Understanding Low Doc Home Loans
Posted by Rajan Khattak on January 18th, 2021
Low Documentation (Low Doc) home loans as the name suggests are for potential borrowers who are self-employed or small business owners who don't have access to the documents required to procure a traditional mortgage. In other words, in low doc loans less financial supporting documentation needs to be provided. Usually, it is for borrowers who do not have PAYG pay slip records or financial statements and tax returns. Until low doc home loans came along, home ownership with a mortgage for the self-employed was very difficult.
A person or a small organization with a fluctuating income or whose business activity statement (BAS) doesn’t look solid results in increased chances of loan application getting rejected. Lenders or banks require borrowers to provide at least two years personal tax returns, profit and loss statements, balance sheets and an accountant’s letter supporting their financial position.
Some important key features of low doc home loans
Advice on low doc home loans by Your Finance Adviser
Your Finance Adviser, one of the most trusted and reputed finance advising company in Australia, provides specialized home loan advice on low doc home loans in Sydney, Australia. We help our customers understand completely about the loan's features and eligibility criteria.
Our team of leading home loan broker in sydney have years of experience in providing a variety of low doc home loans advice and guidance to people to fulfil their dreams of owning a home in Australia.
About the AuthorRajan Khattak
Joined: September 12th, 2020
Articles Posted: 4
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