self employed

Lo Doc Loans

These loans are designed for self employed people. A Lo Doc Home Loan means less paperwork than a regular home loan.Lo Doc Loans

Lo Doc loans (including Non-Conforming Loans) have been designed especially to help borrowers who do not meet “standard” lending criteria. For example, you do not have up to date financial documents (i.e. tax returns) that would support your loan application.

The main differences between a “Lo Doc” loan and a “Full Doc” home loan are:

  • The maximum loan is usually at 80% of the value of the property.
  • Must have ABN (2 years) and registered for GST
  • 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.
  • Borrow should have a minimum of 20% deposit plus costs to qualify

Before choosing which option is suitable for you, it is ideal consult with a Channel Direct Lo Doc Loan expert for professional advice. Our team of Channel Direct Lo Doc Loan Experts can help you in sorting our the required paperwork. They can also help you to determine if you qualify for a Full doc loan, or if you are more suitable for a Lo Doc loan.

Call us today at 02 4971 6290 and arrange an appointment with one of our Channel Direct Lo Doc Loan experts. They can visit you at your home or you can meet with one of our Channel Direct Lo Doc Loan Experts at our office.

Borrowing Tips

If you are considering getting Lo doc Loans, you need to secure three important requirements:

    • Self-certified Income
    • Confirmation of Self-Employment Status (if applicable) – Usually with a registered ABN or a letter from an accountant
    • Clean credit history and good repayment record for current or past loans

Call our Lo Doc Loans today at 02 4971 6290 and get a quote with no obligation.

Contact our Credit Adviser for assistance!

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