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Low Doc home Loans

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Low-doc loans require less paperwork to show savings history and capacity to repay the loan. However, low-doc lending has changed dramatically over the past
12 months, with low-doc borrowers now being limited to a maximum borrowing of 60% LVR without Business Activity Statements (BAS).


As a low-doc borrower, most lenders want to see your BAS or, if you have them, details of previous tax returns. These days, attempting to get ‘cash out’ as a low-doc borrower is very difficult. With the banks’ tight restrictions on who they can lend to, low-doc loans are becoming harder to get. Nevertheless, these loans are extremely handy for seasonal, self-employed and contract workers, and full-time investors. It essentially caters to those not meeting standard lending criteria.

Upsides

Low-doc loans have allowed thousands of Australians who, for various reasons, have been rejected by mainstream credit providers, to access a mortgage.
If you can supply sufficient documentation you will usually be able to borrow at mainstream lending rates.

Downsides

Low-docs usually attract higher interest rates and establishment fees than conforming products. Nowadays, low-doc loans have lower LVRs so you’re not able to borrow as much as before.

Suitable for

Low-doc loans are popular with property investors, self-employed, contract and seasonal workers or families who have just moved to Australia.
 

Low Doc Home Loans
Borrow Up To 80%. Fast Approval.
No Paperwork And No Ongoing Fees

 

It can be confusing to know whether to get a variable rate or fixed rate mortgage, and what features are important. That's why it's important to not only check the right rates, but make sure that you're getting the right features in your home loan. Get help choosing the right home loan

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