First Rate Mortgages



If you are self-employed and applying for a home loan, a business owner, or have contract or seasonal work, a low doc home loan or alt doc home loan or business finance may be the right solution for you. You may have been turned down by your usual banker or broker or been told there is too much paperwork required for a successful business or home loan application. Alt doc or low doc refers to a lender relying on “alternative” ways to verify income such as GST Returns, Bank Statements or a letter from your New Zealand Accountant. Employed borrowers will usually be able to supply pay slips and IRD tax summaries 

A low documentation (or low doc loan) home loan is a product that allows many self-employed, contract, or small-business owners the opportunity to apply for a home loan, invest in property, or access equity in their property. Low doc home loans are now available in NZ for up to 80% of valuation with minimal income information verification needed, they are usually at a higher interest rate than when you can provide proof of a regular income for a fully verified income Bank loan. When you talk to a Mortgage Broker you get more options, a Bank will often say that you should come back once you have been in business longer.  

Low doc loans have also been referred to as no financials loans, or no doc, and these can be for both short term business loans and to buy a home plus debt consolidation, bridging finance, refinancing and rental properties. Often this will be a short term solution until a property is sold or financial accounts are available from an Accountant to allow long term Bank funding. Non Bank finance will usually be at a higher rate than a Bank lender. Mortgage Brokers tend to have more knowledge on which lenders are best suited to your situation as pricing and fees can differ from one lender to another. Some Mortgage Brokers are only allowed to deal with a few lenders, that’s not us, we have over 60 options.  

We have also seen an increase in requests for low documentation short term business loans and business lines of credit. Many business operators had to scale back during covid simply to survive, but now it’s time to start planning for the future and require additional Non Bank working capital finance. What is the cost of a missed opportunity, do you need a higher level of stock, new equipment, or more staff, as that big deal, contract or sale may not be there tomorrow? 

With fast online approval and funding possible within 24 hours, these lenders are offering both secured and unsecured options up to $500,000. Visit our Non Bank website for more information on business finance. 

Talk to one of our registered and experienced mortgage brokers to discuss your situation and how we can help you with low doc home loans if you are self employed or a business owner. The team at First Rate specialise in finding Non Bank lending solutions for all your funding needs.