Low Doc Home Loans for paid and unpaid defaults and Judgements.

Each loan has to be treated as an individual basis so it is important to deal with a broker that has several options and is experienced in this category of lending as each lender on our panel has different criteria as per lvr and loan amount.

Your credit history is made up of both your Veda Advantage credit file, your history of repaying loans with the lender you are applying for as well as the repayment conduct on your current loans. Lenders will assess all three areas to form a complete picture of your financial history. Different default amounts, Judgement amounts and the time they are paid or unpaid can mean that you are eligible for different lenders at different rates.

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

The matrix below gives you an overview of product perimeters however it is best to phone or apply online so we can analyse your unique circumstance.

Applicant type Individual Borrowers, Discretionary & Unit Trusts and 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
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 $1,000 ignored.
Paid or Unpaid defaults over 1 year ignored.
Up to 6 defaults allowed.
Up to 2 Mortgage arrears allowed.
Variable, fixed or both Both
P&I, I/O, or both Both
Loan Term 1 to 30 years

 

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