Low doc mortgage loans, is a property secured loan for those who cannot supply conventional proof of income required for typical home loans. Low doc loan What is a low doc mortgage loan? Mortgage AI are expert Low Doc Mortgage Lenders. Low Doc Mortgage rates depend on a few simple variables. Read on to learn more.
A low doc or no doc mortgage is ideally suited for investors or self-employed borrowers looking to refinance, purchase or renovate. Low Doc home loans are often perceived as higher risk by the lenders, because the income of the borrower cannot be substantiated by conventional means.
As a result, a Low Doc loan would usually have a higher-than-average interest rate; plus more limitations in terms of the maximum Loan to Valuation Ratio (LVR), available loan features and package discounts. A self-employed borrower would typically need to provide proof of income using a combination of the following: Proof of ABN and/or GST registration Business Activity Statements (BAS) Business Account transaction statements Accountant’s letter Personal tax returns Before applying for a Low Doc home loan.
As a result, a Low Doc loan would usually have a higher-than-average interest rate; plus more limitations in terms of the maximum Loan to Valuation Ratio (LVR), available loan features and package discounts. A self-employed borrower would typically need to provide proof of income using a combination of the following: Proof of ABN and/or GST registration Business Activity Statements (BAS) Business Account transaction statements Accountant’s letter Personal tax returns Before applying for a Low Doc home loan.
Unlock B2B Mortgage solutions in Asia, Australia, New Zealand, and the U.S. with Mortgage AI.
Copyright © 2024 Mortgage AI. All right reserved.
