No Doc Loans

Any general questions you might have in regards to loans and finance.
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Otto Dargan
Mortgage Specialist
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Joined: Sat Sep 06, 2008 5:55 pm
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Re: No Doc Loans

Post by Otto Dargan »

Hi Max,


Welcome to the forums.

If you can provide some business income evidence available to you, I would suggest you try:low doc loan first.

You'll get a much cheaper interest rate than a no doc loan!

Generally speaking, you will need to sign an income declaration and provide alternative income evidence or alt docs in the form of either:
Business Account Statements (BAS).

Accountant’s declaration stipulating your business income.

Your bank will acknowledge these alt docs as proof of your income and you won’t have to show your tax returns and any other financial documents.

Send us an online enquiry or call us on 1300 889 743 so that our team can assess your situation and let you know if you qualify for a low doc loan.


Cheers,
Otto
Otto Dargan
Mortgage Broker
P | 1300 889 743
Home Loan Experts

User avatar
Otto Dargan
Mortgage Specialist
Posts: 7730
Joined: Sat Sep 06, 2008 5:55 pm
Location: Sydney, Australia
Contact:

Re: No Doc Loans

Post by Otto Dargan »

Hey Max,

Following the global financial crisis of 2007 - 2008, no doc loans are actually no longer offered by any lenders in Australia.

Low doc loans are the only type of home loan that is available to people with limited financial documentation.

If you have a valid Australian Business Number that has been running for at least two years and is registered for GST, you are technically eligible for a loan.


Cheers,
Otto
Otto Dargan
Mortgage Broker
P | 1300 889 743
Home Loan Experts

User avatar
Otto Dargan
Mortgage Specialist
Posts: 7730
Joined: Sat Sep 06, 2008 5:55 pm
Location: Sydney, Australia
Contact:

Re: No Doc Loans

Post by Otto Dargan »

Hey Max,


You’re in luck!

Given that you have all the necessary documents in order, some of our lenders can consider lending over 80% of the property value.

Please call us on 1300 889 743 or fill in our free assessment form to find out if you qualify for a low doc loan.

An income declaration form is basically a way for banks to verify your income.

It is used to check whether you are capable of making the repayments.

The form will ask you to state your business name, your Australian Business Number ( ABN), the amount you’re looking to borrow and the indicative repayments.

As the name implies, it acts as a declaration that confirms that your income is true and that you can make the loan repayments.


Cheers,
Otto
Otto Dargan
Mortgage Broker
P | 1300 889 743
Home Loan Experts

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