Low Doc Loans
Low Doc loans are predominantly loans for self-employed customers who, for one of many reasons, can't actually prove their income.
Most lenders these days want to see that you're earning enough to cover the new loan repayments. They do this by looking at your last 12 months of BAS.
However, there are some lenders around who who still accept a simple"self-declaration" with regards to your income, so there's no need to supply tax returns and financials.
Against residential security, you’re able to borrow up to 80% of the value of the property. Of course the lower the LVR (loan to value ratio) the better the interest rate.
For example, for a 60% Low Doc loan we’ll get you a great interest rate and no mortgage insurance.
However, if you’re after an 80% Low Doc loan, the rate won’t be as good, and there’s a mortgage insurance premium to pay.
With Low Doc loans, it’s horses for courses. Very few lenders these days have the "traditional" low doc... they now require much more information about your income. But you tell us what you need, and we’ll do the rest. We have Low Doc loans available from more than 30 lenders, plus our own Funds Under Management, so we’ll get you into the best loan for your particular situation.
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| VARIABLE INTEREST RATES | 3 YR FIXED INTEREST RATES |
|---|---|
Best Available |
Best Available 7.74% |
| Average 7.45% |
Average 8.49% |
| Not the Best 7.99% |
Not the Best 8.99% |
