What is a Construction Loan?
For most people providing evidence of their employment and income is as simple as providing recent pay slips.
However, if you are self-employed and if you apply for a standard home loan you often need much more documentation. This is why Low Doc home loans are especially popular with Australian homebuyers who are self-employed. The rates on Low Doc loans can be higher and usually require you to provide 20% deposit. Sometimes all that is required for evidence of income is being registered for GST and having an ABN and an accountant’s letter declaring income.