Low Doc Loan Types
Low doc loans are inflexible, right?
No! Thanks to competition between lenders, there are a wide range of loan types available with no income verification required.
If you are self employed and have a good credit history then you can obtain a loan with all the features you need without the hassle and paperwork of providing two years financials.
What is a basic low doc loan?
With a basic low doc loan you can get a discounted interest rate even for loan amounts as low as $100,000!
Typical basic loans allow you to make additional repayments and redraw, however they may charge fees for additional features that would be offered for free under a professional package.
Although not every lender has discounted basic low doc loans, there are a select few lenders that will offer rates as low as their normal basic loans, waived application fees and no monthly fees!
What is a professional package low doc loan?
Are you borrowing over $250,000? Some of the major banks will be able to offer you incredible professional discounts with your low doc loan.
Professional packages provide a range of banking products with significant discounts all for one low annual fee. Most of the time you will get a 100% offset account, cheque account and credit card all for free along with discounts on your home and contents insurance.
But there is a catch. Most lenders have different rate discounts and fee waivers with their low doc pro packs as opposed to their fully verified loans. Some lenders will not even waive the application fee.
There are also some lenders that only apply professional discounts if you borrow less than 60% of the property value. Because of the variety of discounts offered, it is more important then ever to use a mortgage broker.
To get the best deal with your low doc pro pack, call us on 1300 889 743 or enquire online on and we will obtain a quote from several lenders to get you the best rate discount and no application fee.
What is a fixed rate low doc loan?
You can lock in your rate for 3 years, 5 years or even up to 15 years with a low doc loan. Shopping around is essential for low doc loans with a fixed rate because of the huge variation between the fixed rates offered by the banks.
Did you know that some lenders charge a premium on their low doc fixed rates while others charge the same rate as for their full doc loans? In fact, some lenders will even offer a discounted fixed rate if your loan is part of a professional package!
A good mortgage broker will compare the major lenders’ fixed rates for you along with their rate lock fees, allowing you to find the best deal quickly.
What is line of credit low doc?
Line of credit loans allow you to use the loan account as your everyday banking account. You can withdraw funds directly from an ATM, write cheques, link the loan to your credit card and pay your bills with internet banking. This flexibility is very convenient and allows you to reduce your interest by putting all of your spending money into your loan.
Low doc line of credit loans have not been released by many lenders. This is because lenders perceive them to be a much higher risk than a standard low doc that does not have this flexibility. However there are several banks that will offer discounted line of credit rates for low doc loans under a professional package.
What features are available?
Almost all modern features are available for low doc, lo doc and lite doc loans. This includes interest only, 100% offset, repayment holidays, Bpay, internet banking, redraw and additional repayments.
How do I apply for a loan?
You can apply for a loan by calling us on 1300 889 743. We will arrange an obligation free quote for your low doc home loan from several competitive lenders, including the major banks.