Low Doc Home Loans FAQ
Low Documentation (Low Doc) loans provide flexible financing solutions for self-employed people. It allow self-employed customers to borrow funds at a competitive rate even if they are not able to provide the usual up-to-date income verification documents, such as financial statements, tax returns.
A typical low doc home loan requires a 20% deposit contribution from the borrower but we have access to a bank that offer low doc home loan with 10 % deposit.
You can borrow up to 90% of the property value in the metropolitan cities across Australia.
You will need Personal declaration, an ABN, and 2 Business Activity Statements (BAS), 6 months Business Account transaction statements or Accountant’s letter.
A low-doc home loan is ideally suited for investors or self-employed borrowers looking to refinance, purchase or renovate.
Low Doc home loans always higher interest rates as compared to full doc home loan at same LVR.
No it is not hard to get a low doc loan if you have an active ABN, at-least 10% deposit and good credit history along with personal income declaration with one other following – accountants letter, bank statement or 2 Business Activity Statement (BAS).
No, Westpac no longer offer low doc home loans.
No, ANZ does not offer low doc home loans.
No, Commonwealth Bank does not offer low doc home loans.
Yes you can get low doc home loan with Accountant’s letter only.
If you are unable to provide accountants letter, we can access to lender that offer low doc home loan with just 2 BAS or 6 months business bank statements.
Low doc loans are good for self employed employed borrowers who cannot provide latest tax returns or financial statement.
Pepper Money, Liberty, Latrobe Financial, Better Choice and few other specialist lenders.
Yes you can get a low doc home loan to buy an Investment property.
Yes you can get a low doc loan to buy an owner occupied property in Australia.
No you can not get a low doc loan with at 95% LVR. The maximum LVR for low doc home loan is 90 %.