No Financials or Low Doc Loans
We have low doc and near no doc home loans at standard rates including discounted Pro Packs.
It is possible for self employed people with clear historical income records
to apply for a normal home loan. However if you are self employed (usually for
two years minimum) and it is difficult to clearly substantiate your real income in terms of serviceability,
or if you don't have historical and current taxation figures, a 'low docs'
product i.e.: low level of income document substantiation, may be more suitable. If
you are borrowing below 60% then a 'no docs'
home loan may be available.
Many
lenders have low doc policies which come with the advantage of not
having to clearly substantiate your ability to service a home
loan. However, all low docs loans over 60% LVR are mortgage
insured (although some lenders absorb the cost) as a result both
lenders and insurers must be comfortable with asset quality. They will
generally not lend against property such as rural or inner city
locations, even high rise apartment buildings.
There are some important differences between Low Docs and No Docs and they
are
- Low doc requires you to state your income but doesn't require verification
(deliberately stating a false income figure in order to get a home loan - is
very probably illegal)- while No docs requires and asset and liabilities statement plus a simple statement that you
can afford the loan with causing any hardship.
- Low
docs usually require 2 years business trading verified either by an ABN
with GST registration or possibly a letter from an accountant clearly
stating that you have been trading for 2 years (there are exceptions) -
whereas the No Docs simply requires an ABN - usually for 12 months
although below 60% can be as little as 1 day..
Many
lenders including the major banks are offering low docs loans at the
same rates as their standard loans. Many even offer discounted
professional packages at 0.70% discount from their standard variable,
usually on loans over $250,000
We keep your hassles and our costs down.
Click here
to go to our express inquiry form
and we'll get the ball rolling. Wherever you are in the world, we'll be
back to you within a fewhours - or tell us when is most convenient
for you.
If you don't want to give us some of the information we ask for - then don't! We're confident you'll
appreciate the Peach Home Loans service!
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