A low doc home loan is a type of mortgage designed for borrowers who may not have the traditional documentation typically required by lenders, such as proof of income through pay slips or tax returns. These loans are often aimed at self-employed individuals, freelancers, or those with non-standard income sources who might find it challenging to provide extensive financial documentation.
Simplified Application Process: Borrowers can provide alternative documentation, like a signed declaration of income from an Accountant, to demonstrate their financial position.
Flexible Eligibility Criteria: These loans often cater to those who may not meet the stringent requirements of standard home loans, allowing for a broader range of applicants.
Access to Funds: Low doc loans can help self-employed individuals and business owners secure financing for property purchases, investment properties, or refinancing existing loans.
Higher Interest Rates: Because they carry more risk for lenders, low doc loans may come with slightly higher interest rates compared to standard home loans.
Potential for LVR Limitations: Lenders may impose lower Loan-to-Value Ratios (LVR) for low doc loans, meaning borrowers might need a larger deposit.
Overall, low doc home loans provide an opportunity for individuals who have non-traditional income sources to achieve home ownership or invest in property, even if they can’t provide standard financial documentation.
At Shore Financial, we know that conventional income documentation doesn’t always capture your true financial potential. Our Oceania low doc home loans offer a flexible and accessible route to homeownership. This type of loan is particularly useful for a range of professionals, such as:
With a simplified application processes, a variety of loan options, and quick approval times, we help you achieve your dream of homeownership, even without standard income documentation.
Securing loan approval isn’t as straightforward as it once was. We follow a 3 step process to help you find the right lender:
Did you know that if you submit partial income proof (such as an old tax return), some lenders may require you to provide complete financial statements and tax returns for all entities?
A lender cannot ignore a document he sees when completing their assessment. To avoid this issue, only provide the documents requested by the lender, nothing more.
Terms & Conditions
Rates shown apply to eligible low doc home loans only (<60% LVR, loan amount up to max of $1,200,000). Rates are subject to change without notice. Terms, conditions, and eligibility criteria apply. Comparison rates are based on a $150,000 loan amount over a 25 year period (it may not include all fees and charges).
Notes
The information is of a general nature only and has been prepared without taking into account your particular financial needs, circumstances and objectives. While every effort has been made to ensure the accuracy of the information, it is not guaranteed. You should obtain professional advice before acting on this information.
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