Low Doc Mortgages: Low Doc Loans for the Self Employed Australian
The average self-employedAustralian would just put trying to get a home loan via a standard lender inthe too hard basket - and they do. Others are so desperate to secure a houseloan that we see them wind up their successful business, to go out and seekemployment and work twice as many hours for half the money that they once didin their successful small business - all this just to please the bank so theycan too, take part in the Australian dream of owning their own house.
Good news though, the teamat lowdocmortgages.com.au are experts when it comes to help guiding entrepreneurialAussies who have a successful Australian business into getting their home loanor commercial property loan.
Low Doc Loans (Low documentation loans) are designed for these self-employedpeople who do not have up to date financial statements and tax returns whichare required for a prime home loan. Generally the same features and facilitiesare available on prime loan are also available on a Low Doc Home Loan as the name indicates the difference is in thedocumentation. If you are self-employed or have a small business and can’tprovide lodged returns then it is the way to apply for a home loan.
Although financial statements and tax returns are not required for theseloans, lenders will require some form of proof that you can service theseloans. For these low doc loans, you may needto provide the lender with a statement confirming your income generallycertified by your accountant or Business Bank Statements or BASStatements or a combination of above
If you are a self-employedAustralian who is looking to get a low Doc home loan, we have good news foryou, it certainly can be achieved.
Talk to an Expert:
Wespecialise in Low Doc Loans for both Residential and Commercial Properties inclean credit or credit impaired and deal with many lenders that most mortgagebrokers do not have on their books. Please complete our Enquiry Form or PhoneDirect where you can discuss your situation with an expert as itis important to deal with a broker that has several options and is experiencedin this category of lending.
Low Doc Mortgages: Low Doc Home Loans, low doc commercial loans, low doc car loans and low doc business loans for both clean credit & bad credit options.
A deeper dive into lowdocmortgages.com.au
Common questions asked about lowdocmortgages.com.au
1. What is a low doc mortgage?A low doc mortgage is a type of loan designed for self-employed individuals who do not have the traditional documentation required by banks to apply for a loan. Instead of providing pay slips and tax returns, borrowers can provide alternative forms of income verification, such as bank statements or an accountant's declaration. This allows self-employed individuals to access financing for purchasing a home, refinancing, or investing in commercial properties.
2. Can I get a low doc loan with bad credit?Yes, low doc mortgages are available for individuals with bad credit. While traditional lenders may be hesitant to provide loans to those with a less-than-perfect credit history, there are specialized lenders who offer low doc loans specifically for borrowers with bad credit. These lenders take into account other factors, such as the borrower's income and assets, to assess their ability to repay the loan. It's important to work with a mortgage broker who can connect you with the right lender for your specific circumstances.
3. How do I apply for a low doc loan?To apply for a low doc loan, you can complete an online fact form on our website or call our team of low doc mortgage brokers. They will guide you through the application process and help you find the right lender for your needs. You will need to provide alternative forms of income verification, such as bank statements or an accountant's declaration, as well as other documentation such as identification and proof of assets. The application process is typically faster and less stringent than traditional loans.
4. Are low doc loans still available?Yes, low doc loans are still available. Despite changes in lending regulations, there are still lenders who specialize in providing low doc mortgages to self-employed individuals. These lenders understand the unique needs and circumstances of self-employed borrowers and offer flexible loan options. It's important to work with a mortgage broker who has access to a wide range of lenders to ensure you find the best low doc loan for your specific situation.
5. What are the benefits of a low doc mortgage?Low doc mortgages offer several benefits for self-employed individuals. Firstly, they provide access to financing for purchasing a home or investing in commercial properties, even without traditional documentation. Secondly, low doc loans often have more flexible eligibility criteria, allowing borrowers with bad credit or limited financial history to qualify. Additionally, the application process is typically faster and less stringent than traditional loans, making it easier for self-employed individuals to secure financing. It's important to carefully consider the terms and conditions of the loan and work with a mortgage broker to ensure you choose the right low doc mortgage for your needs.
Some reasons to choose lowdocmortgages.com.au
Flexible Financing OptionsThe company offers low doc loans for self-employed individuals who may not have the necessary documentation to apply for a traditional bank loan. This allows them to finance property or business assets without the need for extensive paperwork.
Wide Range of Loan PurposesLow doc loans can be used for various purposes, including purchasing a home, refinancing a home, buying or refinancing a commercial property. This flexibility allows self-employed individuals to meet their specific financial needs.
Options for Clean and Bad CreditThe company provides low doc loan options for individuals with both clean credit and bad credit. This means that even those with a less-than-perfect credit history can still access financing for their property or business needs.
Quick and Convenient Application ProcessInterested individuals can easily apply for a low doc loan by completing an online fact form or calling the company's hotline. This streamlined application process saves time and allows borrowers to quickly access the financing they need.
Expert Guidance from Low Doc Mortgage BrokersThe company offers the assistance of low doc mortgage brokers who can guide borrowers in finding the right low doc loan for their specific circumstances. This personalized guidance ensures that borrowers make informed decisions and secure the best financing options available.
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