still means some documentation. Lenders are required to make reasonable inquiries about your financial situation, so expect to provide the documents listed here.
We’ll confirm exactly what your lender needs before you submit anything.
Start Your Application ↗
Identification
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Driver’s licence or passport
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Proof of address
Low doc income evidence (usually one or more of)
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Business Activity Statements (BAS), often the most recent 2 to 4 quarters
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Business and personal bank statements, usually covering the last 3 to 6 months
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An accountant’s letter confirming your income
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A signed income declaration
Other details
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ABN registration and trading history
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A list of your current debts and financial commitments
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Details of any asset offered as security, including any existing loan against it
Interest Rates and Fees
Low doc personal loans generally carry higher interest rates than full doc loans because the lender has less income evidence to rely on. The rate you’re offered depends on:
Whether the loan is secured
Offering security is the biggest single factor in bringing your rate down.
Strength of your income evidence
Consistent BAS lodgements and clean bank statements improve your position.
Credit history and credit score
A clean credit report opens up more lenders and a lower interest rate. Check your credit score before you apply and fix any errors on your report.
Compare the full cost. When comparing offers, look at the comparison rate and all fees, including establishment fees, valuation fees (for secured loans) and any early exit fees. The advertised rate alone doesn’t show the full cost.
Risks to Weigh Up
Higher cost than full doc
If you can provide full documentation, it may be cheaper to do so.
Security is at risk
If your loan is secured and you can’t keep up repayments, the lender can take action against the asset.
Overborrowing
Borrow based on the income you can show today, not projected income.
Timing
Secured loans need a valuation, which can add time, so allow for this if you have a deadline.
We’ll run through repayments and interest rates across different loan terms so you can see the total cost before you commit.
Declined Elsewhere?
We compare 40+ lenders, including specialist low doc lenders across Perth & WA.
How We Help
We’re a Perth-based finance broker with access to 40+ lenders. Here’s how the process works.
If you’re a sole trader also looking at vehicle finance, our guide to car loans for sole traders and self employed borrowers covers how lenders assess that side of things.
1
Tell us what you need
Complete a quick enquiry with the amount you want to borrow.
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We assess your options
We review your income evidence, credit score and assets, and tell you which lenders fit.
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We prepare the application
We collect your documents and present your application in the way each lender assesses it.
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Approval and settlement
The funds are released once the lender approves.
Frequently Asked Questions
Can I get a low doc personal loan without payslips?
Yes. Low doc lenders accept BAS, bank statements or an accountant’s letter in place of payslips. Many lenders will also ask for security, such as an asset you own, to approve a low doc application.
Which banks do low doc loans?
Major banks rarely offer low doc lending. Most low doc loans come from specialist and non-bank lenders. As a broker, we compare these lenders for you and match your profile to the ones most likely to approve.
Who offers no doc loans?
No doc loans are effectively gone in Australia. Responsible lending rules require lenders to make reasonable inquiries about your finances, so every lender asks for some documentation. Low doc is the lightest option available.
Are low document personal loans the same as low doc personal loans?
Yes. Both terms describe borrowing with less income paperwork than a standard personal loan.
Are unsecured low doc personal loans available?
They’re harder to get approved. With less income evidence, most lenders want security to offset the risk. If you have an asset you can offer, it usually improves both your approval chances and your rate.
Keep reading
Low Doc Guides
Practical guides for self-employed borrowers working out which documents they need and how lenders see their income.
Guide · Documents
What Can You Use Instead of Payslips or Bank Statements for a Loan?
The documents lenders accept in place of payslips, why low doc loans don’t need bank statements, 100 point ID checks and options for visa holders.
Read the guide ↗
Guide · Tradies
Tradie Finance: Why Newly Self-Employed Tradies Are Opting for Low Doc Loans
Paid at the end of the job but paying subbies and suppliers upfront? How tradie cash flow affects finance, and why low doc loans fit.
Read the guide ↗Next Steps
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Call us directly
Speak with a Loans Unlimited broker for a free, no-obligation consultation.
Call 1300 212 200