Low doc loans are a good option for self-employed people who want to arrange a home loan with low documentation. If you fall into this category, a low doc mortgage could facilitate you.
Low doc loans are not only alternatives for purchasing or refinancing commercial property but also for those who nurture the dream of buying their own home or car through favorable finance options. There are a number of self-employed people who optimistically knock the doors of reputed banks for loans but get despaired by their terms and critical documentation policies. As a result, they sometimes face failure in obtaining a suitable loan.
Thanks to the market lenders who address the situation of self-employed people by offering loan plans where the borrowers don’t have the required documents and income evidence to present.
Get The Right Advice For Proposed Low Doc Loan
Low doc loans consulting is typically a specialist task and requires in-depth relevant experience. Choose someone who is proficient in this realm and possesses the necessary know-how to suggest an appropriate lending solution to the borrowers.
Every lender pens down specific policies for low doc loan borrowers. Some standard norms comprise:
- Length of ABN
Lenders first ask to present the specific ABN (Australian Business Number) which has been legitimately registered for at least 2 years, but in some cases can be as short as 3 months.
- Declaration of Reasonable Income
Loan lenders would analyze whether declared income, current assets and age of loan applicant match. Further income supporting documents would also be required.
- Clean Credit History
If any self-business owner has poor credit records, loan requests may be entertained by Lenders at higher interest rates. Ideally, have clean credit statements which you can unhesitatingly show to the associated lenders to acquire required low doc loan.
- Asset Security
Assets on which borrowers claim low doc loans will be used as security. It is also possible for lenders to consider other assets (property). It would also be great if you request a loan by showing decent asset portfolio to ultimately increase the chances of loan approval.
Apply for low doc loans within hours and without the painful paperwork. Low doc loans offer great help to those who want a loan without the hassles. So, you can consider this step as a golden opportunity if you own a self-employed business.