No Doc Home Loans
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No
Doc Home Loans
No Doc Home Loans are also known as Asset Based Loans.
These loans are still available to a maximum of 65% of the value of your
security property. However these No Doc Loans are no longer available for
owner occupied purposes – only investment.
On the 1st July 2010, a new "The National Consumer Credit Protection Act (NCCP)" was implemented. The new legislation covers only loans made to natural persons (not Companies) where the advanced funds are predominantly used for private or domestic purposes or for residential property investment.
A no doc loan is similar to a low doc mortgage in that no tax returns are
required to get your loan approved. However unlike a low doc loan you do not
have to disclose your assets and liabilities to the lender and you do not need
to state your income for them to use to assess your loan!
Instead you will sign an affordability declaration confirming that the borrower understands the amount of the repayments and can afford them.
You may also be required to sign an investment or business purpose declaration to prove to the lender that you are using the loan for investment purposes.
No doc loans are no longer available for personal or owner occupied
purposes.
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