• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer
  • Business Report
    • 20 Top Research Organisations
    • Tobacco Laws
  • Takeovers & Mergers
  • Doing Business
    • Start-up
    • Tax Review
  • Video
  • Biz Directory
    • Free Directory Listing
    • Links
  • Guest Post
  • Contact
    • About

Australian Business News and Times

Business News ,Reports and Times of Australia

  • 2011
    • 2010
  • Business
    • Small Business
  • Mining
  • Real Estate
  • Australia
    • Australian
    • ASX
  • Finance
    • Report
  • Offers
  • Times
You are here: Home / Gpost / Types of Low Doc Products and Options

Types of Low Doc Products and Options

June 23, 2013 by Reporter Leave a Comment

Everyone doesn’t have a specified regular income, and when a person doesn’t have a fixed income or cannot provide documents in support, he become ineligible for a home loan. For the benefit of such people low doc home loans have been introduced, which have now transformed into smaller mortgage finance solution for such people.

how to get low doc loans

Getting a home loan isn’t as easy as it looks first up, there are many formalities associated, which makes it really lengthy and cumbersome process. However, when you want to purchase a property, you will need a home loan. And to get a home loan, you will need proof of income, assets and liabilities etc to prove your credit worthiness.

Low doc residential loans are designed specifically for self-employed people or casual workers, who have income and assets, but are unable to provide the financial documents required at the time of application for loan. To apply for a low doc loan or low document loan, a person needs to file in a written application, this application works as a self-declaration of income derived from business for casual workers and self-employed. People with bad credit history are also eligible to apply for low documentation loans.

Benefits of low doc home loans

· These loans are suitable for people who do not have financial documents to prove their regular income

· Low doc loans require no or very minimum paperwork at the time of application.

· People with bad credit history can apply for a low document loan

· Low doc loan is passed on self-verification, applicant himself states his income. No financial verification needed

Types of Low Doc Products

· Low doc 60: Under low doc 60 an applicant can get a Loan to Value Ratio of 60 percent. The applicant needs to provide an application for self-verification along with accountant’s declaration. The loan can be taken for purchase of refinance.

· Low Doc Construction: The loan covers up to 80 percent of the value, and can be used for purchase of refinance.

· Low Doc Platinum: The loan covers up to 80 percent of the value; it requires self-verification and accountant’s declaration.

· Lite Doc Express: The loan covers up to 80 percent of value. Self-verification and accountant’s declaration is required for application.

· Low Doc Easy: The loan covers up to 85 percent of Loan to Value Ratio. Application for Self verification along with accountant’s declaration is required. The loan can be used for purchase of refinance.

Low Doc Loan Options

Various types of low doc loans are available, some of them include:

· To purchase property

· For refinance

· Low doc loans for business expansion

· Loan to pay tax debt

· Loans with no mortgage insurance

· Low doc home loans to purchase or refinance residential land

· Low doc construction loan to build more residential property

· Specialist low doc loans for applicants with bad or not so perfect credit history

Author Bio:  I’m Andrew a specialist mortgage finance consultant of Red Rock Mortgage Group an independent mortgage finance company with 7+ years’ experience in writing finance topics.

Filed Under: Gpost, Property, Real Estate Tagged With: Home loans, Low doc loans, Residentail Loans

Reader Interactions

Leave a Reply Cancel reply

You must be logged in to post a comment.

Primary Sidebar

Search

Like us on Facebook

Our Twitter Feed

Tweets by @AusBizChannel
Protected by Copyscape Website Copyright Protection

Counter

Footer

Featured Page

research in australia

20 Top Research Organisations

We are compiling a list of top 20 and more research organisations  which are in the government as … Read more about 20 Top Research Organisations

acquistion

Takeovers & Mergers

List and updates Of the latest  Company Takeovers … Read More about Takeovers & Mergers

funding from govt 2017

Australian Business Grants

Establishing a business anywhere in Australia … Read More about Australian Business Grants

listing directory australia

Australian Business Directory

If you are looking for a Free or paid listing on a … Read More about Australian Business Directory

About

About - Australian Business Report and … Read More about About

Guest Post for us

Join Australian Business … Read More about Guest Post for us

Copyright © 2023 · News Pro on Genesis Framework · WordPress · Log in