What is Low Doc Loan?
Low Doc home loans (Lo Doc Loan or Low Documentation Loan) is a term used to describe the amount and type of income documentation you’re able to provide to verify your income and support a home loan application. You are unable to get payslips or up-to-date tax returns? Then a ‘Low Doc’ loan may suit you better than a more traditional loan, or what’s called a ‘Full Doc’ loan.
This usually means that you sign an income declaration and provide reduces income evidence. As a rule, it happens in the form of BAS, business account statements or an accountants declaration.
Who can get low doc loan?
When the low doc loans were first introduced , they were only available from a select few lenders at very high interest rates,with restricted lending criteria. Modern day low doc loans are far more readily available. Self employed borrowers usually use low doc loans.
Traditionally,the interest rate offered on these types of loans was higher than for the standart variable rate. Nowadays recently they tend to be offered at only slightly higher interest rates.
Who can help get low doc loan?
You have the need for a Low Doc Loan? Then please get in touch with us . We have many options that we can use to help you obtain finance. We also have a number of private lenders on our panel who may not need any of the above. So Premium Mortgage Brokers can help you to get low doc loan in Sydney, Sunshine Coast and Brisbane.
What is Low Doc Loan? Now you know and you can get it! After reading our post you know that in this case you need help of Mortgage Broker.
If you want to know anything else please contact us. You can contact us without leaving home.