How much I can borrow for low-doc loan?

Any general questions you might have in regards to loans and finance.
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Otto Dargan
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Re: How much I can borrow for low-doc loan?

Post by Otto Dargan »

Hi awesome. Welcome to the forum.

A low doc home loan is a type of loan without the traditional means of income verification. This kind of loan is appropriate for self-employed people or earn a small business and are unable to provide recent tax returns. If you have filed your tax returns and are able to produce evidence of your income then you may qualify for a full doc loan.

You can use our Low Doc Loan Calculator to check whether or not you qualify for a low doc loan. It takes the following into consideration in its calculations:
  • Your ABN details - Most lenders may require you to have your ABN and GST registration for two years.
  • Proof of your income - You may need to provide some kind of income verification documents such as BAS statements, an accountant’s letter, or bank statements.
  • Loan purpose - Many lenders may have restrictions on construction loans, refinances, or low doc loans in the name of a trust or company.
  • Security property - Small units, larger properties, and properties in remote areas are tough to get accepted for a low doc home loan because they tend to be difficult to sell.
  • Credit history - Almost all major lenders will require you to have a clear credit history and have perfect repayments of your current debts.
Please note that the calculator must only be used as a guide. If you want to learn more or find out if you qualify then you can visit our website.

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: How much I can borrow for low-doc loan?

Post by Otto Dargan »

Hi awesome,

Almost all lenders do low-doc loans but there are some lenders are better than others when it comes to alternative documents to prove your income. So, it’s imperative that you have to find the right lender for such loans as there is more than just the interest rate to think about.

Most lenders require that you have a minimum of a 20% deposit and that you have an ABN to prove that you have been self-employed for the last two years. But obviously, this is the standard of most of the lenders.

You can view our full panel of lenders for more information and most of the lenders among them lend to low doc borrowers.

Please call us on 1300 889 743 or enquire online and one of our mortgage brokers will see how to get you approved for a loan.

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

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