I agree with what the mortgage adviser has said re: no doc as a path. There are a couple of lenders evolving in the Australian market who will do lends against declarations for PAYG or for self employed individuals.

A couple of things to be aware of though:

First is rate. If you are percieved as high risk obviously you pay more. The corrolary is that if you want to buy, there is someone who will lend to you. For eg one non conforming low doc can do 7.54% with one day old ABN, potentially up to 90% LVR (qualifiers relate to the changing nature of the industry).

Second is lend. Standard low docs come in basically two flavours up to 65% and up to 80% LVR. Up to 65% you can have a short lived ABN. Up to 80% you have to have an ABN >2years (generally). Non conforming providers consider outside these paramters however you will pay.

Finally is mortgage insurance. Depending on the size of the loan you are likely to pay some form of LMI. For eaxmple an 80% low doc would likely have a 0.7% impost for LMI. For the 7.54, 95LVR option the cost is up to 1.75% of the deal.

As always in this game though the specifics would come down to your deal. The bottom line though is that if you have a hefty deposit, legitimately have income that can service the loan and have a willingness to pay in proportion to your risk you should get a loan.