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Low Doc Loans Melbourne

What is a low doc loan?

A low doc loan is a mortgage that can be taken out using different income verification documentation to that required of a full doc loan. These are often used by self-employed borrowers, who may find it difficult to provide conventional proof of income.

Low Doc Loans Melbourne

Simple Facts About Low-Doc Loans

Are you wondering how low-doc loans work in Melbourne, Niddrie, Essendon, Airport West, Avondale Heights, East Keilor, Moonee Ponds? There are some facts which might help you understand about lending process of low-doc loans:

These low-doc loans do not require applicants to present pay slips to their lenders like other mortgage loans. In low-doc loans there is an understanding that the applicant either does not have a traditional job or cannot prove their income by presenting a pay slip. So, these loans are ideal in that case.

When applying for a low doc loan, some lenders only require a minimum of two documents, which may include documents such as the following:

  • A Signed Borrowers Income Declaration stating your usual income
  • Your registered business name
  • Your BAS for the last 12 months
low doc loan

How much deposit do you need for a low doc loan?

Most low doc lenders require a deposit of at least 20% although some may accept 10%. However, if you want to get a home loan with a 5% deposit, you will either need to show two years tax returns, or you will need a guarantor for your home loan.

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