Alt doc and low doc are effectively the same product with different branding. The lending industry has gradually moved toward the term "alt doc" because it more accurately describes what is happening - you are providing alternative documentation, not less documentation.
Many lenders have rebranded their low doc products as alt doc without changing the underlying product. The income verification process, rate premiums, LVR limits and eligibility criteria remain the same regardless of what the lender calls the product.
The key principle behind both is straightforward: you are proving your income without lodged tax returns. Instead, you provide documents like BAS statements, business bank statements or an accountant's declaration. The lender uses these to verify that your declared income is reasonable and sustainable.
Whether a lender calls their product "alt doc" or "low doc", Lendology compares 60+ lenders to find the best rate and terms for your specific documentation type.
Jason and Steve are Adelaide mortgage brokers who give honest advice at no cost to you. No obligation.
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