Low Doc Loans

If you’ve never applied for a mortgage before, you probably wouldn’t know that there are two types of loan available – full documentation (full doc) and low documentation (low doc) loans. Self-employed borrowers or those who also can’t produce the usual documents to prove their income can look at a Low Doc loan to achieve their goal of home ownership.

Low Doc home loans, also known as alt-doc or lite-doc loans, are useful lending solutions for freelancers, contractors, and other self-employed people who are unable to provide proof of income through payslips and other traditional means. Plus, the interest rates and additional fees are quite often very similar to a standard loan with Seek Mortgages.

If you are self-employed, contact the team at Seek Mortgages today and find out if a Low Doc Home Loan is the right solution for you.

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Available Features Of Low Doc Loans

 

With Low Doc Home Loans, you can still enjoy many of the features available with a typical home loan, such as:

  • Fixed Interest Rates
  • Interest-Only Option
  • Split-Loan Option
  • 100% Offset Account
  • Line Of Credit
  • Make Extra Repayments
That being said, some features of traditional home loans are not available for Low Doc loans, including:
  • Introductory Interest Rates
  • Third-Party Guarantees
  • Repayment Holidays
  • Security Substitution

Talk to the Low Doc experts at Seek Mortgages to discuss this in detail.

low doc loans
low doc home loans

Documents Required For A Low Doc Loan

 

If your Tax Returns are not up to date or you have a complex business structure, applying for a Low Doc Home Loan might be a good idea for you. Tax Returns and payslips are not required, as long as you can provide alternative paperwork to substantiate your income.

Here are some of the documents you might need to provide during the application process for a Low Doc Home Loan:

  • Registered Business Name & Australian Business Number (ABN)
  • 12 Months Of Business Activity Statements (BAS)
  • Signed Borrower’s Income Declaration
  • Accountant Letter
  • Interim Financial Statements
  • Minimum 6 Months Previous Bank Statements
  • Minimum 2 Years Tax Returns

Get in touch with Seek Mortgages today and find out what paperwork you need.

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Can Low Doc Home Loans Be Refinanced?

 

Yes, but before considering refinancing your Low Doc Home Loan, remember that you’ll still have to reapply for the new loan. Just because you qualified before is not a guarantee that you will automatically be approved now.

That’s because you may be subjected to increased eligibility testing and documentation requirements. So, the best advice if you are refinancing a low-doc loan or buying a new property is to always ensure that your financial records are updated continuously.

Why Choose
Seek Mortgages?

 
  • Seek Mortgages have many years of experience in the Low Doc Loan Marketplace
  • Seek Mortgages have the knowledge and experience to find the right solution for your needs
  • Seek Mortgages does it all for you making everything less confusing and so much easier
  • Seek Mortgages are not agents for another lender, and we don’t on-sell our loans
  • Seek Mortgages discloses all payments received and commission by providing you with a written credit proposal document for your protection.
If you are self-employed and have a provable income stream, call Property Core today to discuss your options.

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