Quick answer
Every business loan needs photo ID, your ABN and a clear reason for the funds. After that it depends on the paperwork level. No doc loans add property details. Low doc loans add 6 to 12 months of business bank statements and often a recent BAS. Full doc loans add two years of tax returns and financial statements. Have these ready and most applications move quickly.
Key points
- Everyone needs ID, an ABN and a clear purpose for the money.
- No doc adds property details; low doc adds bank statements.
- Full doc adds tax returns and financial statements.
- An ATO portal statement answers the question most lenders ask.
- Always
- ID, ABN or ACN, purpose of funds
- Low doc
- Bank statements, BAS
- No doc
- Property address and loan balance
- Full doc
- Two years of returns and financials
Most delays in business lending aren’t caused by lenders saying no. They’re caused by a missing page, an old statement or a question nobody can answer until the accountant calls back. A short checklist, prepared before you apply, cuts most of that out.
The trick is to prepare for the paperwork level you’re actually applying at, not every document a lender could ever ask for.
The basics everyone needs
Whatever kind of loan you’re after, expect to provide:
- Photo ID for every borrower and guarantor, usually a driver licence or passport.
- Your ABN, and ACN if you trade through a company.
- Your business structure: sole trader, partnership, company or trust.
- What the funds are for. A quote, invoice, contract or short explanation.
- How long you’ve been trading and roughly what the business turns over.
That’s it for the starting point. Everything else depends on the level below.
Checklist by paperwork level
| Item | No doc | Low doc | Full doc |
|---|---|---|---|
| Photo ID and ABN | Yes | Yes | Yes |
| Property address and current mortgage balance | Yes | Sometimes | Sometimes |
| Business bank statements (6 to 12 months) | Rarely | Yes | Often |
| Recent BAS | Rarely | Often | Yes |
| ATO portal statement | Helpful | Helpful | Helpful |
| Accountant’s letter | No | Sometimes | No |
| Two years of tax returns | No | No | Yes |
| Profit and loss and balance sheet | No | No | Yes |
Not sure which column you’re in? The paperwork matcher asks a few questions and tells you.
No doc extras
A no doc business loan relies on property. Have the property address, who owns it, an idea of its value and the balance of any existing mortgage. If there’s a rates notice or recent valuation handy, that helps. You’ll also need a clear plan for how the loan will be repaid, especially for short terms.
Low doc extras
A low doc loan relies on your bank account. Make sure online banking works so the lender can link statements, or download complete PDFs straight from the bank. If you’re registered for GST, have your latest BAS. Some lenders accept an accountant’s letter to confirm income.
Full doc extras
Full doc lending wants the complete picture: the last two years of business and personal tax returns, profit and loss statements, a balance sheet and sometimes a list of debts and assets. Your accountant can usually send these directly. If the latest year isn’t finished, interim financials can sometimes fill the gap.
The document most people forget
An ATO portal statement. Tax debt is one of the first things a lender checks, and the cleanest way to answer the question is a current statement showing what’s owed and whether a payment plan is in place. If you’ve fallen behind on lodgements, our guide to lodging overdue BAS before you apply explains why lodging matters even when you can’t pay yet.
Common mistakes that slow things down
Most hold-ups come from a handful of avoidable slips:
- Statements with missing pages. Download them direct from the bank rather than scanning paper copies.
- ID that’s expired or doesn’t match the name on the ABN.
- An old quote. Suppliers change prices, so get a fresh one if yours is more than a month or two old.
- Not mentioning a tax debt. Lenders will find it. Telling them first keeps the conversation on solutions.
- Guessing turnover. A rough figure is fine, but base it on what’s actually been banked, not what you hope to invoice.
- Applying to several lenders at once. Each one may run a credit check, and a cluster of checks can make the next lender nervous.
None of these are deal-breakers on their own, but each can add days of back-and-forth. Fixing them before you start is the quickest win on this page.
An illustrative example
A Geelong electrician wants $40,000 for a new ute and tools. He thinks he needs two years of returns and starts chasing his accountant. In fact his account history is strong and he’s been trading four years, so a low doc loan fits. His real checklist is his licence, ABN, the dealer’s quote, linked bank statements and his latest BAS. Illustrative only.
Getting ready in a week
- Find your ID and confirm your ABN details are current on the ABN Lookup register.
- Log in to online banking and check you can download or link 12 months.
- Download your ATO portal statement.
- Get the quote, invoice or contract for what you’re funding.
- Write two sentences on what the money is for and how you’ll repay it.
Ask before you gather
You don’t need to send any documents to make an enquiry. Tell us your situation and we’ll tell you exactly what the right lender will want. There’s no credit check to ask, we don’t spray your details across lenders, and one real person handles your enquiry from start to finish. Answer the questions accurately and you’ll avoid gathering paperwork you won’t need. Start your enquiry here.
Frequently asked questions
Do I need everything on this list?
No. You only need the items for the paperwork level you're applying at. A no doc applicant doesn't need tax returns, and a low doc applicant usually doesn't need financial statements.
What if a document is out of date?
Tell us. Lenders can often work with a recent BAS or accountant's letter while the latest return is being prepared.
Why do lenders want an ATO statement?
Tax debt is one of the first things lenders check. A current portal statement shows exactly what's owed and whether a payment plan is in place, which saves a lot of questions.
Should I send documents with my enquiry?
Not straight away. Tell us your situation first. We'll tell you exactly which documents the right lender needs, so you don't gather paperwork you won't use.