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Low Doc Loans
Which Low Doc Loan Is Right For Me?
Suitable for borrowers who are unwilling or unable to provide verification of their income. Generally only available to people who are self employed, or casual employees. For these loans, you may need to provide the lender with a statement confirming your income or a statement that you are able to meet the proposed loan repayments, with little or no requirement to provide documented evidence. Compared to full doc, these loans generally carry a higher interest rate and are available only at lower Loan Valuation Ratios (LVRs).
Through FinanceMe, we can specifically design a custom mortgage loan quote from the top three offers from our panel of lenders. FinanceMe will do the searching around for you! Our consultants use their expertise and experience in the home loan market coupled with a unique computer software program that enables us to compare hundreds of loans in a matter of minutes
Your Low Doc Loan Quote Features Include:
- No Credit Check – get a free quote without an enquiry on your credit file
- Customized pricing setting out all terms & conditions of each lender
- You Choose from Top Three Offers
- Detailed costing of monthly repayments stamp duty, mortgage insurance and any other fees payable.
Product Matrix:
- Minimum Loan $100,000
- Maximum Loan Value on purchase (LVR) 85%
- Maximum Loan Value on refinance (LVR) 80%
- Maximum Loan Value on Land (LVR) 80%
- Maximum Loan Value on construction (LVR) 80%
- Available for owner occupied & Investment
- Standard rates up to 60% LVR - No BAS statements
- ABN registered 1 day
- Up to 85% on purchase or 80% on Refinance - No BAS
Statements ABN registered for 6 months - GST registered if
income declared over $75,000
Advantages:
- Simple income declaration form.
- No tax returns.
- No financial statements.
- No BAS statements
- Can have features such as redraw, line of credit, variable or fixed rates, principal and interest or interest only.
Disadvantages:
- Generally a higher interest rate.
- Higher deposit required
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