Low Doc loans

Low doc loans for self employed and sub contractors.

Low Doc for self employed.

Changes in lifestyle and financial trends are finding more and more Australians working for themselves. Being self employed has many benefits but also some draw backs. Often tax returns have not been completed or are complex.
This has added to the demand for non-conforming products, like Low Doc (Lo Doc) Home Loans or No Doc Home Loans.
They are called 'low docs' because the applicant is only required to supply the lender with a declaration (which comes in different forms) that they can afford the repayments.
No Financials are required for this type of loan:
It's a quick and easy mortgage and finance solution with no proof of income required
Just complete and sign an income declaration form with the standard home loan application.
This saves you the hassle of working through pay slips, tax returns and other documents when applying for a home or investment loan.
Low Doc Home Loans are now no more expensive than traditional loans . These loans are predominantly for clients who are looking to purchase residential or investment properties or refinance existing housing property and don't have PAYG or current taxation returns to confirm their income.

Banks will require 20% deposit or equity and for you to have had an ABN for 2 years. Some banks will only require an ABN for 1 day if you have 40% deposit or equity.
Some specialist lenders will go to 95% Low Doc loans, these will attract a higher interest rate.
Low doc loans attract mortgage insurance for loans above 60% lend, as opposed to 80% for fully verified loans.

Non conforming lenders will allow you to have as little as 10% deposit and only have your ABN for 1 year. The larger your equity or deposit the lower your interest rate.

Low Doc for PAYG.

Low doc loans are now available for pay as you go employees also, these are designed for those who have seasonal work or receive bonuses and their pay slip don't reflect that at the moment.

Low Doc loans are designed for people who are:-

Self-employed
Employees with irregular income
Independent Contractors
Investors
No-Financials borrowers
Credit Impaired
Ex-Bankrupt
Or even clients with arrears on their current mortgage and borrowers who have been declined by traditional lenders


For more information regarding Low Doc Home Loans visit www.altrust.com.au