LowDoc Home Loans became available with the deregulation of the Banking Industry to initially cater for the growing self employed market. Low Doc Loans or otherwise known as LoDoc Loans are designed for people who can well afford the repayments of a home loan but are unable to provide income verification such as tax returns. Low Doc loan are now also available to PAYG borrowers.

 

	Required with Full Doc Loan Applications
	Pay Slips Group Certificates Tax Returns Business Profit & Loss Statements

Required with Low Doc Loan Applications			Example
	Signed income declaration

Mortgage Buddy understands that it is sometimes difficult to have two years personal tax returns, two years business financials and two year company, partnership or Trust returns all up to date. On this basis we have lenders where the paper work for verifying your income is reduced to a “Self Certification” letter. Some lenders accept simply your own declaration whilst other lenders may require your accountant to sign a declaration.

NoDoc Home Loans are another form of loan with even less verification than Low Doc Loans. This type of loan is not commonly used as the Lender's LVR criteria is reduced quite considerably. Interest rates will generally be higher and borrowing is generally termed an asset lend where the lender will not lend more than 50-60% of the value of your property.

NB: There are some lenders that advertise a NO DOC loan but this may only relate to the fact that they do not wish to see copies of home loan statements, loan statements or savings records. These lenders still require income declaration verification.

Mortgage Buddy specializes in Low Doc Home Loans, Low Doc Investment Loans, Low Doc Refinancing and Low Doc Debt Consolidation.

 

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