Low doc home loans, as the name suggests, are loans that require less income documentation for the approval process. These loans allow business owners to self-declare your income without having to provide tax returns. It is a common misconception with low doc home loans that you have to provide little or no documentation. Low doc refers to the income side of an application with all the other requirements for documentation being the same as a full doc loan such as saving statements and ID documents. Of all Australians, 14% are self employed. Running your own business not only means that you have to earn your income, but you also have to look after the books. Not surprisingly looking after the books often comes a second place to working to earn your income. This means that tax returns can often be submitted a little late. Putting together the documentation that a lender requires can be quite overwhelming for people with complicated finances or fluctuating income like business owners; low doc loans eliminate this burden and provide a simpler solution.