Low Doc Loans with no BAS

July 13, 2011 | Comment 0

Low Doc Loans with No BAS and no accountants letter are still available. For this low doc loan an ABN for two years and gst registration for one year is required.

These low doc loans will require three months trading statements for the self employed entity that is generating the income.

Currently there is no application fee, no ongoing fee and no early repayment fee with these low doc loans.

Why are we asking for bank trading statements?

Because under the new NCCP  legislation we must make reasonable enquiries to verify a borrower’s financial situation and objectives.

As well as self certification, lenders have been asking for supporting information, such as:
• bank statements
• cash flow forecasts
• wages/income verification
• accountants verification, etc

For this particular loan BAS are not required. Instead, the bank trading statements are needed to show income going through the business entity.