What "low doc" actually means
Low doc (sometimes "no doc" or "replacement doc") programs let established businesses borrow against income-producing equipment without producing financials. The lender substitutes other evidence of capacity: your years trading, GST registration, credit conduct, property ownership, deposit, and the quality/resale depth of the asset.
Typical qualifying criteria
Programs differ, but the recurring pattern across lenders looks like this:
| Factor | Typical low doc requirement |
|---|---|
| ABN age | 2+ years (some accept 12 months with strength elsewhere) |
| GST registration | Usually 12+ months |
| Credit file | Clean or near-clean; paid defaults may be OK |
| Property ownership | Either property-backed, or ~10–20% deposit instead |
| Asset type | Standard, resaleable equipment (trucks, trailers, yellow goods) |
| Lending limit | Commonly $150k–$250k per deal; more for strong profiles |
What it costs vs full doc
Expect a rate loading over an equivalent full-doc deal — indicatively in the region of 1–3% p.a. depending on lender and profile. On smaller, shorter loans the convenience often outweighs the loading; on a $200k machine over 5 years it can be worth digging out the financials. If your accountant can produce statements within a week, price both paths before choosing. Our rates guide shows how the tiers stack.
When low doc is the right call
- Latest financials are stale or don't reflect current trading (growth since last return)
- Time pressure — auction or a used asset that will sell this week
- Complex group structures where preparing consolidated financials is slow and costly
If you don't meet low doc criteria because your ABN is young, that's a different problem with different solutions — see new ABN finance. If credit history is the blocker, see bad credit truck finance.
Frequently asked questions
Do low doc loans require a bigger deposit?
If you own property, often no deposit is needed. Non-property-owners typically bridge the gap with 10–20% down.
Will the lender check my bank statements?
Some low doc programs are genuinely statement-free; others ask for 3–6 months of business banking as a light-touch capacity check. Your broker will know which is which.
Is low doc the same as no doc?
No doc (no verification at all) has become rare and expensive. Most of the market is low doc — reduced verification, not zero.
Does low doc cost more?
Usually a loading of roughly 1–3% p.a. over full doc, varying by lender, asset and your profile. It's the price of skipping financials — sometimes worth it, sometimes not.
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