Hello! We are Low Doc Home Loan experts (since 2002) and we are determined to help you find a great Low Doc Home Loan!
Check out some of our Loans using the instant Search facility below!
Tax Returns not required to substantiate your income
Standard Bank rates available in many instances
Buy, Build or Refinance - vacant land also possible
Credit issues allowable (Defaults, Judgements etc)
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- Make contact via the Enquiry form or call us on 1300 736 976.
- We will conduct our preliminary interview with you over the telephone.
- We will then send you a detailed email summarising our discussion and requesting appropriate paperwork (same day).
- You send back the information we have asked for.
- We prepare a Formal Application and email it to you for signature (generally "same day" - "next business day" at worst).
- You sign the Application and fax back.
- We lodge the Application with the Lender.
- Lender will then order Valuation/s.
- Lender will issue Unconditional Approval after Valuation is back and it has been assessed by Credit.
- If there is anything unusual (eg: Credit issues, Valuation issues), then we will call you immediately to discuss.
- Note: WE DO NOT lodge Applications unless we are 95% plus sure that the Application will be successful based on our discussions.
Ask Now! or Call 1300 736 976
Low Doc Home Loans are designed for self-employed Applicants who are unable to supply up to date Tax Returns to confirm their income. Instead, Borrowers can substantiate their income using a number of alternative methods which can include:
- Supplying BAS Returns for the past 6 to 12 months.
- Supplying an Accountants Letter confirming income declared.
- Supplying Business Bank Statements for the past 6 months.
Occasionally more than one of the above are required (Lender dependant).To obtain the most competitive rates, it is best that you provide your last 12 months BAS Returns. As a guide, Lenders will typically accept your declared income (to a maximum of 40-50% of your BAS Sales figures). HOWEVER, we recommend that you call us for clarification regarding BAS Statement income as Lender Policy does vary considerably (for example, some Lenders may accept declared income on a "Sales less Expenses" basis in certain situations).
You will require a minimum 20% deposit (for a Purchase) or at least 20% equity in any property/s you are looking to refinance to qualify for a Low Doc Loan. In most other respects, the requirements are the same as a Standard Home Loan (including traditional income proof for employed co-borrowers).
Finally, the interest rates, fees and charges are much the same for a Low Doc Loan as they are for a Standard Home Loan. However, you will pay mortgage insurance if you borrow more than 60% of the property value. This amount will vary from Lender to Lender and will also depend on the amount you are borrowing as a percentage of the property value. For rough budgeting purposes, use 1.25% of the loan amount. Ask Now! or Call 1300 736 976