Finance question
What is a low-doc declaration and what am I confirming?
A low-doc declaration is a signed statement where you confirm your financial position and that you can afford the repayments, in place of full financials like tax returns and BAS. You are confirming the information is true and that the finance suits your business.
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The short answer
Your word on your position, instead of a paper trail
Low-doc finance lets a business borrow without handing over full financials. Instead of tax returns, BAS and detailed accounts, you sign a declaration that sets out your position. It is what makes fast, light-touch equipment finance possible for businesses that do not have current paperwork on hand.
In the declaration you confirm a few key things. Broadly, that the financial details you have given are true, that the business is trading, and that you can comfortably meet the repayments. It is a genuine statement the lender relies on, so it needs to be accurate.
Low-doc works because the asset secures the loan. With the equipment carrying much of the risk, the lender can lean on your declaration rather than a full financial file. A broker makes sure you understand what you are signing and that a low-doc structure genuinely suits the deal.
Do you qualify?
What a low-doc deal relies on.
An active ABN
A trading business behind the declaration.
A specific asset
Equipment or a vehicle to secure the finance.
An honest position
You confirm the details are true and you can afford it.
No full financials
Tax returns and BAS are not required on many deals.
Why low-doc exists
The asset secures it
Security in the equipment lets the lender rely on your declaration.
Faster to approve
Less paperwork to compile means a quicker decision.
Suits real businesses
Many trading businesses do not have up-to-date accounts to hand.
A real example
A landscaper needs a $40,000 mini loader but has not lodged last year's returns yet. Rather than wait, a low-doc declaration confirms the business is trading and the repayments are affordable. Secured on the loader, the deal is approved without full financials. Illustrative only.
Common questions
Frequently asked questions
What am I actually confirming in the declaration?
Broadly, that the financial details you have given are true, that the business is trading, and that you can comfortably meet the repayments.
Is a low-doc declaration legally binding?
Yes. It is a genuine statement the lender relies on, so the information needs to be accurate. A broker makes sure you understand it before you sign.
Why can I skip full financials?
Because the asset secures the loan. That security lets the lender lean on your declaration instead of a full financial file, subject to lender assessment.
Is low-doc the same as no-doc?
They are related. No-doc requires even less, while low-doc relies on your declaration. A broker matches the right structure to your deal.