No documentation mortgages, often called ‘no doc’ loans, have long been the unicorn of Australian property finance—rare, mysterious, and sometimes controversial. As we move through 2025, a shifting economic landscape and evolving lender attitudes are rewriting the rules for self-employed Aussies, gig workers, and others who struggle to tick the usual boxes for home loans. Here’s what’s changed, what you need to know, and whether a no doc mortgage could still be the key to your next property move.
Traditionally, getting a home loan in Australia means providing detailed evidence of your income—think payslips, tax returns, and bank statements. No doc mortgages, however, are designed for borrowers who can’t or won’t provide this paperwork. Instead, you might only need to sign a declaration of your income and supply minimal supporting documents, such as an ABN or business activity statement.
While mainstream banks largely exited the no doc space after the 2010s, smaller non-bank lenders have kept the option alive—albeit under much stricter conditions.
After a decade of regulatory tightening, the Australian Prudential Regulation Authority (APRA) continues to keep a close watch on non-standard lending. In 2025, the following trends and rule changes are shaping the no doc market:
For example, in early 2025, several specialist lenders are offering no doc products targeting self-employed borrowers with at least 30% equity and a proven business track record. These products, however, are not suitable for property investors seeking maximum leverage or first-home buyers with limited savings.
No doc mortgages can be a lifeline for self-employed Australians who are asset-rich but documentation-poor. But they’re not without their pitfalls. Here’s a snapshot of what to weigh up:
It’s also worth noting that, as of 2025, ASIC has been flagging concerns about responsible lending and consumer outcomes in the non-bank lending sector. Borrowers should be extra vigilant about reading the fine print and ensuring their loan is sustainable long-term.
No doc mortgages remain a niche solution. They’re best suited for:
But if you’re a first-home buyer, have patchy credit, or lack a significant deposit, the risks and costs of a no doc mortgage may outweigh the benefits. Alternative pathways, like low doc loans (with more documentation) or waiting to build a stronger application, could save you thousands over the life of your loan.
No documentation mortgages are not extinct in Australia, but they’ve evolved for 2025—now living in the specialist lending jungle with tighter rules and higher costs. For self-employed and non-traditional borrowers, they’re a last resort rather than a first choice. If you’re considering a no doc loan, weigh the risks, compare products, and make sure it’s the right fit for your long-term financial health.