Low Doc Home Loan Features
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Low Doc Home Loan Features
 

If you are self employed, and don't have all the documents to get a standard loan, then this might be what you are looking for.

You still have to apply in writing and sign your loan agreement, but instead of providing proof of income, you typically only need to sign a declaration stating your income and demonstrate your ability to meet your repayments.

Providing you are able to meet the lender’s credit criteria, there is usually no need to supply financial statements or tax returns.

Low Doc Home Loans are available with most of the same features as full doc home loans:

Variable or Fixed Loans;
All-In-One Loans
Offset Accounts
Redraws/Extra Repayments
Line of Credit
Borrow up to 80% of the value of the property
Borrow in either a personal, company or trust name.


Low Doc Home Loans do generally require the applicant to :

have a registered ABN for at least 6 months;
GST Registration if earning over $75,000 p.a.
have a deposit of at least 20% as well as own funds to cover the cost of purchase;
pay a slightly higher rate of interest than with a traditional full doc home loan;
demonstrate ability to afford the loan repayments (requirement under the new National Credit Code Legislation).