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Low Doc Home Loans

What are Lo-Doc Home Loans

For home loan hunters who may be self-employed, freelancers, contract workers or undertake seasonal work, you may not have all the documentation usually required for a mortgage. FinanceOK has many low-doc loan options.

Low-doc loans are more flexible solutions for customers who might be self-employed, contractors or freelancers, and don’t have the standard PAYG payslips, financial statements or tax returns needed for a traditional loan application.

These types of loans rely on self-verification of income, which may require a supporting letter from an accountant and your recent bank statements. You may also need to supply your last year’s Business Activity Statements (BAS).

Am I eligible?

Low-doc loans are a way for small business owners, freelancers and other ABN holders to meet the requirements of a loan application. They are designed for customers who otherwise wouldn’t be able to get a home loan due to their inability to validate their earnings using traditional methods.

Your eligibility will be improved by good credit history, and the lender will want to know that you can afford repayments. Generally, low-doc home loans often suit self-employed Australians, investors who rely on their investment income and contract workers

What type of income documents do I need to show?

If you have not done your tax returns do not worry, we can still help. We have access to a number of lenders that can help self employed borrowers who are not up to date with their tax returns. You will still need to show the lender you are able to make repayments on the new home loan.

  • Accountants letter can confirm your taxable income by completing an accounts letter
  • Your last 2 quarters BAS
  • Last 6 months business banking statements

**Most lenders will only need one of the above to prove income, however if you can supply two you might be able to get a better rate and fees.

Why us?

Our experienced team will help structure the  loan for your situation so that you have a high chance of getting approved. With access to over 30 lenders we know what lenders to go to give you the best chance of your loan being approved.

  • Minimal documentation
  • No tax returns needed
  • Low interest rates
  • up to 85% LVR for Low-Doc and 95% for full doc loans
  • Loan terms up to 40 years possible
  • Real estate security required
  • Can lend Australia Wide