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.
Advantages:
Disadvantages:
Applicant type |
Individuals, Companies, Trusts |
Employment requirements |
Self Employed - must be registered for GST if income declared is $75,000 or over. Must be ABN registered. |
Income: required proofs |
Case by Case (most cases self certifying) |
Loan amounts |
LVR related |
Purpose |
Residential - Purchase or Refinance, Investment, Vacant Land & Construction |
LVR |
Low Doc - up to 85% LVR on purchases other 80% LVR No Doc - up to 70% LVR non - coded (investment properties only) |
Coded, non-coded, or either |
Case by Case |
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 online application now to find out how we can help you with your Low Doc Home Loan
