Lo Doc Loans: Scott Wilkinson’s Guide for the Self-Employed

The following is an article based on a recent podcast inteview with UNO Broker Scott Wilkinson.

What Are Lo Doc Loans?

Lo doc (short for low documentation) loans are designed for self-employed people, sole traders, and small business owners who can’t provide the usual two years of tax returns and financials.

Instead, lenders accept alternative forms of income verification like:

• An accountant’s declaration
• Six months of BAS statements
• Three months of business bank statements

“It’s not for PAYG employees,” Scott said. “It’s specifically for businesses—sole traders and companies—where there’s a different way of showing income.”

Why Scott Uses Lo Doc Loans for His Clients

Scott has spent years working with self-employed clients—from sole traders to those with more complex company and trust structures. He’s seen first-hand how traditional loan criteria often fail to reflect what someone can actually afford.

“You might have changed accountants, restructured your company, or had a tough year,” he said. “Lo doc loans help you show where your business is now, not just where it was.”

These loans are often ideal for business owners who are:

• Going through structural changes
• Reinvesting heavily in their business
• Growing fast after a slow year
• Minimising taxable income for legitimate reasons

When a Traditional Loan Doesn’t Cut It

Scott shared examples where a full-doc loan simply wasn’t an option—despite the business doing well.

“One client had a great six months but a terrible year before that. If we took a two-year average, it wouldn’t have worked. But with six months of strong BAS and bank statements, we could show the real picture,” he explained.

He’s also seen plenty of cases where tax minimisation strategies, while great for reducing ATO bills, end up hurting borrowing power—unless the accountant and broker are aligned.

Broker + Accountant = Your Finance Dream Team

Scott stressed the importance of getting your broker and your accountant working together early on—before you finalise your financials.

“An accountant wants to reduce your taxable income. A broker needs to show that you earn enough to borrow. Those goals can clash if you’re not all on the same page.”

Planning ahead can help avoid a situation where you've perfectly minimised tax—but also accidentally made it impossible to qualify for the loan you need.

What to Expect: Rates, Fees & Flexibility

Lo doc loans come with a few trade-offs:

• Slightly higher interest rates
• Risk fees (up to 2.5% of the loan amount)
• Lower maximum loan-to-value ratios (often capped at 80%)

But Scott sees them as a tool, not a permanent solution.

“Most of my clients use lo doc lending as a stepping stone,” he said. “We solve the short-term need now, and then put a strategy in place to refinance into a mainstream loan once their financials are stronger.”

How to Start the Conversation

If you’re self-employed and thinking about:

• Pulling equity from your home
• Restructuring your loans
• Buying your next property

...don’t wait until after you’ve done your tax planning. Talk to your broker early—and make sure your accountant is looped in.

“Get all your information first from all the experts before you make your decisions,” Scott advised.

Talk to Scott Wilkinson

If you’re self-employed and wondering whether lo doc lending could work for your situation, Scott Wilkinson is the person to speak to. With deep experience in self-employed lending, Scott knows how to structure finance solutions that make sense for business owners—without unnecessary roadblocks.

👉 Get in touch with Scott directly by using the button below. You don’t need to figure this out alone—he’s here to help you build a strategy that works.

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