Low Doc Home Loans
These loans are designed for self employed people who are busy running their businesses.
A Low Doc Home Loan means less paperwork than a regular home loan.
Business people are interested in the bottom line, not necessarily their weekly paycheck.
So are the banks, and Low Doc Home Loans are available for businesses who can show the bank their bottom line is healthy.
The bank, in turn, makes the paperwork easier.
The main differences between a “Low Doc” loan and a “Full Doc” home loan are:
• The maximum loan is usually at 80% of the value of the property.
• Lender Mortgage Insurance (LMI) applies for loan amounts between 60 -80% loan to value ratio (LVR).
• Some lenders also charge a higher interest rate for these products.
• When customers are able to show their tax assessments, then the lender may reduce the interest rate on the loan.
Talk to one of our qualified Loan Experts
to learn more about Low Doc Home Loans, or any other Loan Product you may find in this website.
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