Low Doc & No Doc loans

  • Ideal for self employed
  • Less proof of income required
  • Must have ABN
  • Specialist lender loans
  • Great loans available

Low Doc (Lo Doc) Home Loans and No Doc Home Loans do not require the same proof of income documents associated with standard home loans. These are ideal for self-employed people and contractors.

Self employed for at least 2 years but cannot prove your income

There are a number of lenders who offer Low Doc home loans to cater for your situation. These loans have become popular due to the fact that many self employed people face delays in preparing tax returns. A low doc home loan involves you signing a declaration that states your annual income instead of providing tax returns.

In some cases the interest rate on low doc home loans is comparable with standard home loans. To get access to the best interest rates a 20% deposit is required.

Most lenders require you to have an ABN number that is at least 2 years old.

Self employed for less than 1 year but you cannot prove your income

We have access to some non conforming lenders who may lend you up to 80% of the property value if you have less than 12 months business/trading history, or who are about to start a new business. No financials or proof of income is required.

A higher interest rate will be incurred but once you have a trading history you will be able to refinance into a cheaper traditional loan.

Self employed for short time only, have no proof of income and you only wish to borrow 65% of a property value

You may be able to borrow up to 65% of a property value without proof of income and without disclosing your assets and liabilities or your income amount. This loan is known as a no doc home loan or an asset lend. An ABN number is required.

Note - due to the recent financial markets crisis, this type of loan has become rare.

With hundreds of different loan products in the market from all lenders, it can be a daunting time to go shopping for a home loan if you are doing it yourself or don't know what to look for. The benefits of why you should use a professional Time Finance Mortgage Broker are guaranteed.

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FAQs
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Depends on the size of your deposit, the value of the property, and your servicing capacity (based on your income and how much you are able to repay).

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Most mortgage lenders will require a deposit of 20% or more of the property price. Less may be required however will require mortgage guarantee insurance in most cases

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Depends on the type of loan, intrerestr rate, payment term, and whether you pay monthly or fortnighly. Use us mortgage calculators to guide you.

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Every state is different and may depend on the value, whether you are building or buying an established home. Read more in our FHOG article

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It is a rate that includes both the interest rate and the fees and charges relating to a loan, combined into a single percentage figure that lets you compare loans from differengt lenders on a fair comparison.

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This 'in principle approval' is usually valid for 3 months. Gives you the confidence on how much you can borrow before your purchase a property.

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The cost of Stamp Duty varies between States and Territories. Subject to your personal loan circumstances, the cost of stamp duty can be included in the loan amount you borrow.

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