Low Doc
Do you want to apply for a home loan but don’t have the necessary documentation requirements to get approved? Then a low doc loan may be for you. Low doc home loans are intended for people who are self-employed and will find it hard to comply with proof of income documents. A low doc loan may be your ticket to a home loan without tax returns or other financial statements.
If you are self-employed, banks are usually more conservative when assessing your application. With a low doc loan, you are not required to submit the usual documentation in order to get a home loan. And since banks are exposed to higher risks, they tend to be stricter on their lending policy with low doc loans with loan to value ratio (LVR) restricted to 80 per cent.
TIP: Beware also of higher interest rates, requirements for a larger deposit, and LMI with some low doc loans. Your 3Carrots mortgage broker can help you find a low doc lender that is just right for you.
If you would like to talk to a mortgage broker from 3Carrots to discuss low doc loans, please call 0434390688.