Lo Doc Home Loans
What are Lo Doc Home Loans?
Lo Doc Home Loans are specifically used by people who are unable to provide income evidence.
A lo doc home loan does not require you to provide pay slips, group certificates or tax returns, instead a lo doc home loan requires you to sign an income declaration where you state your yearly income.
Lo doc home loans are designed for self employed applicants and this is where an income declaration comes in, the lo doc home loan provider uses this declaration to assess whether you can support the lo doc home loan repayments and to assess your financial risk to a bank.
Lo doc home loan providers have different requirements from a paperwork point of view, for example some lo doc home loans require an ABN for 2 years and other lo doc home loans require an ABN for 1 day, another example is that of GST registration whereby some lo doc home loans require you to be GST registered and other lo doc home loans do no require GST registration.
The requirement for GST registration may also depend on the income declaration and varies from lo doc home loan lender to lo doc home loan lender.
To assist you in understanding the mechanics of lo doc home loans and the varying types of lo doc home loans available we have listed below some information for your reference.
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Lo Doc Home Loans up to 80%
The majority of lo doc home loan providers offer lo doc home loans up to 80% and this is where you will find the most competitive lo doc home loan products and lo doc home loan interest rates.
The reason that this is the most competitive lo doc home loan space is that lenders who do provide lo doc home loans up to this LVR are at a lower risk due to there being a substantial amount of equity in the property.
This is another reason why you will find the widest range of lo doc home loans and interest rates which are in line with full doc home loans.
With such a wide range of 80% lo doc home loans to choose from we invite you to contact us and have one of our lo doc home loan consultants provide you with the most appropriate lo doc home loan for your needs.
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Lo Doc Home Loans up to 90%
The self employed lo doc home loan market has grown substantially in recent times and as a result lo doc home loan providers have created new products which go beyond the traditional 80% lo doc home loan.
This is where lo doc home loans up to 90% come in to assist those who may have 10% deposit and require a lo doc home loan.
This lo doc home loan can also be used for construction purposes so it is not limited to an outright purchase and this is becoming a more commonly chosen option for low doc home loan applicants who wish to construct their own home.
Contact us to find out more about the 90% lo doc home loan for purchase or construction purposes.
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LDHL’s up to 95%
The lo doc home loan market as mentioned has grown over time and in line with this lo doc home loan applicants have been seeking a higher LVR to lessen the funding gap.
The 95% lo doc home loan does just this by providing a lo doc home loan where the applicant need only come up with 5% deposit and the associated costs of purchase.
This has allowed many more lo doc home loan applicants to enter the housing market as saving up a 20% deposit plus costs is easier said than done.
Why not contact us and ask one of our lo doc home loan consultants about lo doc home loans up to 95%.
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Key benefits of Lo Doc Home Loans
For self employed people a lo doc home loan is an ideal way to obtain a home loan as the requirement for proof of income is not required and many self employed people are not able to provide tax returns or income evidence.
To highlight some of the key features and benefits of lo doc home loans we have provided a brief list below:
| • | Some lo doc home loans provide up to 95% of the purchase price |
| • | Lo doc home loans can be used for owner occupied or investment purposes |
| • | Proof of income is not required as lo doc home loans have an income declaration |
| • | Large range of lo doc home loans to choose from (in excess of 40 lo doc home loan lenders) |
| • | Competitive interest rates for lo doc home loans |
| • | Choice of fixed or variable interest rates for lo doc home loans |
There are more to lo doc home loans that what is highlighted above so to find out more just contact us and a lo doc home loan consultant will help guide you on which lo doc home loans suit your needs.
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Lo Doc Home Loans – Standard Variable
Lo doc home loans which have a standard variable interest rate attached are the most common in the lo doc home loan space.
This is because they offer a great deal of flexibility from a repayment and lo doc home loan structuring point of view for features like splits, lines of credit and offset facilities which are not always available for fixed rate lo doc home loans.
Lo doc home loans with a standard variable rate are subject to interest rate fluctuations based on prevailing market conditions and can therefore variable lo doc home loan interest rates can move up or down.
To get more information on standard variable lo doc home loans just contact us and a lo doc home loan consultant can help guide you through the lo doc home loan options available.
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Lo Doc Home Loans – Basic Variable
A basic variable lo doc home loan is similar to a standard variable lo doc home loan in a sense that the lo doc home loan interest rate can vary based on market conditions.
The key difference between these two lo doc home loans is that the basic variable lo doc home loan is simply a lo doc home loan with no bells and whistles.
What this means is the basic variable lo doc home loan may not have features such as redraw or offset facilities and may also not provide a line of credit for example.
What this lo doc home loan provides is a competitive interest rate generally lower than a standard variable lo doc home loan given the features are limited, so if you’re looking for a lo doc home loan and don’t really need the additional lo doc home loan features that a standard variable lo doc home loan can provide then this is the lo doc home loan you should consider.
To find out more about our range of basic variable lo doc home loans simply contact us and a lo doc home loan consultant will assist.
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Lo Doc Home Loans – Credit Impaired
Credit Impaired Lo doc home loans are provided for people who have had a credit issue in the past and require a lo doc home loan facility.
There are a number of lo doc home loan providers who offer credit impaired lo doc home loans so if you’re self employed and have a credit issue you are still able to obtain a lo doc home loan to help you achieve your goals of home ownership.
A credit impaired lo doc home loan is not limited to a purchase of a property but can also be used to refinance an existing home loan to consolidate debts or purchase an investment property for example.
Generally a credit impaired lo doc home loan will attract a higher interest rate, the reason for this is that a credit impaired lo doc home loan relies on a self certification of income and that the applicant has a credit issue so these risk factors combined will determine what lo doc home loan interest rate is applied.
To find out more about our range of credit impaired lo doc home loans just contact us and a lo doc home loan consultant will guide you through the credit impaired lo doc home loan options we have available.
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So which lo doc home loan is the right one for me?
With so many choices of lo doc home loans out there the right lo doc home loan for you will depend on your unique financial position.
By this we mean what you can comfortably afford and how much of a deposit do you have available, other considerations are what location is the likely purchase to be and the purpose of the lo doc home loan.
Why not contact us and have a chat with a lo doc home loan consultant who can help you make an informed decision on your lo doc home loan.
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What do I do next to get my Lo Doc Home Loan?
What you can do once you have an understanding of your needs is to get in touch with our lo doc home loan consultants either by phone or using the contact us page within this website.
Let us take the hard work out of finding the right lo doc home loan by listening to your needs and presenting you with the lo doc home loans which suit you.
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Low Doc Options are also available
Low Doc’s are specifically cater for the Self Employed individuals. We can compare our Low Doc Home Loans for you, as we can offer Low Doc’s up to 95%.
Now there is more choice for the Self Employed applicant.