Low Doc Home Loans

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Low Doc Home Loans are quite attractive to those people who are self employed, and who cannot produce taxation returns for the last two years. Another possible reason to use a Low Doc Loan is where someone  has had a large one off expense, or other one off circumstance to weaken their financial position on paper, and therefore may not qualify for a full doc loan.

Generally people who lack current financial and tax records cannot get a traditional home loan. So, they may look at  Low Doc Home Loans or the NO Doc Home Loans as one of the only ways for them to get a home loan. Over the last 5 years the demand for Low Documentation Home Loans (also known as Low Doc Loans) and No Documentation Loans (also know as No Doc Loans) has grown quite substantially.

With a Low Doc Loan application, instead of providing pay slips and tax returns, borrowers are generally only required to supply the lender with a declaration that they can afford the repayments. Mostly, those who apply for Low Doc Loans are self employed people who do not have up to date financials, and include people such as sub-contractors, tradesmen, business people and investors. You can have some PAYG income and still apply for a Low Doc Home Loan.

Interest rates may be a bit higher than for the traditional loans, but down the line may be able to be reduced once the borrower once the borrower displays a good payment track record or is able to produce sufficient supporting documentation to establish proof of income. For a Low Doc Loan you  should have a good credit record.

A higher deposit is required than for a traditional home loan, Typically, a Low Doc Loan can vary from between 60% and 80% of the value of the property and this percentage can depend on many factors. One of these factors is how long you’ve had your  A.B.N. (Australian Business Number). The requirements  vary from lender to lender,  and can be anywhere from one day to two years.

Low Doc Loans can offer a variety of different options, such as variable or fixed interest rates, split rate loans, principle &  interest, line of credit, plus a range of other features.

Many features can be found in a Low Doc Home Loan including an offset account, loan portability and a redraw facility,

If you are self employed and you cannot verify your income, a Low Doc Home Loan may be what you are looking for.





Here are some of the Pros and Cons of Low Doc Loans

Some Pros
-Less documentation required than for a more traditional home
loan
-Income is self certified by the borrower
-Income verification not required
-Simplified loan application process
-May be suitable for the self employed
-May be suitable for those with irregular income
-Lender may reduce interest rate in time
-Has a variety of features

Some Cons
-Higher deposit required
-Need a good credit history
-Loan may have a slightly higher interest rate
-May need lenders mortgage insurance



For information on NO Doc Home Loans

Need help to secure a home loan? We are a Sydney NSW home loan and mortgage broking specialist. We would like to help you get the loan that you need.
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Pros and Cons of Low Doc Loans

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