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Low Doc
Loans |
Low Doc Loans
are loans which do not require any
formal financial documentation from the
borrower. Low Doc loans are generally
used by self employed business people
with lack of financial statements or
complex entity structures making proof
of income difficult. Tax returns or
financial statements are not required
For these loans, you may
need to provide the lender with a
statement confirming your income or a
statement that you are able to meet the
proposed loan repayments, with little or
no requirement to provide documented
evidence. Compared to full doc, these
loans generally carry a higher interest
rate and are available only at lower
Loan Valuation Ratios (LVRs).
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Applicant type
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Individuals, Companies/Trusts |
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Employment
requirements |
ABN & GST Registered |
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Income: required
proofs |
Signed
Borrowers Declaration Form (some Lenders
depending on LVR require BAS Statements
case by case) |
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Loan amounts minimum
& maximum |
Case by Case |
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Purpose
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Residential - Purchase or Refinance, Vacant
Land & Construction |
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LVR
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Up to 85% LVR
(on purchase existing residential)
Up to 80%
LVR (Refinance, Vacant Land &
Construction) |
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Coded, non-coded, or
either |
both |
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Credit related
issues |
Available at
higher interest rates
Paid Defaults up to $1,000 ignored and
Paid or Unpaid defaults over 2 years
ignored |
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Variable, fixed or
both |
Both |
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P&I, I/O, or both
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Both
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Loan Term
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> 30 years |
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Important Information:
Some email
filters will send form confirmation
links directly to your junk mail box. If
you can not find a reply confirmation in
your inbox please check in your junk
mail. |
If
you wish to proceed, then we will help
you to complete all the necessary
paperwork and liaise with the lender on
your behalf. This will include the
completion and submission of your home
loan application and the on-going
communication between all parties until
your home purchase is settled
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