Low doc loans are
designed to assist self employed borrowers. No income substantiation is
required however self-certification of your ability to make repayments normally applies.
Low Documentation (or No documentation)
loans are designed for the self-employed or
small company borrower/s whose financial
statements may not be available. Reasons for
this may encompass: Their accountant hasn't
completed their bookwork.
The borrower must have a sizeable deposit
or equity in existing real estate property to
qualify for a Lo-Doc Loan.
These loans are most often a variable rate and
offer most of the features and benefits
attached to the lender's standard variable
rate loan product. A low document loan can be
just as competitive as mainstream loan
products, however they provide less hassle as
the borrower doesn't have to provide the usual
lender income and supporting documentation
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Applicant type
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Individuals, Companies, Trusts.
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Employment requirements
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Self-employed, one year
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Income: required proofs
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Self-declared, plus accountant's details
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Loan amounts minimum & maximum
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$30k to $2 mil
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Purpose
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Owner-Occupied, or Investment
Available to purchase land zoned residential in capital cities,
metro areas
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LVR
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90%
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Coded, non-coded, or either
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Either
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Credit related issues
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Credit impairment is O.K.
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Variable, fixed or both
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Variable only
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P&I, I/O, or both
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Both
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Residency Status
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Citizens and permanent residents
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Comments, special conditions
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Can be for working capital to pay tax debts to
buy equipment
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Approximate rate
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By Quote
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