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How much I can borrow for low-doc loan?

Posted: Thu Jan 18, 2018 12:43 pm
by awesome
Hello Forum!
I have been considering getting a low doc loan to buy a unit but I am not sure whether I’ll qualify for one. Can anybody at this forum tell me if I’ll be eligible to take out a low doc mortgage or not?

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

Posted: Thu Jan 18, 2018 3:00 pm
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

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

Posted: Thu Jan 18, 2018 5:01 pm
by awesome
Thanks for the info. Do all the lenders do low-doc loans or only specialist lenders do such loans?

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

Posted: Thu Jan 18, 2018 7:46 pm
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

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

Posted: Thu Jan 18, 2018 8:26 pm
by awesome
Thanks Otto for the information. I’ll visit your office in the coming week and discuss further. Have a good day.