Help required for a no-doc loan.

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: Help required for a no-doc loan.

Post by Otto Dargan »

Hi surfer and welcome to the forum.

In order to qualify for a no doc mortgage, you're generally required to meet the following requirements:
  • Although you don't need to provide Business Activity Statements (BAS) or other income verification documents, some lenders will ask you to sign a statement of your assets and liabilities or a declaration that confirms that you can afford the loan.
  • Your loan must be NCCP unregulated meaning that your loan must be for business purposes, secured by a commercial property, for investment purposes other than in residential property, or in the name of a company or trust with an ABN.
  • The property you're buying must also generally be in a good location, in good condition and easily saleable (marketable).
  • You should have a clear credit history. Else, you’ll almost certainly pay a higher interest rate while some lenders may not approve your application.
  • No doc loans aren’t normally designed to be for a long period of time so lenders will want a feasible exit strategy. In most cases, they have a term of 6 months or 3 years and then their interest rate will increase.
As long as you can meet the above requirements, you're likely to qualify for a no doc loan.

Also, note that all of the major lenders have stopped doing no-doc loans. There are smaller and specialist lenders that typically charge a higher interest rate than a low doc loan with a mainstream lender.

Please call us on 1300 889 743 and one of our mortgage brokers will call you to discuss your options.

Cheers,
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: Help required for a no-doc loan.

Post by Otto Dargan »

Hi surfer,

Even though your rate will be slightly higher, you can still get access to all of the home loan features of a regular mortgage including:
  • Fixed interest rates
  • Variable rates
  • Professional package discounts
  • Line of credit
  • Redraw facility
  • 100% offset account
  • Salary crediting
The type of lender that you use, the nature of your security property and your credit history will determine the interest rate that you will pay.
If you need help with your no-doc loans then please call us on 1300 889 743 or enquire online and one of our mortgage brokers will call you to discuss your options.

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

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