Low Doc Home Loans Home Loans

Related Categories: Home Loans, Introductory Rate Home Loans, Construction Home Loans, Fixed Rate Home Loans, Bridging Loans, Line of Credit, Variable Rate Home Loans

Low Doc Home Loans

For Australians that do not have much in the way of documentation to obtain a mortgage or loan when buying property, there are low doc home loans that are designed for such a circumstance. For many years, Australian entrepreneurs and the self-employed have used these loans to purchase all types of properties.

However, they have recently become more popular as people try to qualify for home loans and look for alternatives to the standard models. This has led to those who are outside the original intention of the loan to seek them out.

What is a Low Doc Home Loan?

Standing for “low documentation”, low doc home loans are designed for those who have minimal paperwork in the way of normally qualifying for a mortgage. However, they usually have a strong financial income that is at least on par with those who have the usually amount of documentation. This type of loan was developed to address a hole in the mortgage lending system that disqualified those who owned their own businesses or were self employed and thus has fewer documents than their employed counterparts.

Financial institutions generally use proof of employment such as pay slips as well as tax returns that demonstrate a consistent level of income. However, since there are many who earn their money in different ways, the low doc home loan was created to address this particular need in Australia.

The Benefits of Low Documentation Loans

There are advantages to using this form of lending as it relies on less in the way of formal documentation which allows a person to obtain a mortgage.

Anyone Can Apply: While mainly designed for those who have little in the way of documents, anyone can apply for them if they believe that it provides a better chance for success. For example, those who have bad credit ratings or perhaps do not work full time can apply for one of these loans.

Use Other Security: Instead of a credit rating, you may use other means of security such as vehicles or property that you own. In some cases, this may be the best type of security as it is solid and predictable for lenders to rely upon. For example, property that you own will not lose a job or lose value in a short period of time unless something extraordinary occurs.

However, low doc home loans to tend to have higher interest rates and require a larger down payment than a standard mortgage. This is because those who take out such loans are considered a higher risk to lenders because there is less security when it comes to the payback of the loan itself.

For Australians who are looking to qualify, low doc home loans offer a pathway that requires less of their background and will rely more on what they can provide as collateral and in a down payment. However, before you try to commit for one of these loans, you’ll want to check out the standard types of home loans as they may provide better interest rates.

In this directory we spotlight all Australian lenders who offer low doc home loans as well as individual low doc home loan products in detail.

 

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Tassie Home Loans Pty Ltd

108-110 Collins Street
Suite 34
Hobart, Tasmania 7000
Australia

Tassie Home Loans offers home loans and insurance.

Able Finance

18 Bishop Street
Woolner, Northern Territory 0820
Australia

Able Finance offers home loans, commercial finance and Insurance.

Astute Financial

136 Mulgrave Road
Cairns, Queensland 4870
Australia

Astute Financial offers mortgage and finance broking services in Cairns.

Smarter Mortgage Solutions

221 Lyons Street
Cairns, Queensland 4870
Australia

Smarter Mortgage Solutions offers a wide range of home loans.

DLV Finance

155 East Street
Rockhampton, Queensland 4700
Australia

DLV Finance offers home loans, equipment finance, business loans, cattle leasing and rural loans in Rockhampton, Emerald and Bundaberg.

Esdale Sinclair & Associates

184 Musgrave Street
North Rockhampton, Queensland 4701
Australia

Esdale Sinclair & Associates offers mortgage and finance broking services in Rockhampton.

Imagine Home Loans

PO Box 138
Koumala, Queensland 4738
Australia

Imagine Home Loans offers various types of home loans in Mackay.

Mortgage Broker Coffs Harbour


Coffs Harbour, New South Wales 2459
Australia

Mortgage Broker Coffs Harbour offers personal loans, investment property loans and home loans.

Mildura Finance Ltd

158-164 Langtree Avenue
Mildura, Victoria 3500
Australia

Mildura Finance Ltd offers various types of home loans along with vehicle finance, business finance and equipment finance.

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