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:
Disadvantages:
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 |
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) |
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 |
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.
