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Lo doc home loans are there specifically for self employed applicants who are unable to provide evidence of income by way of tax returns.
There have been many changes to the lo doc home loan market and this has seen a great variety of products introduced across a number of lending institutions so your choice is now even greater than before.
AussieWise Finance Group have access to a wide range of lo doc home loans and can help you with whatever type of product you may need, below is a list of some of the options we have on offer:
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lo doc home loans for a purchase or refinance |
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lo doc home loans for investment |
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lo doc home loans for people with credit impairment |
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lo doc home loans for construction |
Within the range of lenders on your panel are a multitude of products and one of them is sure to suit your needs so contact us and speak to a consultant who will be able to guide you and inform you of your various options.
What we have done is also provide you with a question and answer sections on lo doc home loans below so please browse through:
What's the maximum LVR on a lo doc home loan?
The most common product in the market provides up to 80% of the value of the property or purchase price.
In this range the products are very competitively priced and are sometimes lineball with the lending institutions full doc home loans.
Outside of this are some unique products which offer either 85% or 90% LVR and this lo doc home loan is proving very popular with many applicants as it lessens their out of pocket expenses.
The higher LVR products generally attract a higher interest rate and this simply comes down to the risk involved with lending a greater percentage of the homes value.
How do home loan interest rates compare to full doc home loans?
The interest rates are at times in line with full doc home loans although some lo doc products do carry an interest rate loading depending on the lending institution.
It is when the LVR is greater than 80% that a higher interest rate is applied; the reason for this is that the lender is solely relying on a declaration of income rather than a verified set of financials such as tax returns.
Why not contact us and speak to a consultant who can provide you with information on interest rates and the various lo doc options available to you.
What information does a lo doc home loan provider need for an application?
The information required is very similar to a full doc home loan with some key differences being that of signing an income declaration and some other details which we have listed for you below:
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ABN registration details and or ACN details - Some lenders require 2 years ABN whilst other lo doc home loan providers only require an ABN for 1 day |
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GST registration for lo doc home loan applicants claiming more than 75k PA |
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100pts of identification for any lo doc home loans |
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Relevant statements if there is a lo doc home loan refinance |
The documentation required is not too different from that of a full doc product. To find out more about the documents required simply contact us and one of our consultants can assist.
How can we help you with a lo doc home loan?
lo doc home loans are an area of expertise within AussieWise Finance Group and we have access to over 30 loan providers each with a number of options so there is a wide range of choice.
With this much choice there is sure to be a lo doc home loan to suit your unique needs so just contact us and see which one is right for you.
What's my next step in obtaining a lo doc home loan?
Your next step should be to contact us and have an in depth chat to one of our consultants who can guide you through the various options on offer.
Once our consultant has investigated the various options they will present you with a financial summary of the most suitable products which you can then choose from.
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