Low Doc Home Loans for Purchasing to 90% LVR. Generally a purchase should be limited to 80% of purchase price as the rates become high. There are still a few lenders that will offer rates as low as their normal basic loans on up to 60% LVR.
First home buyers can obtain a low doc loan just like any other home buyer. Some restrictions may apply to a few of our lenders however the maximum loan can go to 85% lvr.
Some lenders require the deposit to be genuine savings or from the proceeds of the sale of another property. 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.
Most modern features are available for low doc lenders. This includes interest only, Line of Credit, 100% offset, repayment holidays, Bpay, internet banking, redraw & additional repayments.
- 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.
- 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 or Investment|
|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 (max Lvr on purchase 90%).
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 90% LVR on purchases.|
|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.|
|Variable, fixed or both||Both|
|P&I, I/O, or both||Both|
|Loan Term||1 to 30 years|