A low doc loan is a loan that has been created for borrowers who are unable to show pay slips as part of their loan application. You will need an ABN that is at least 1 year old. You will also need to contribute a 20% deposit to purchase the property. Other standard documentation is still required such as a drivers licence or passport, and if you are refinancing, a statement showing you have been up to date with your loan repayments in the last 6 months.
Self employed loans , sometimes called low doc loans, are especially designed for business owners who are unable to present pay slips to a bank. The other issue for business owners is they often do not have recent tax returns and financial statements when applying for a loan because they have later deadlines for lodging. Low doc loans do not need a Notice of Assessment or tax return
A good credit rating is one that has minimum score of 600. Some lenders will accept a default one late payment on your credit report but will charge a higher interest rate. If you have a default on your credit report that you feel is unfair we offer a credit repair service which can remove the negative record.
Low doc loans are available for purchases of a owner occupied or a residential or commercial investment property. Low doc loans can also be used to refinance your current property. Investment property loans are usually slightly higher than home loans.
