LOW DOC HOME LOAN

If you have difficulty showing documentation to demonstrate your income, or you have limited business financials, a low doc or no doc home loan might be the solution for you. A low doc home loan or no doc home loan is ideal for self employed people who have difficulty substantiating income or producing full records of their income. 

Advantages of a low doc home loan

• Less paperwork - borrower only needs to complete a simple income declaration form

• Limited or no tax returns required

• Limited or no financial reports required 

• Some low doc home loans provide up to 90% of the purchase price of the property

• Low doc home loans can be used to purchase property for investment or owner occupied purposes

• There may be some low doc home loans available with competitive interest rates

• You can choose to have a fixed rate or variable interest rate with your low doc home loan

• Many low doc home loans offer a range of features, including redraw facility, line of credit, variable or fixed rate of interest, principal and interest or interest only home loan types

Disadvantages of a low doc home loan

• Generally attracts a higher interest rate

• In some cases, a standard variable rate can be offered, but a Mortgage Insurance Fee is payable

• May require a larger deposit

Please use the home loan calculators to get a better idea on your borrowing capacity, home loan repayments and stamp duty fees. Alternatively, speak to one of the mortgage brokers at Intellichoice on 1300 55 10 45 for more information about the various home loan products available or whether a low doc home loan is suitable for your circumstances. If you don't fit into the strict lending criteria of the mortgage lenders, we do have access to alternative financial solutions, including non conforming home loans and bad credit home loans.