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How Can Low Doc Loans Help You?

What Are Low Doc Loans?

If you’re applying to borrow money, lenders want to know that you can repay that loan.

They do this by assessing your proof of income.

How Can Low Doc Loans Help You

Self-Employed

But if you’re self-employed or running your own business, it’s difficult to provide these traditional documents to prove your income.

This doesn’t mean you don’t qualify to apply for a home loan. You just won’t be able to apply in the traditional sense. Instead, you can apply for a low doc loan.

You still have to provide proof of income, but you can do so through other means.

What Proof of Income Documents Will You Have to Submit?

Generally, lenders will assess your personal and business tax returns or income tax assessments. This will give them an idea of how stable your income is likely to be going forward.

Here’s more about what you need for the low doc loans process:

Other paperwork you may be asked to provide include:

  • ABN

your Australian Business Number (ABN)

  • Income Declaration
an income declaration stating your usual income
  • BAS
ATO-verified business activity statements (BAS)
  • Bank Statements

several months worth of bank account statements

How Can A Finance Hub And Networks Mortgage Broker Help You With Low Doc Loans?

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We Help At Every Stage

At finance hub and networks, we can help you at every stage of the application and guide you on how to higher your chances of getting your home loan approved.

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We Compare The Market

We compare loans from various lenders to ensure you are getting the best deal.

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We Do All The Paperwork

With banks clamping down on applicants with stricter lending rules, you’ll want your application to be perfect. We take care of all the paperwork!

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Self-Employed Home Loan Faqs

Will I Pay A Higher Interest Rate On My Low Doc Loan?

Some lenders may charge higher interest rates if they view you as a high-risk applicant.

The Lack Of Documentation Does Provide A Slight Risk To Lenders, So Their Low Doc Loan Products Are Generally A Bit More Expensive Than The Standard Loans.

However, Not All Lenders Will. So It Pays To Speak To A Finance Hub And Networks Mortgage Broker To Find A Lender And Product Best Suited To Your Personal Circumstances.

Do I Have To Apply For A Low Doc Loan If I’m Self-Employed?

If you can prove that you have a reliable income stream and an established business, then there’s no need to apply for a low doc loan, you could apply for a standard home loan.

If you’re unsure if you have enough documentation to apply for a standard home loan, check with your Finance Hub and Networks mortgage broker – they can advise you on the best route to take.

Who Can Benefit From Low Doc Loans?

  • self-employed individuals;
  • freelancers;
  • Contracting workers;
  • professional investors; and
  • small business owners.

Will I Be Required To Pay A Higher Deposit?

Not necessarily. However, lenders may require that you furnish at least a 20% deposit.

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Speak To a Low Doc Loan Expert Today!

At finance hub and networks, our Low Doc Loan specialists will do all the work for you: research, advise and assist in helping you make the best decision for your circumstances.
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1300 FIN HUB

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info@finhub.net.au

Address

GPO BOX 359 SYDNEY NSW 2001

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Applying for a home loan can often be overwhelming – especially if you’ve never gone through it before. Having finance hub and networks on your side can help make the home loan process a whole lot easier.

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