With banks and mortgage insurers, it is becoming more difficult to get Low Doc loans with credit defaults. We have seen the mortgage insurers refuse to insure low doc loans with any sort of default. These low doc loans are commonly called credit impaired low doc loans. One of the main criteria looked at with these credit impaired low doc loans, is the size of the default and whether or not it has been paid, and when it was paid. Minor telco defaults, and defaults $1000 or under, for low doc loans may be looked at differently to larger unpaid defaults.
For low doc loans with larger defaults they are still available. As a guide these low doc loans, may be done for residential properties in major metropolitan areas and up to 80% of the value or purchase price.
For credit impaired low doc loans without BAS the following will also be required:-
The last 4 months bank statements for your business account, transaction account, and last personal bank account statement.
With credit impaired low doc loans each one is assessed on its merits.
Please call us on 1300 LOW DOC and we will let you know what pricing we can do for you.