A low doc loan, short for low documentation loan, is a finance option that may be available to eligible borrowers who cannot provide the standard income documents required for a traditional loan. Low doc loans are commonly used by self-employed people, sole traders, contractors and small business owners.

If you are self-employed and do not receive traditional payslips, you may still have finance options. Depending on the lender, you may be able to provide alternative documentation such as business bank statements, BAS statements, financial statements or an accountant's declaration.

Requirements vary between lenders. Depending on the type of loan and your circumstances, you may be asked to provide documents such as business bank statements, BAS statements, ABN and GST registration details, financial statements or an accountant's declaration.

Low doc does not mean no documentation. The lender will still need enough information to assess your financial position and the application.

No. While low doc finance can be useful for tradies, it may also be available to other eligible self-employed borrowers, including sole traders, contractors, consultants, freelancers, company directors and small business owners.

Low doc business finance may be available for eligible equipment, machinery, tools and other business purchases. The options available will depend on your business, financial position, the asset being purchased and the lender's requirements.

It may be possible, depending on your circumstances and the lender. Your credit history is only one part of the assessment. Lenders may also consider your income, business history, existing debts, expenses, and ability to manage the proposed repayments.

Swifty Loans compares finance options across a panel of more than 40 lenders. We can help self-employed Brisbane customers, including tradies, sole traders, contractors and small business owners, understand their low doc finance options and the documentation they may need to apply.