Enquiry Today

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? 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.

deposit

Our Lenders

Investment Property Loans
Commercial Loans
Personal Loans
Business Finance
Asset Finance

Loan Calculator

Click Here

Let’s Talk Finance

Call 0450 816 136

Get In Touch

Click Here

Latest News

Bulk of SMEs preparing for growth over next 12 months: research

Small businesses around the nation are once again confident about their future and ready to start driving toward their next phase of growth, according to new research. The research, carried out...

Read More…

ATO hit list: rental property income and capital gains

Property investors beware: the Australian Taxation Office (ATO) has revealed the four key areas it will be targeting this tax year, and rental property income/deductions and capital gains are high...

Read More…

The two major parties’ first home buyer policies explained

Housing affordability is one of the key battlegrounds ahead of the federal election this Saturday. So what is each of the two major parties proposing to help first home buyers...

Read More…