If you cannot provide updated tax returns or your income comes from a variety of sources, a Low Doc loan may be the solution. The lender will require that you ‘self-certify’ your income by signing a declaration which states the source and amount of your income. The lender will still want to have some evidence that supports your declaration, such as ATO BAS statements, bank statements showing deposits of your income, etc.
Because lenders view these types of loans as high-risk, you will usually pay a higher rate than average and the products available to you will be limited. Some lenders will allow you to switch to standard loans if you provide evidence of your income – and you qualify for the loan.