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Self-employed borrowers can get a standard home loan if they can show their income with tax returns and notices of assessment; that is a 'full doc' loan and usually gets the same rates as a PAYG borrower. A 'low doc' or 'alt doc' loan is for borrowers who can't yet show income that way, and it usually costs more and needs a bigger deposit.
Every lender must still check that the loan isn't unsuitable for you, so 'low doc' never means 'no checks'. This page explains the options and the documents to prepare.
By Better Rate Mate Editorial Team · Last reviewed
A full doc application uses your personal and business tax returns and ATO notices of assessment, for recent years, to show a stable income. If your returns are up to date and your income is steady, this is the cheapest path.
Low doc (often called alt doc) loans accept other evidence, such as business activity statements, business bank statements or a letter from your accountant, when tax returns don't yet reflect your current income: for example, when you've recently started a business or your income has grown sharply. Lenders generally compensate for the weaker evidence with a higher rate, a lower maximum LVR, or both.
| Evidence | Full doc | Low doc / alt doc |
|---|---|---|
| Personal tax returns and ATO notices of assessment | Usually required | Sometimes not required |
| Business financials (profit and loss, balance sheet) | Often required | Sometimes |
| Business activity statements (BAS) | Sometimes | Common |
| Business bank statements | Sometimes | Common |
| Accountant's letter or declaration | Rarely | Common |
| ABN and GST registration history | Required | Required |
Under the National Credit Act, a lender must make reasonable inquiries about your financial situation and your requirements and objectives, take reasonable steps to verify your financial situation, and assess that the loan isn't unsuitable for you. ASIC's guidance (RG 209) sets out how. So even on a low doc loan, expect questions about your business, your expenses and how you'll repay, and some form of verification.
APRA also expects the banks it regulates to assess serviceability at the loan rate plus a buffer of at least 3 percentage points.
Unloan accepts self-employment income alongside PAYG and casual income, for up to two borrowers. Athena offers 'Tailored' loans for self-employed borrowers, companies and trusts. Bankwest lists self-employed borrowers among the situations it lends for. Most major banks also lend to self-employed borrowers on a full doc basis; ask each for its self-employed document checklist.
If you want the property owned by your company or trust, check product eligibility first, because many mainstream loans are for individuals only. NAB's Tailored Home Loan and CommBank's Digi Home Loan, for example, aren't available to company or trust borrowers. Athena's Tailored range includes company and trust lending that takes future rental income into account.
Ownership structure also affects tax and state land tax, so get advice from your accountant before you choose the borrower.
Being self-employed doesn't rule you out of the 5% Deposit Scheme. Its eligibility rules are about citizenship, age, prior property ownership, owner-occupation and the price cap, and since 1 October 2025 there is no income cap. What you do need is a participating lender that will approve your loan on your income evidence, so ask each participating lender about its self-employed documentation before you apply.
A few things make a self-employed application easier to approve.
Yes. With up-to-date tax returns and notices of assessment you can usually apply for a standard (full doc) loan. If your returns don't reflect your current income, a low doc or alt doc loan may be an option at a higher cost.
A loan that accepts alternative income evidence, such as BAS, business bank statements or an accountant's letter, instead of full tax returns. Lenders still have to verify your situation and assess that the loan isn't unsuitable.
Generally yes. Because the income evidence is weaker, lenders usually charge a higher rate and limit the LVR.
Yes. Unloan accepts PAYG, casual or variable, and self-employment income, paid in Australian dollars, for up to two borrowers.
We don't quote lenders' interest rates: they change daily and with every RBA decision, and we don't have a live rate feed. The averages we quote are the RBA's published figures for the month shown. Always get the lender's key facts sheet, which shows the rate and comparison rate for your loan amount.
