With fewer lenders offering low doc home loans on the market, are there solutions for self-employed borrowers currently on a low doc loan paying a high interest rate?

However, if you are not qualified for a full doc mortgage, we are still able to find you a lender that can refinance your low doc loan.

How do I qualify?

  • Self-employed for at least two years, however some lenders can consider self-employed with one year ABN and tax return.
  • Ideally, you should have 80% equity in your property, however some lenders can consider refinancing up to 95% of the property value (conditions apply).
  • You can refinance on a fixed rate if you find that you’re likely to recoup the cost of early exit fee within the first two years of refinancing.

Find out if you’re in a position to refinance from low doc to full doc by calling 1300 889 743 or by completing our online enquiry form.

Get a cheaper rate by switching from low doc to full doc

Lenders see low doc loans as a higher risk because you are providing limited evidence to prove your financial situation.

So while there are lenders that can help, they charge higher interest rates because of the risk they are taking on board.

However, if you are able to provide full income evidence this would represent a lower risk which means you can qualify with more lenders at a much cheaper rate and have access to more products.

What documents do you need to provide for a full doc loan?

  • Your last two years’ financial statements (profit and loss and balance sheet).
  • Your last two years’ business tax returns.
  • Your last two years’ personal tax returns.
  • Your last two years’ notices of assessment.
  • Your 6 months home loan statements.

Do you have less than 2 years ABN or need assistance to obtain income documents from your accountant?

Please speak to us today on 1300 889 743 or complete our free assessment form today.

FAQs

How can I improve my chances at approval for full doc?

Can I access equity?

Yes, you can!

The majority of lenders have no restrictions on cash out under 80% of the property value or 80% LVR.

A select few can even lend up to 95% for refinance and cash out (conditions apply).

Can I consolidate debt?

Some lenders allow you to consolidate up to five unsecured debts as long as the total Loan to Value Ratio (LVR) does not exceed 80%.

Unsecured debts include credit cards, personal loans and car loans.

However, if you have more than five debts to consolidate, and the LVR is more than likely to be over 80%, please speak to one of our specialists today to find a solution.

Can I refinance business debt?

We have lenders that can refinance business debt up to $1 million.

What are the costs of refinancing?

Home loan refinancing costs vary from lender to lender and also depend on your overall situation and the product you’re applying for.

These costs include:

  • Sila

    Hi,
    Right now, I have a low doc loan and I’m looking to go from low doc to full doc in a couple of years. What if I’m no longer self-employed and go work for a company on a slightly lower pay, would they revert the loan or will I just be stuck with a low doc?

  • Hi Sila,

    Once you have your two year’s tax returns and notice of assessment (NOA) you can refinance from a low doc to a full doc loan. However, if you’re no longer self-employed and are a PAYG employee, you can still go from low doc to full doc if you can provide two payslips and an employment letter then It will be a full doc home loan.