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No Documents or Very Few Documents Required for Financing

Both no-doc and low-do loans are a kind of loan where you are not required to submit regular documents as proof of your income.

You would normally need to submit:

  1. The last year years of your business financial statements (your balance sheet and profit and loss statements)
  2. Last two years of your personal tax returns
  3. Last two years of your business tax returns
  4. Last two years of your notices of assessment

On a low-doc loan, you are able to just sign an income declaration and supply a letter from your accountant, business account statements or a Business Activity Statement (BAS). Income from a previous job can also be used.


Who Are Low Doc Loans Suitable For?

In general, low-doc loans are well-suited for self-employed borrowers because they might not have all of the documents that are required to get a full-doc business loan. Also, some individuals earn mainly cash which does not appear on their tax returns.

Some of the other reasons to apply for a low-doc loan may be due to:

  • Your company structure is complex
  • You have big deductions that are not genuine expenses
  • Not having recent tax returns
  • Your income might have increased
  • You have paid income from your trust to your family



With a no-doc business loan, you are not required to even supply the documents above in order to provide your income. You can instead sign an affordability statement that confirms you understand the amount of the repayments that you are liable for and that you are able to afford the debt.

You also will be required to sign a business or investment purpose declaration to confirm that the loan is regulated by the NCCP.

What can I use the Low or Now Doc Loan for?

This type of loan generally cannot be used for residential property. It can be used for:

  • investment purposes
  • business purposes

The loan should be in the trust or company name.

As a self-employed borrower, in order to qualify for a standard or full doc loan, you will need to supply 2 years of tax returns at least, 2 years of business financial statements, 2 years of personal tax returns, and a Notice of Assessment. Your income will be assessed by banks based on these documents.

How do I qualify for a low or no-doc business loan?

In order to qualify to get a low-doc loan, one or a combination of the following documents can be used for declaring your income:

  1. Interim financial statements
  2. Older tax returns (older than 24 months)
  3. An accountant’s letter
  4. 1 year’s worth of Business Transaction Statements
  5. 12 months of BAS statements.

Finance Expert, Writer, Entrepreneur

Tammy Richards is a passionate finance expert who is also a writer and business owner. With over 10 years of experience as a finance expert, Tammy wants to share her knowledge with her readers.

Tammy covers and simplifies a range of financial topics, including how start-ups can raise capital and how established businesses can grow successfully. It is clear that she is firmly on the side of Australian small business owners.
Tammy keeps her fingers on the pulse of financial updates. Through her articles, she regularly shares the latest tips and traps around financial products such as business loans and credit cards. She also delivers her information in an easily consumable and interesting way.

Tammy is a keen advocate of promoting financial literacy. She aims to educate small business owners by providing financial insights into common financial problems that businesses face.

“More than anything, I am enthusiastic about using my experience to help Australian small business owners to achieve their financial and business goals,” she says.

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