Low-doc ute finance for a self-employed electrician

The situation

A sole-trader electrician trading for two years needed to replace an ageing work ute with a dual-cab fitted with a service body and racking. His most recent tax return had not been lodged because his accountant was still finalising it, which meant a full-doc application was not possible in the timeframe. He had a dealer holding the vehicle for a week.

What we did

We assessed him on a low-doc basis using six months of business bank statements, four lodged BAS and confirmation of his ABN and GST registration. Home ownership and a clean credit file supported the application. We were clear that low-doc means less paperwork, not less verification, and that the rate would sit above what a completed tax return would likely achieve once his financials were finalised.

The outcome

Approved and settled within three business days, in time for the dealer's hold. The service body and racking were included in the financed amount as they were fitted before delivery and appeared on the same tax invoice. Structured over 60 months with a balloon set conservatively so the payout figure would stay below the expected resale value throughout the term.