Low Doc Loans overview
These types of loans are for self employed borrowers.
They are popular as tax returns and financials dont need to be provided. Instead income is verified using alternative means.
As lending guidelines have tightened up for low doc loans it has become even more important to make sure your application fits within lender guidelines the first time you apply.
It is now normal for low doc loans to be credit scored. This usually means your first shot is your best shot.
If you are not sure about if you qualify, call us first.
Generally most low doc loans go to 60% of the property value. It may be possible to go to 80%
Clean credit is needed to get to get the best interest rates.
Cash out is possible on low doc loans, however generally lenders usually need some sort of evidence as to purpose of extra funds.
Normal residential security in major metropolitan areas is preferred security for low doc loans, however it is possible to get low doc loans using rural and commercial property.
ABN and gst registration for two years is general requirement however for a strong application it may be possible with an ABN period less than this.
For more information please call us on 1300 LOW DOC