Low Doc Home Loans
A hassle free solution for self-employed people or borrows who does not have the traditional proof of income. Low doc loans are often offered at a higher interest rate if the LVR is greater then 65% but they are also flexible, comes with a mix of features and most importantly, they require less paperwork for those who are unable to provide the full financial statements and other evidence of their income.
Interest rate may be reduced after a certain time period of when you are able to provide tax return at a later date.
Benefits:
· May be eligible for lower interest rate after specific time period
· Can borrow up to 80% of property value
· Less paperwork, great for self-employed - Choose of paper proof you like to declare/use - ie Accountants letter only etc...
· Range of features to choose from depending on lenders
Points to Consider:
· NO LMI on all Low-doc loans, however depending on lender a "risk fee" may be payable for higher LVR's.
· Rates are generally higher for LVR over 65%
· Quality of the Security of the property plays a very important part in Low-doc lending
The challenge is to find the best loan with the best features for your particular circumstances. That's where our team of experts can help.
Interest rate Update Oct 2011- LOW DOC LOAN FOR SELF EMPLOYED WITH LESS THEN 2 YEARS ABN
80% LVR for Loc doc --- Updated Oct 2011
ABN 57 142 142 407 | Australian Credit Licence 390573 | MFAA Approved Broker 58602 | COSL Member M0004711