Low Doc Loans :: Flexible home loans without all the paperwork

Buying or refinancing a home can be a daunting and frustrating experience, particularly if you are self-employed and have published income figures that don’t tell the whole story. But don't despair! ... recognising this, the market has seen the introduction of Low Doc loans at rates similar or equal to those of a normal home loan for borrowers who, based on their available income figures, aren’t able to substantiate their ability to repay a standard home loan.

If you have Tax Returns that aren’t up to date or trading figures that don’t genuinely reflect your precise income situation (due to addbacks, once-off expenses or legal tax minimisation strategies), then a Low Doc loan may be the answer for you. Additionally, applicants who have complex business structures may simply find it more convenient to apply for a Low Doc loan, thereby avoiding the paper warfare normally associated with a traditional loan. Whatever your reason, convenience is the key, particularly if paperwork is not your favourite thing.

Generally with a Low Doc loan you are not required to provide any documentation to substantiate your income (Tax Returns etc, although BAS Statements may be required in certain circumstances). Instead, you "self-declare" your income by completing an Income Declaration Form.

There are a number of different classes of Low Doc Loans ... all of which are designed to address a different set of circumstances.

They include:

Residential Low Doc loans for the Self Employed.
These loans typically have a maximum LVR

The LVR (Loan-to-Value-Ratio) describes how much you can borrow as a percentage of the value of the offered security property(s). For example: You are offering 2 houses as security worth a combined $500,000. You wish to borrow $350,000 in total. The LVR is 70% in this case ($350,000 divided by $500,000 times 100).

of 80% and are for applicants where the primary borrower has been self employed for at least 2 years. The maximum loan amount can be as high as $1,000,000 (or UNLIMITED at a 60% LVR

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Residential PAYG Low Doc loans.
Yes ... you can be employed and still get a Low Doc loan! LVR

's up to 60% are possible without the need to supply payslips or income proof from your employer.

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Residential No Doc loans.
These loans typically have a maximum LVR

of 75% and are for applicants who are looking for a relatively Short Term Loan. You do not need to declare any income or provide income proof with a No Doc Loan.

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Non Conforming loans.
If you have problems with your credit or you want to borrow up to 80% of the value of the offered security/s, then there are options in the marketplace open to you. Contact us for further information.

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