No Doc Loans

No Doc Loans are a great alternative for the self employed as basically all that is required in proof of your ability to repay the loan is a statement from your accountant stating what you earn and that you can afford to make the repayments.

Be aware that unless you have a substantial deposit you will find that you will generally be paying a higher interest rate and mortgage insurance.

Lately the ATO has been paying attention to people and businesses that have been applying for No Doc Loans where the entity shows only a small income on their tax return.

The alarm bells ring for the ATO when the same people are taking large loans without providing detailed proof of income.

So be aware, if taking this option you may be attracting scrutiny from the ATO.