Low Doc Home Loan Plans Australia For the Self-Employed

Low Doc Home Loan Plans Australia

If you’re a self-employed or contract worker looking to buy a property in Australia, Low Doc Home Loan Plans may be the right choice for you. These loans often require a low minimum deposit, and only some lenders are willing to offer these products. Besides not requiring a lot of documentation, they often have low interest rates. You should prepare your financials and other documents, including your most recent tax returns, in advance of applying for a low doc loan.

Usually, borrowers must be aged 18 or older and be Australian citizens or permanent residents to qualify. Lenders will usually require a credit check and proof of income, but they may be able to accommodate borrowers with less than perfect credit. Some of the lenders are even willing to lend up to $2.5m to borrowers with bad credit and no other financial history. When applying for a Low Doc Home Loan, it is best to prepare your documents in advance, since every lender has different criteria for eligibility.

If you’re self-employed, you may have a hard time getting a mortgage loan approval from a traditional bank, especially if you work seasonal hours. While some seasonal work may provide you with a steady income throughout the year, banks are generally uneasy about irregular pay arrangements. A low doc loans australia may be the answer for you. While many lenders offer low doc home loans, they’re no longer available from major banks. For this reason, it’s vital to find a mortgage broker who can provide you with advice and apply for a low doc home loan.

Low Doc Home Loan Plans Australia For the Self-Employed

Low doc home loans have slightly higher interest rates than standard home loans, but this is to compensate for the extra risk lenders take when dealing with non-traditional borrowers. Typically, low doc home loans do not require tax returns or company financial statements, and lenders accept income declarations as proof of a borrower’s ability to repay the loan. Self-employed borrowers should consult a loan calculator before deciding which low doc home loan is the best choice for them.

Low doc home loans have two types of repayment plans. You can choose to pay interest only or principal and interest. Interest only loans will not pay off the principal. Your total loan amount will remain the same, but the interest rate will be lower. Principal and interest loans, on the other hand, pay off the principal and reduce the interest as you pay it. The latter, of course, will cost more in the long run, but will give you lower monthly repayments.

Assured Lending is a low doc home loan specialist. The broker can answer any questions you may have about the application process and help you qualify for the best low doc home loan. If you have any questions, you can call them on 137 377. Alternatively, you can visit their Help Centre. They can provide you with helpful guides and tips. Further, you can also ask your mortgage broker if they offer these loans.

Leave a Reply

Your email address will not be published. Required fields are marked *