No Doc Home Loans

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No Documentation Home Loans (also known as No Doc Loans) are similar to Low Doc Home Loans, but require even less information.

Many self employed people or full time investors find it a bind to get all the necessary supporting documentation together, especially usual forms of income verification that would normally be needed for a traditional home loan. Traditional lenders usually require supporting documentation such as 2 years tax returns, up to 2 years financial statements, pay slips and other information about yourself. When these people hear about this they usually put buying a house on the back-burner. But, this needn’t be the case.

Borrowers who are not employed as traditional wage and salary earners or who cannot produce taxation returns for the last two years generally cannot get a traditional home loan. With a No Doc Loan application, instead of providing pay slips, financial statements and tax returns, borrowers are required to self-verify their income. In other word borrowers complete an income declaration form stating their income and that they are able to  afford the loan repayments.  In addition, borrowers do not have to declare their assets and liabilities to the lender.

Generally, those that who apply for No Doc Loans are self employed such as sub-contractors, tradesmen, business people, professional,  contractors, and property investors.

No Doc Home Loans can vary from between 60% and 80% of the value of the property and can often require lenders mortgage insurance to be paid for by the borrower. The deposit required is higher than for traditional home loans as the only asset the lender has documented as security for the loan is the purchased property. There are no other assets documented by the borrower due the loan being a No Document Loan. Interest rates are usually a little higher than for the traditional loans, but in time may be able to be reduced once the borrower is able to produce sufficient supporting documentation to establish proof of income.

No Doc Loans can offer a variety of different options, such as, fixed interest rates, variable interest rates, split rate loans, principle &  interest, plus a range of other features. 

If you are self employed and you cannot verify your income and  are looking for a No Doc Loan,  why not let us see if we can assist you.




Some Pros
-Even less documentation required than for a Low Do Loan
-Borrowers do not have to declare their assets and liabilities to the lender
-Income is self certified by the borrower - income verification not required
-This type of loan may considered by the self employed with irregular income or full time investors.
-Possibility of an interest rate reduction if proof of income can be established


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





For information on Low Doc Home Loans.
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