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Low Doc Home Loans for both clean credit and credit impaired


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 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.


Advantages:

  • No tax returns or assessment notices.
  • No financial statements.
  • Income Verification is required by either Self Certification or Accountant Verification, BAS Statements or Business Bank Statements or a combination of above.

Disadvantages:

  • Generally a higher interest rate if loan is above 60% of the property value (LVR)
  • High Deposit  Required

Applicant type

Individual Borrowers, Discretionary & Unit Trusts & Property Holding or Trading Companies

Employment requirements

Self employed - must be ABN registered. Must be GST registered if Income is over $75,000

PAYG Co-Applicants allowed (must provide full income proof).

Income: required proofs

Case by Case depending on lender
Either Self Certification with Accountant Verification or BAS Statements or Business Bank Statements or a combination of above

Maximum loan amount

 $2.5 million - LVR to 60% LVR

Purpose Residential - Purchase or Refinance, Investment, Vacant Land, Construction and Cash Out (restrictions apply)

Security type

Most metropolitan and major regional centres (post code specific - please ring or email to check)
General acceptable Security includes:
Zoning of a Residential nature that permits residential usage House or Unit.
Vacant land (max LVR of 80%) - Max size 1 acre, postcode restrictions apply. Max loan of $750,000.
Rural Residential (max LVR of 80%) - (must be near major regional town)
Residences with up to 2 dwellings on the one Title (eg: Duplex)
Apartments more than 50 sq m in size (excluding balconies).
For exceptions to above please ring or email as there could be lenders available

LVR

Low Doc - up to 85% LVR on purchases and up to 80% LVR on Refinance, Land or Construction

Coded, non-coded, or either

Case by Case - any loan that is predominately used for residential or personal use will be treated as a coded loan This applies to investment and owner occupied properties.

Credit related issues

Available at higher interest rates
Paid Defaults up to $550 ignored
Paid or Unpaid defaults over 2 years ignored
Up to 6 defaults allowed
Up to 2 Mortgage arrears allowed
Discharged Bankrupts 1 year + (No undischarged bankrupts or Part X arrangements)

Variable, fixed or both

Both

P&I, I/O, or both

Both 

Loan Term

1 to 30 years

Fill out our  contact form now to find out how we can help you.

Under the new National Consumer Credit Protection act any loan that is predominately used for residential or personal use will be treated as a coded loan.  This applies to investment and owner occupied properties.

 

 

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