Low Doc Loans/ No Doc Loans
These loans are ideally suited to self-employed, independent contractors, investors, or borrowers who have not had a chance to complete their tax returns and are therefore rejected by traditional lenders. Low doc loans are only available for applicants looking at a home loan or a mortgage refinance..
Low Doc Home Loans (Low Document) can be slightly more expensive than traditional loans due to the higher risk profile. Sometimes the interest rate offered is the same but the LVR available is lower than a fully documented home loan.
This is primarily for people who are looking to purchase investment properties, residential or refinance existing housing property and don’t have PAYG or current taxation returns confirming their income, which normally sustains a standard investment loan.
The recent changes in the Australian Finance Industry have meant that low doc applicants are frequently required to produce BAS statements or other proof of income even when their financial statements are not yet available.
Low Doc Personal Loans
We often receive inquiries from applicants looking for a loan for any personal purpose but on a low doc basis. Unfortunately such loans are not available in Australia.