Low Doc LoansSelf Employed Borrowers
It has traditionally been more difficult for Self Employed people to obtain finance as their financials don't always reflect their ability to repay a loan. These days we have a number of options available to self employed applicants.
Full Doc - This requires the borrower to provide the past two years of financial statements and/or tax returns to verify income.
Low Doc - These loans allow borrowers to "self certify" their own income. There are different methods methods of self certification so call us to find out which option is best for you.
Asset Lend - With the Australian Tax Office taking a closer look at Low Doc loans, Asset Lending is becoming a more popular option. Put simply, your ability to service the loan is not taken into consideration and lenders offer loans based purely on the value of your assets.
Low Doc Loans
Traditionally, Low Doc loans have attracted an interest rate significantly higher than Full Doc loans. These days, however, there are a number of lenders offering Low Doc loans at rates similar to full doc loans.
Of course, not everyone will qualify for every Low Doc loan. Though the vast majority of the low doc loans we place are at very reasonable rates.
Low Doc loans for wage earners - keep in mind that low doc loans are not limited to Self Employed borrowers. PAYG borrowers can also access low doc loans.
New Business - We do have Low Doc loans available for people starting a new business. Please call for details.
Newly Self Employed - Lenders usually require you to be self employed for 2 years before applying for a low doc loan. We do have access to lenders who have only recently become self employed.
See Real Estate Australia & Home Loans for some more information on this topic