Low Doc Home Loans
These loans are designed for self employed people.
A Low Doc Home Loan means less paperwork than a regular home loan.
Low 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 “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.
Other Loan Products You May be Interested in are Linked Below:
Click here
to have a qualified Home Loan Finance Expert help you choose the loan that most suits your needs.
|
