A no doc loan is helpful if you can’t provide any income evidence at all.
So if you can't provide tax returns, BAS statements, an accountant’s letter or bank account statements to verify your income, this may be an option for you.
However, if you can genuinely afford the loan then, in most cases, you may better off with a low doc loan because it's a lot cheaper and a lot easier to get approved.
Even though you don’t need to provide any evidence of your income for a no doc loan, please be aware that some lenders will still ask you to sign a statutory declaration of your assets and liabilities and a declaration that confirms you can afford the loan repayments.
A no doc loan must be NCCP unregulated. That means your loan must meet one of the criteria mentioned below:
- Your loan must be for business purposes only, or
- Your loan must be secured by a commercial property, or
- Your loan must be for investment purposes (other than residential property), or
- Your loan must be in the name of a company or trust with an ABN.
Speak to one of our mortgage brokers directly so they can find the right solution for you. Give us a call on 1300 889 743 or enquire online.
Cheers,