At Secure Finance, we understand that traditional home loan applications can be challenging for self-employed individuals and those with non-standard income documentation. Low Doc Home Loans are designed to provide flexible financing solutions, enabling you to achieve your property goals without the conventional paperwork.
What is a Low Doc Home Loan?
A Low Doc (Low Documentation) Home Loan is tailored for borrowers who may not have the standard financial documents typically required for a home loan application, such as recent tax returns or payslips. This type of loan is particularly beneficial for:
- Self-Employed Individuals: Business owners or freelancers with fluctuating incomes.
- Contractors and Seasonal Workers: Those whose employment terms don’t fit traditional models.
- Investors: Individuals with complex financial structures.
Key Features of Low Doc Home Loans
- Flexible Income Verification: Instead of standard documents, lenders may accept alternative evidence such as Business Activity Statements (BAS), an accountant’s declaration, or bank statements to verify your income.
- Loan-to-Value Ratio (LVR): Borrow up to 80% of the property’s value, depending on the lender’s criteria and your financial situation.
- Competitive Interest Rates: While rates may be slightly higher than standard loans due to the increased risk, we strive to secure the most favourable terms for your circumstances.
- Additional Features: Access options like offset accounts, redraw facilities, and the ability to make extra repayments, providing flexibility in managing your loan.
Eligibility Criteria
While requirements can vary between lenders, common criteria include:
- Australian Business Number (ABN): A current ABN, often registered for a minimum period (e.g., 6-12 months).
- Goods and Services Tax (GST) Registration: Some lenders require your business to be registered for GST.
- Alternative Income Verification: Provision of BAS, bank statements, or an accountant’s letter to substantiate your income.
Important Considerations
- Higher Interest Rates: Due to the perceived increased risk, Low Doc loans may come with higher interest rates compared to standard home loans.
- Lender Policies: Not all lenders offer Low Doc loans, and policies can vary significantly. It’s essential to consult with professionals to navigate the available options effectively.
How Secure Finance Can Assist You
Navigating the complexities of Low Doc Home Loans requires expertise and personalised guidance. At Secure Finance, we offer:
- Tailored Solutions: Assessing your unique financial situation to recommend suitable loan products.
- Access to Diverse Lenders: Leveraging our network to find competitive rates and terms that align with your needs.
- Streamlined Application Process: Assisting you in compiling the necessary documentation and managing the application process to ensure a smooth experience.
Contact Secure Finance today to explore how we can help you secure the financing you need, tailored to your unique circumstances.
Note: Loan terms and eligibility criteria are subject to change. It’s advisable to consult with a financial advisor or mortgage broker to obtain the most current information tailored to your circumstances.