Self-employed or without standard income documentation in Sydney? Yard’s low doc home loans and repayment calculator make estimating your home loan repayments simple.
A low doc (low documentation) home loan is a mortgage product that allows borrowers to verify their income using alternative documents, rather than the standard two years of tax returns and payslips. Low doc home loans can also be referred to as alt doc (alternative documentation) home loans.
Low doc home loans are suitable for self-employed borrowers or small business owners who have genuine income but may not have up-to-date financial records. At Yard, we assess your situation holistically to determine your eligibility while ensuring we meet our responsible lending obligations.
Low doc doesn’t mean no doc. You’ll still need to provide alternative evidence of your income, such as:
A valid ABN (active for at least 6 months)
An accountant’s letter confirming your income
Business Activity Statements (BAS)
Bank statements (personal or business)
Our team will guide you through what’s required based on your specific situation. Read our guide on documents needed for a low doc home loan here.
A low doc home loan may suit borrowers who do not have standard payslips or lodged tax returns to verify income. Yard accepts alternative income evidence and assesses each application based on your individual circumstances. To be eligible, borrowers typically meet the following criteria:
Self Employed home owners
Flexible income verification
Purchase and refinance
Debt consolidation and equity release
LVR up to 65%
Additional payments
Free redraw
Split accounts
Optional offset facility for +0.10% p.a.
Self Employed investors
Flexible income verification
Purchase and refinance
Debt consolidation and equity release
LVR up to 65%
Additional payments
Free redraw
Split accounts
Optional offset facility for +0.10% p.a.
Low doc home loans offer flexibility for self-employed borrowers with non-standard income, but they typically come with different lending terms than standard full documentation loans. Here are some trade-offs to consider.
Pros
Flexible income verification
Ideal for self-employed borrowers
Faster application and approval process
Cons
May attract higher interest rates
Loan options may have tighter eligibility criteria
Often requires a higher deposit, with Yard offering options up to 90% LVR
Alternative income verification options through accountant declaration, BAS or bank statements.
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We are self-employed lending specialists - we'll get to know you and your business to find a solution for your situation.
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We can help you purchase, refinance, consolidate debts (credit card, personal loan, ATO tax), or release equity/get cash out from your property.
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We perform individual assessment on each application to consider your specific circumstances on a case-by-case basis.
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You can make free, unlimited additional repayments on our variable home loan. This means you can pay off your loan faster and save on interest.
Having an offset account linked to your Yard low doc loan allows your savings to lower the amount of interest you pay on your home loan.
If you've made extra repayments onto your variable rate Yard Home Loan, you can redraw these for free through our online portal.
We offer variable, fixed and split home loans. You can also select different repayment options such as principal & interest or interest only.
You're self-employed or run your own business: Sole traders, company directors and small business owners whose income does not fit standard payslip and tax return assessment.
You're a new business owner: Borrowers operating a business for less than two years who cannot meet the standard income history requirements of a full documentation loan.
Your tax returns aren't up to date: Borrowers who have not yet lodged recent personal or business tax returns may still be considered using alternative income evidence.
You're asset-rich but have variable cash flow: Borrowers with significant assets or property equity whose monthly income does not present consistently on paper.
Your ABN income is variable or seasonal: Contractors, freelancers, hospitality operators and seasonal workers whose earnings fluctuate across the year.
Apply online with our easy digital home loan application. A dedicated Loan Consultant will give you a call to discuss your home loan requirements and help find the best solution for you.
We verify your information by receiving some supporting documentation, e.g. accountant letter, BAS or bank statements. We also perform a valuation on your property.
Our credit team reviews your information and makes an assessment on your application.
Our solicitors send you the loan contract via email. When it is time for settlement, our solicitors will work with your solicitor (for a purchase) or current lender (for a refinance) to settle your home loan!
We can use an accountant declaration, Business Activity Statements (BAS), or transaction bank statements showing your business income and expenses. You can read more about alternative income verification documents here.
Applying for a home loan with Yard is a streamlined process. With a simple online application and dedicated support from our team throughout the entire process, you can quickly move towards your home ownership goals. If you provide all the required documents, our application assessment typically takes 2 business days. If a physical valuation is required, this generally takes a further 2 to 3 business days, as a valuer needs to inspect the property. Timeframes can vary depending on individual circumstances and lender criteria.
Yes, refinancing is possible with a low doc loan if you are self-employed and operate under an ABN. The application will still need to be assessed based on your current income situation, supporting documentation, and the lender’s criteria.
Typically, we expect that you have 2 years of ABN registration. That being said, Yard has solutions for self-employed customers with 6 months ABN registration. Simply start your application online and one of our Loan Consultants will call you back to discuss your options.
All home loan lenders have an obligation to ensure you do not borrow more than you can reasonably afford to repay. Low doc loans are an alternative way to prove that you have the income required to service the loan, and we will still need to verify your income through the alternative documentation.
Yes, it may still be possible to obtain a low doc home loan if you have recently started a business. While many lenders prefer borrowers with at least two years of financial history, some lenders may consider applications from borrowers who have held an ABN for as little as six to twelve months. Factors such as your industry experience, business activity, income evidence and deposit size may all be considered when assessing your application.
New loan inquiries: hello@yard.com.au
Service requests: help@yard.com.au
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