Lo Doc Loans (Stated Income)*
No hassle substantiating your income with Lo Doc Loans!
Sometimes it can be a hassle substantiating your real income. It may be because you are self employed and don’t have current tax returns or the business financials don’t reflect your precise income; or it may be because you are a fulltime investor and your income is represented in the capital gain of your investments; or maybe you are a personal services contractor who doesn’t get issued with official payslips or maybe a wage earner whose payslips don’t tell the whole income story?
Convenience of Lo Doc Loans
Whatever your circumstance, with Lo Doc Loans it is not a requirement for you to produce the standard income verification documents such as payslips, payment summaries, tax returns etc. Provided you can substantiate the existence of the source of your income – self employment as a sole trader or partnership, business owner or director, investments or PAYG employment – you may be eligible to borrow up to 85% of the value of the property(s) being offered as security.
Additionally, borrowers who have complex business structures or investments may find that Lo Doc Loans are simply a more convenient way of avoiding the paperwork jungle commonly associated with them substantiating their income.
For convenience and ease of borrowing, Lo Doc Loans are simply the best home loans or mortgages.
Generally the only requirements for proof of income, is for borrowers to “self-declare” their income by completing a Lo Doc Loans “Income Declaration Form” and those who are self employed to supply proof of a registered Australian Business Number (ABN).
Low Doc Loans can be used for any worthwhile purpose and are available as an Investment Property Loan, Home Equity Loan, Home Improvement Loan, Debt Consolidation Loan, First Home Buyers Loan, Vacant Land & Construction Loans, Bad Credit Mortgage or Non-Conforming Mortgage.
No Doc Loans (Asset Lend)*
No Doc Loans are similar to Lo Doc Loans with the difference being, there is no requirement for the borrower to state or self declare their income by completing an Income Declaration Form. Generally there is no requirement to supply any form of income verification at all.
No Doc Loans are available for Vacant Land purchase and/or Construction, Mortgage Refinancing, Debt Consolidation, Bad Credit Mortgages and Equity Home Loans.
If some form of income verification is required, it will be minimal and very simple to supply, as a No Doc Loan is essentially an ‘Asset Lend’ meaning that the loan is approved based on the strength of the borrower’s asset position. No Doc Loans are usually restricted to 60% of the value of the security property but in some instances can be extended to 80%.
No Doc Loans are as close as you can get to a ‘Zero Income Paperwork’ Home Loan and are ideally suited to people who have recently commenced or are commencing self employment or those who are purchasing a business!
If you would like to avoid the hassle associated with substantiating your income or like the idea of a homeloan application process that involves a minimum amount of fuss and paperwork, then Lo Doc Loans / No Doc Loans may ideally be the homeloans you are looking for?
To speak directly with a Community BEST Investment Loan Strategist who is also a property investor, phone the Finance Centre on 1300 448 911. Alternatively, you can email us or submit an application now by completing our 10 min Online Application,
* Loans subject to application and approval. Terms, conditions and eligibility criteria apply. Fees and charges may be payable.