SMSF Refinance Special – Limited Time Only
Your paperwork is a year behind your income.
PAYG employees prove a pay rise with one payslip. You prove it with a tax return that may be 18 months away from reflecting reality.
Meanwhile, the house has stopped fitting, your family has grown, and a bank is quoting you a borrowing figure built on your worst recent year.
Alternative verification closes that gap. An accountant's declaration of current income, recent BAS lodgements or 12 months of business bank statements can evidence what you are earning now rather than what you earned two financial years ago. For upgrading business owners, that difference is often several hundred thousand dollars of borrowing capacity.
If your accountant will not sign the form
The declaration of current income is the piece that unlocks an upgrade for most business owners, but it is also where the process most often stalls.
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Some accountants are unfamiliar with alt-doc lending policy and do not realise a declaration of current earnings is a normal, legitimate part of it. Others are hesitant to sign a generic bank form because of the liability that comes with it, particularly when the figure is ahead of the last lodged return.
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At Low Doc Loan Experts (LDLE), we deal with this every week. We maintain an established network of qualified accountants who understand how self-employed income moves. If you do not have one, or yours is not comfortable signing, we will introduce you to someone who is.
SMSF Refinance Special – Limited Time Only
Sell first, buy first, or line them up.
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Sell first. This is the cleanest route. You know your budget exactly, and you carry one loan, not two. The cost is a few months of renting.
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Buy first. This is usually available only if your declared income supports both loans at once, since lenders assess you as though you will hold both at buffered rates. Essentially, this is a capacity question, and one our mortgage brokers can answer on the first call.
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Line them up. A simultaneous settlement, where your sale funds your purchase on the same day or close to it. It needs two conveyancers in step and a cooperative vendor, and it is the outcome we aim for most often.
Release your equity before you list.
This is the move that solves most of it.
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Refinancing or topping up the loan on your current home while you are still living in it puts cash in your hands for the deposit, stamp duty and moving costs, without waiting on a settlement you can't control. It is ordinary lending at ordinary rates rather than a short-term product priced for urgency.
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The catch is timing. Once your home is on the market, lenders become far less willing to approve a refinancing loan. And once it is under contract, that door is effectively shut.
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So if you are thinking about listing in the next few months, the equity conversation comes first. Left late, it is the reason upgraders end up scrambling.
SMSF Refinance Special – Limited Time Only
Low doc without the penalty rate
You are refinancing your existing home and taking on a larger loan. A margin added simply because your income is verified differently can cost you every month for decades.
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Low Doc Loan Experts is not tied to one lender. We compare the low doc panel, take you to the one that prices your profile best, and set the loan up so you can step onto a mainstream product once your financials catch up. For a lot of upgraders, that step arrives within just two years.
Frequently asked questions (FAQs)
Often yes, and this is the core of what low doc lending does. An accountant's declaration, recent BAS lodgements or 12 months of business bank statements can evidence your current earnings. The declaration has to be accurate and supportable, which we will be direct with you about before anything is lodged.
Not necessarily, though it does need handling since some lenders will treat the new entity as a fresh start; others will consider your continuous trading history across both structures where the business is clearly the same one. Which lender we approach first matters enormously here.
When you borrow above 80%, expect either Lenders Mortgage Insurance (LMI) or a lender risk fee, depending on the product. Most low doc lending sits at or under 80% for this reason. We will show you where the threshold changes your cost before you set a budget.
Usually not, and we do not arrange them. Releasing equity before you list, negotiating a longer settlement, or lining up a simultaneous settlement covers most situations at lower cost. If your circumstances genuinely call for bridging, we will tell you plainly rather than leave you guessing.