Full doc vs alt doc home loans: which documents each needs and who each suits
A full doc home loan uses standard income evidence, such as payslips or your tax returns and financial statements. An alt doc home loan uses a signed declaration of your income, backed by other evidence such as an accountant's letter, business bank statements or BAS. Full doc tends to suit people whose paperwork is up to date, while alt doc is designed for self-employed borrowers whose returns are behind or don't reflect what they earn now. 360 MMS offers both types, through accredited mortgage brokers or directly.
At a glance
- Full doc shows your income with standard documents: payslips if you're employed, or tax returns and financial statements if you're self-employed.
- Alt doc shows your income with a signed declaration, supported by evidence such as an accountant's letter, business bank statements or BAS.
- Alt doc still needs evidence: your declared income is supported by documents and checked as part of the application.
- Full doc loans are generally priced lower than alt doc loans, and both are assessed against lending criteria.
What is a full doc home loan?
"Full doc" is short for full documentation, the standard way of showing what you earn. For employees, that usually means payslips and other employment records. If you're self-employed or run a company, it usually means tax returns, notices of assessment and business financial statements. If those documents are current and show your real income, full doc is usually where your broker starts.
What is an alt doc home loan?
"Alt doc" means alternative documentation, and you'll also hear it called low doc. Rather than relying on full tax returns, it pairs a signed statement of what you earn with evidence from your business, such as:
- a letter from your accountant
- business bank statements
- business activity statements (BAS)
- or a mix of these, depending on the loan.
Alt doc isn't a way around showing your income: your broker still makes reasonable inquiries, and the evidence is checked.
Full doc vs alt doc: how do they compare?
| Full doc | Alt doc | |
|---|---|---|
| Who it suits | Employees, and self-employed borrowers whose tax returns and financials are up to date | Self-employed borrowers and business owners whose financials are behind, or don't show what the business earns now |
| Typical documents | Payslips, or tax returns, notices of assessment and financial statements | A signed income declaration, plus an accountant's letter, business bank statements or BAS |
| What's assessed | Your income as your standard documents show it, plus your expenses, debts, credit history and the property | Your declared income and the evidence behind it, plus your expenses, debts, credit history and the property |
| Cost | Generally priced lower | Often priced higher, because less standard documentation is used |
| How to start | Gather your payslips or your latest returns and financials, then talk to an accredited broker | Ask your accountant about a letter, gather your BAS or business bank statements, then talk to an accredited broker |
Who does each type suit?
Full doc generally suits people with a regular, well-documented income: employees, and business owners whose tax returns are lodged and reflect how the business is going today.
Alt doc is built for when the paperwork lags behind real life: your business may have grown since your last return, or your latest financials may not be finished. Your broker will assess your income and financial situation and explain which type may fit.
Does alt doc cost more than full doc?
It often does. Alt doc loans usually carry higher pricing than full doc loans, and they have their own criteria. On some loans, one applicant using alt doc means the whole loan is priced as alt doc. If your returns are nearly up to date, it can be worth asking your broker to compare the cost of each option before you decide.
What are the pros and cons of an alt doc home loan?
Possible pros:
- You may be able to apply while your tax returns or financials are still being finalised.
- It can use evidence that reflects what your business earns now.
- Self-employed borrowers, contractors and some company or trust borrowers may have more options.
Possible cons:
- Alt doc loans are often priced higher than full doc loans.
- You still need evidence, such as an accountant's letter, BAS or business bank statements.
- On some loans, one applicant using alt doc means the whole loan takes alt doc pricing.
- Criteria differ from loan to loan, so not every situation will fit.
How do I apply, step by step?
- Talk to your broker or our team. Explain how you earn your income and what paperwork you have, so your broker can explain whether full doc or alt doc may fit.
- Gather your documents. For full doc, your payslips or your latest returns and financials. For alt doc, a signed income declaration with your accountant's letter, BAS or business bank statements.
- The assessment. Your broker will assess your income and financial situation, and your application and the property are assessed against lending criteria.
- The offer. If your application is approved, you receive a loan offer and loan documents to read and sign. Ask questions about anything you're unsure of.
- Settlement. The loan settles, and your regular repayments begin.
How can 360 MMS help?
360 MMS is a mortgage manager. Its home and commercial loans are funded by wholesale institutional funders and arranged through accredited mortgage brokers or directly. Mortgage managers are part of the non-bank lending market. We can help with:
- Both documentation types: full doc and alt doc home loans, so your broker can compare the two for your situation.
- Alt doc evidence: a signed income declaration supported by an accountant's letter, business bank statements or BAS, depending on the loan.
- Contractors: applications under full doc or alt doc, depending on how you're paid and set up.
- Mixed households: joint applications where one borrower is employed and the other is self-employed.
- Company and trust borrowers: some of our loans may offer alt doc where a company's financials are behind.
- Getting started: apply through an accredited mortgage broker, or contact our team directly.
FAQs
Which are the best non-bank home loan lenders for self-employed borrowers in Australia?
There's no single best choice: it depends on your income, your documents, the property and what you need from the loan. 360 MMS is a mortgage manager in the non-bank lending market and offers full doc and alt doc home loans for self-employed borrowers. An accredited mortgage broker can compare options for you and must act in your best interests.
Which lenders accept BAS statements instead of tax returns for a home loan?
Some lenders and mortgage managers accept BAS under an alt doc loan. With 360 MMS alt doc home loans, BAS can be used alongside a signed income declaration on some loans, while others may ask for an accountant's letter or business bank statements as well or instead. Your broker can confirm what's needed.
Can I get a home loan as a contractor using my current contract income?
Possibly. Contractors may apply under full doc or alt doc, depending on how they're paid, how they're set up and the documents they have. Your broker will assess your income and financial situation and explain the options.
What if one of us is employed and the other is self-employed?
You can still apply together. On some 360 MMS loans, where one applicant uses alt doc the whole loan takes alt doc pricing, so your broker may compare that with a full doc application. Your broker can talk you through it.
Can a company or trust borrower use alt doc?
It may be possible. If a company's financials are behind, some of our loans may offer alt doc, using a signed income declaration with evidence such as an accountant's letter, business bank statements or BAS.
Should I get my tax returns up to date before I apply?
That depends on your situation. Full doc loans are generally priced lower, so if your returns are close to ready, your broker can compare applying now under alt doc with waiting for full doc.
An accredited broker can talk you through 360 MMS full doc and alt doc home loans for your situation.
Talk to our team →
Keep reading:Low doc home loans for self-employed borrowers · Borrowing through a company or trust · Lease doc commercial loans · What is a mortgage manager? · Residential home loans
Sources and further reading:Moneysmart: Choosing a home loan · Moneysmart: Low-doc loan · ATO: Business activity statements (BAS)
General information only. It doesn't take into account your objectives, financial situation or needs, and it isn't credit, tax or legal advice. All loans are subject to lending criteria, and fees and charges apply. Kuone Pty Ltd T/As 360 MMS (ABN 81 621 683 672), Australian Credit Licence 504193.
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