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.  Compared to full doc, these loans generally carry a higher interest rate and are available only at lower Loan Valuation Ratios (LVRs). The market for low doc loans has changed dramatically since the Global Financial Crisis. Low doc lending is a specialist area and now it is more important than ever to obtain the right advice from people with the necessary skills and experience to provide you with the best low document lending solution

Product Matrix:

• Minimum Loan $100,000
• Maximum Loan Value on purchase (LVR) 85%
• Maximum Loan Value on refinance (LVR) 80% no limit on cash out
• 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
• 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
• Low Doc Loans suitable for borrowers with credit impairments inc defaults & Judgments.
• Income verification can be provided by Personal Income verification or Accountants verification or Business Bank Statements or BAS Statements or a combination of above.
• Low Doc Loans suitable for borrowers using companies and trusts.

Under the new National Consumer Credit Protection act any loan that is predominately used for residential or personal use will be treated as a coded loan.  This applies to investment and owner occupied properties. What this means is that in all cases the funder and the broker will now be required by law to be comfortable that the borrower can service any debt.