Lo Doc Loan - Australia has more self-employed and contract people than previously. This means irregular income payment patterns. Lo doc loans allow contractors and self-employed people to "self-certify" their income, thus avoiding the hassle of asking accountants to provide current financials when they need to borrow money. This saves time and a lot of stress when applying for a loan. Benefits outweigh the pitfalls. Benefits are faster loans, irregular incomes are considered and there is no need to provide financials. Pitfalls are higher fees and interest rates are charged and the contractor or self-employed person could be at risk if their future income varies.