Low Doc Loan
A Low Doc Loan (Lo Doc Loan or Low Documentation Loan) is tailored mainly at self employed borrowers who require a flexible lending solution. The best low doc home loan is ideal for someone who has the income and assets but cannot provide financial statements or tax returns as proof of income.
There are many benefits of a low doc loan, especially for the self-employed and small business owners.
So benefits of a low doc loan are:
- Flexibility – Low doc loans are really flexible. They do not require the same level of paperwork and supporting documentation as other types of loans. So this type of loan allows for borrowers to choose an option that makes the most sense for their individual situation.
- Range of options – Your broker will help you find the most suitable option for you. Unlike other types of loans, a low doc loan isn’t one size fits all. There are various low doc loan options for borrowers of all stripes. There are low doc loans that specialise towards investors looking to buy an investment property and low doc loans that are for small business owners who are looking to expand their business.
- Less paperwork – If you apply for low doc loan, you do not need a large number of documents. Therefore, the application process is much easier. However, you still have to provide proof of your profit. This could be a bank statement, a letter from your accountant or a business activity statement (BAS).
- The main reason to use low doc loans is because you can not prove your true income.
There are many benefits of a low doc loan. Low-income home loans can not only provide consumers with the funding they need, they also come with a wealth of benefits that make them a clear choice for self-employed borrowers.
If you want to know anything else please contact us. You can contact us without leaving home.