- Ideal for self employed
- Less proof of income required
- Must have ABN
- Specialist lender loans
- Great loans available
Low Doc Loans
Low Doc Home Loans do not require the same proof of income documents associated with standard home loans. These are ideal for self-employed people and contractors.
- Self employed for at least 2 years
- Self employed for less than 1 year
- Self employed for short time only
Self employed for at least 2 years but cannot prove your income
There are a number of lenders who offer Low Doc home loans to cater for your situation. These loans have become popular due to the fact that many self employed people face delays in preparing tax returns. A low doc home loan involves you signing a declaration that states your annual income instead of providing tax returns.
In some cases the interest rate on low doc home loans is comparable with standard home loans. To get access to the best interest rates a 20% deposit is required.
Most lenders require you to have an ABN number that is at least 2 years old.
Self employed for less than 1 year but you cannot prove your income
We have access to some non conforming lenders who may lend you up to 80% of the property value if you have less than 12 months business/trading history, or who are about to start a new business. No financials or proof of income is required.
A higher interest rate will be incurred but once you have a trading history you may be able to refinance into a cheaper traditional loan.
With hundreds of different loan products in the market from all lenders, your professional Time Finance Mortgage Broker will help get the right loan for you! The benefits of why you should use a professional Time Finance Mortgage Broker are guaranteed.
Any advice contained in this article is of a general nature only and does not take into account the objectives, financial situation or needs of any particular person. Therefore, before making any decision, you should consider the appropriateness of the advice with regard to those matters. Information in this article is correct as of the date of publication and is subject to change.