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
- Self employed for less than 1 year
- Self employed for short time only
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.