Lo Doc (or “Low Doc”) Home Loans

A Lo Doc Home Loan is an option for people who have difficulty verifying their income. Typically this is self-employed people who are behind in their financials, but there are also options for employees. No Doc Loans are an extension of these, with even less financial information required from the borrower.

The dilemma of the self-employed
If you're self-employed, the goal of your accountant is to minimise your taxable income. Unfortunately, while this means you pay less tax, it creates problems when you try to borrow. While you might know that you can service a loan, your books don't back you up, or your paperwork may not be up-to-date. As a consequence, the self-employed often find it frustrating to obtain a Home Loan.

Consider the Low Doc Home Loan (or Lo Doc Home Loan)
While the self-employed often can't satisfy traditional lending criteria, they can be perfectly capable of servicing a loan. As a consequence, the Low Doc or Lo Doc Loan was born. Low Doc Loans don't require the same level of "documentation" as normal loans. If you have difficulty documenting your financial position with regular pay slips, tax returns or business financials etc, a Low Doc Mortgage could be a good solution.

Low Doc loans are available through Brokers, Banks and Non-Bank Lenders. Even with a Lo Doc Loan, only borrow through someone you can trust. Talk to Mortgage Australia today.