Low Doc loans are historically divided into two categories. Low Doc Loans without mortgage insurance and low doc loans that are mortgage insured.

60% LVR

Generally low doc loans 60% or less do not require mortgage insurance.  For this reason they are easier to qualify for. However, they do require 40% equity.

Up to 80%

These low doc loans are normally mortgage insured, however, it is possible to get 80% low doc loans without BAS, without mortgage insurance. For the mortgage insurance low doc loans, one of the first things looked at is the postcode. In many cases, the postcode of the security property will determine what level the mortgage insurer will go to. To search these mortgage insurance postcodes, click on this location wizard, and enter your postcode.

The figure under LMI Self Certified is the maximum loan size the mortgage insurer will consider in that postcode.

If your postcode returns “On Application”, then this generally indicates that in the eyes of the mortgage insurer the security area may not be as strong.