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No Doc Loans are for business purposes second mortgage short term caveats not need documentary evidence low doc home loan need to prove financial stability by way of BAS Accountant Letter or Bank Statements to obtain finance.

There are mortgages for self employed. Lo doc may need at least bank account proof. 60% to 85 LVR need BAS statement or the accountants certification. under new ASIC rules. Million dollar jumbo loans available on no doc basis as well.

True Asset Lending for business purposes Income document-free home loans for borrowers up to 80%

No Doc Mortgage need no documentary evidence to prove financial stability to obtain a loan. Not like a full doc mortgage, the strength of this loan is on the security offered and the loan to value ratio of the security.

Business assets under a company title would be the best security. Owner occupied home loans do not qualify.

They are typically used by borrowers who are self-employed, have fluctuating income and do not have tax returns or financial reports.

 

A low doc loan is 70% No Doc Residential 60% commercial are possible

Since risk is higher in no doc loan than a low doc home loan L V R on such equity loans may be lower, maximum 50% of security value without insurance, also it will attract higher mortgage interest rates. Some times people use this method to raise capital for business purposes when they have adequate equity but no income stability.

All other criteria for such a loan is the same. A bad credit customer will find it difficult to get a loan on this basis.

Due to financial crisis the type of loans and the LVR offered has been changed. Originally home mortgages on no doc basis was a good product from all major banks and other lenders but now some lenders do not offer these loans.

Once it was noted whether low doc / no doc loans should exist, then someone may think, under tough regulations such loans could contribute to loan market a fair deal.

If that is the type of loan you are looking for, Contact us Today

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