Most banks require proof of income by way of two years financials and tax returns to confirm income and suitability for lending.

If, for some reason, you are unable to provide full documentation, the answer might be a Low Documentation Loan (Low-Doc).

These loans will generally have a slightly higher rate than normal full documentation loans and require a higher deposit, in most cases a minimum of 20% is required but may be as high as 40%. Most will allow for a drop in rate if financials can be provided at a later date, but most lenders recognise that they are usually only a stop gap and that the client will refinance elsewhere once they are in a position to do so.

If you have need of a Low Doc loan, contact me on 0402 203 303 or email rob@rwfs.com.au to discuss your options.