Alt Doc Loans Explained
You might earn great money. Your business might be thriving. But when a bank asks for two years of tax returns and financials, things can get complicated fast.
That’s where Alt Doc Loans (Alternative Documentation Loans) come in.
At Thrive Broking, we specialise in helping self employed Australians access the funding they need without the usual hoops and headaches.
What Is an Alt Doc Loan?
Alt Doc Loans are designed for self employed borrowers who don’t have traditional documentation like:
- Two full years of tax returns
- Recent notices of assessment
- Fully completed financial statements
Instead, these loans allow you to verify your income using alternative documents, such as:
- BAS statements
- Business bank statements
- Accountant’s declaration
- Interim financials
They’re real loans from real lenders just structured differently to suit how self employed people actually earn.
Who Are Alt Doc Loans For?
These loans are ideal for:
Sole traders Small business owners Contractors or freelancers Newly self employed individuals with a solid income but limited paperwork Business owners reinvesting profit (and not showing huge taxable income)
If you’ve ever been told “no” by the bank, or been asked to wait until your next tax return is lodged an Alt Doc loan could be your best path forward.
What Can You Use an Alt Doc Loan For?
- Buying a home
- Refinancing your mortgage
- Purchasing an investment property
- Consolidating debts
- Accessing equity for business growth or cashflow
- Machinery & Equipment finance
In some cases, Alt Doc loans are also available for commercial property, vehicle finance, and business loans depending on the lender.
Pros of Alt Doc Loans
Less paperwork Faster approvals Tailored for self employed income flows Access to funding even with recent ABNs or fluctuating income
Thrive Broking helps clients secure Alt Doc loans even with as little as 6 months of trading history depending on the lender.
Things to Be Aware Of
- Some Alt Doc loans may come with slightly higher interest rates
- Loan-to-value ratios (LVRs) may be capped often 80% or less
- Not all lenders offer Alt Doc options but we know who does
That’s why working with a broker who understands this space is essential.
Real Example: Self-Employed and Still Got Approved
We recently helped a client who had been self employed for just over a year. His accountant hadn’t lodged his latest tax return, but his business was booming.
Using 12 months of BAS and an accountant’s letter, we secured a competitive Alt Doc home loan and he was in his new house within weeks.
“Thrive Broking made it so easy. I thought I had to wait another year but they got it sorted without the stress.”
Thrive Broking Makes Alt Doc Simple
We don’t just know which lenders offer Alt Doc, we know which ones actually understand self employed clients, and how to position your application to get the right result.
Talk to Thrive Broking today if you’re self employed and need funding without the paperwork pile up. We’re your people and do what we do while you put your feet up.