Lo Doc Loans

LoDoc ("Low Documentation") Loans are often suited to borrowers who have the following attributes:-

• self employed
• irregular income streams
• complex, out of date or incomplete financial data / tax returns
• prefer to provide lenders with minimal personal financial information

If these factors apply to you, then you may want to consider a Low Documentation ("Low Doc") Loan.

When you apply for a low doc loan, you are required to sign a declaration that "Self Declares" your annual income and ability to afford the loan, instead of providing tax returns with your application.  The lender then relies on your self declaration rather than financial data to assess your repayment capacity.

These types of loans are very popular with self-employed people and professional investors, and in many cases are available at standard lender rates.

Low Doc loans are usually limited to 80% of a property's value and are normally available to borrowers who have held an ABN for 2 years or more.   In some cases, higher percentage loans may be available.

This type of loan can also help people who have only been employed a short time or who may work a combination of casual and part time jobs and are therefor unable to prove all their income.

Low doc loans are also available for people with a poor credit history. There are a number of specialist lenders available that will assess each situation on its merits.

To speak with one of our consultants about a Low Doc loan CLICK HERE