Lo Doc Loans

These loans are designed for self employed people. A Low Doc Home Loan means less paperwork than a regular home loan.

Low Doc loans (including Non-Conforming Loans) have been designed especially to help borrowers who do not meet “standard” lending criteria. For example, you do not have up to date financial documents (i.e. tax returns) that would support your loan application.

The main differences between a “Low Doc” loan and a “Full Doc” home loan are:

• The maximum loan is usually at 80% of the value of the property.

• Lender Mortgage Insurance (LMI) applies for loan amounts between 60 -80% loan to value ratio (LVR).

• Some lenders also charge a higher interest rate for these products.

• When customers are able to show their tax assessments, then the lender may reduce the interest

  rate on the loan.

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