Investment loan without full financials

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Yvonne36
Posts: 7
Joined: Thu Jun 23, 2016 5:01 am

Investment loan without full financials

Postby Yvonne36 » Thu Jun 23, 2016 7:01 am

I'd like to get a full doc investment loan but since I have no way of proving my income at the moment, I'd like to take out a low doc investment loan instead. I'm ready to pay a bit more because I'd rather not miss out on the property I've been looking to buy for the past few months. Can anyone tell me what the lenders look for in low doc investment loan applications and how I may be able to qualify the first time around?

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Otto Dargan
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Location: Sydney, Australia
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Re: Investment loan without full financials

Postby Otto Dargan » Thu Jun 23, 2016 12:20 pm

Hi Yvonne36,

Unlike in the past, low doc investment loans have more flexible lending policy with rates and fees not as high as they used to be.

Most lenders have similar low doc investment loan guidelines, aside from cash out restrictions. Generally, you'll need to have been in your current business for two years and you may not be allowed to borrow more than 80% of the property value with most lenders.

Lenders Mortgage Insurance (LMI) will be applicable if you're borrowing more than 60% of the property value.

It is also often believed that low doc lenders ignore your credit file but this isn't true. Actually, it's more important that you have a clean credit file and a perfect repayment history on your current debts.

As long as you can meet the above requirements as well as the standard lending policy of the bank you apply with, you're highly likely to get approved the first time around.

Our mortgage brokers specialise in low doc finance and can help you find and apply with the right lender. You can discuss your situation and loan needs with one of our credit specialists by calling 1300 889 743 or enquiring online.

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

Yvonne36
Posts: 7
Joined: Thu Jun 23, 2016 5:01 am

Re: Investment loan without full financials

Postby Yvonne36 » Thu Jun 23, 2016 8:17 pm

Seems like my credit history can be an issue since a default was recently lodged in my credit file. I'll call you to find out if I can still qualify or if I'll have to meet some more requirements. Thanks.


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