No Financials or Low Doc Loans
Low Docs are not what they used to be
As a result of the National Consumer Credit Protection (NCCP) Act genuine no docs or no income declaration, self certified loans really don’t exist anymore. However while it is possible for self employed people with clear historical income records to apply for a normal home loan, if you are self employed (usually for two years minimum) and it is difficult for you 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 an accountants letter may suffice – but don’t be surprised if your accountant is reluctant or even refuses as there are implications for them under the NCCP.
You can expect to be asked for past 12 months BAS statements which need to support the income that you have claimed. If you are not registered for GST then your business income by definition must be under $75,000 and you will struggle to be able to provide adequate substantiation for all but the specialist low doc lenders.
All low docs loans through mainstream lenders 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.
We keep your hassles and our costs down.
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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!