The short version
| Term | What it means today | Typical evidence | Available? |
|---|---|---|---|
| Low doc | Income proved with alternative documents | BAS, bank statements, accountant's letter | Yes, mainly specialist lenders |
| Alt doc | Newer name for the same idea; sometimes stronger evidence | 12 months BAS matching bank statements, accountant's letter | Yes, growing category |
| No doc | Historically: income declared, not verified | None beyond a declaration | No, not in its original form |
Low doc home loans
Low doc became the name for self-employed lending without full financials in the 2000s. It still exists, mostly through non-bank lenders. Expect a bigger deposit and a slightly higher cost than a full doc loan. Full guide: low doc home loans.
Alt doc home loans
Alt doc (alternative documentation) is what most lenders now call their self-employed products, partly to move away from the old low doc reputation. Some lenders use alt doc for borrowers whose BAS and bank statements tell a consistent story, and keep low doc pricing for thinner evidence. Full guide: alt doc home loans.
No doc home loans
Before 2010, a handful of lenders let borrowers simply state their income. The National Consumer Credit Protection Act ended that by requiring lenders to verify affordability. Anything advertised as 'no doc' today is either a low or alt doc loan under another name, an equity-heavy refinance with a declaration and supporting evidence, or a short-term private loan. Full guide: no doc home loans.
Which one do you need?
- You lodge BAS and your business account shows steady income: alt doc is likely your best fit.
- Your evidence is thinner, or your ABN is newer: low doc lenders may be more flexible, at a higher cost.
- You have almost no paperwork: start by gathering bank statements and platform or customer records. Then talk to us.
- Your returns are up to date and show the income: you may not need any of these. A full doc loan will usually be cheaper.
A quick self-check
| If this sounds like you | Look at |
|---|---|
| I lodge BAS and my business account shows steady income | Alt doc |
| My ABN is under 12 months old or my evidence is patchy | Low doc |
| I have almost no paperwork | No doc options |
| My income is fine but my credit isn't | Bad credit home loans |
| I drive for Uber or work on gig apps | Gig worker home loans |
What all three have in common
- Lenders must still be satisfied you can afford the loan.
- You'll sign a declaration that your income figures are true.
- Deposits are usually bigger than for full doc loans.
- Costs are usually a little higher.
- Refinancing to full doc later can lower your costs.
Need the paperwork side explained? See our guide to the accountant's letter for a low doc loan.
Why the terminology changed
Before the 2008 global financial crisis, some low doc and no doc loans were approved on very little evidence, and some performed badly. Regulators tightened rules, and lenders rebuilt their self-employed products with stronger verification. Many rebranded them as 'alt doc' to signal the change. That history is why you'll still see the older terms in searches.
What you’ll need
- ABN details
- BAS statements
- Business bank statements
- Accountant's details
- ID
Who it usually suits
- Self-employed or contractor
- ABN active 6 to 12 months or more
- A deposit or equity
