Low Doc Home Loans Home Loans

Related Categories: Home Loans, Introductory Rate Home Loans, Construction Home Loans, Fixed Rate Home Loans, Bridging Loans, Line of Credit, Variable Rate Home Loans

Low Doc Home Loans

For Australians that do not have much in the way of documentation to obtain a mortgage or loan when buying property, there are low doc home loans that are designed for such a circumstance. For many years, Australian entrepreneurs and the self-employed have used these loans to purchase all types of properties.

However, they have recently become more popular as people try to qualify for home loans and look for alternatives to the standard models. This has led to those who are outside the original intention of the loan to seek them out.

What is a Low Doc Home Loan?

Standing for “low documentation”, low doc home loans are designed for those who have minimal paperwork in the way of normally qualifying for a mortgage. However, they usually have a strong financial income that is at least on par with those who have the usually amount of documentation. This type of loan was developed to address a hole in the mortgage lending system that disqualified those who owned their own businesses or were self employed and thus has fewer documents than their employed counterparts.

Financial institutions generally use proof of employment such as pay slips as well as tax returns that demonstrate a consistent level of income. However, since there are many who earn their money in different ways, the low doc home loan was created to address this particular need in Australia.

The Benefits of Low Documentation Loans

There are advantages to using this form of lending as it relies on less in the way of formal documentation which allows a person to obtain a mortgage.

Anyone Can Apply: While mainly designed for those who have little in the way of documents, anyone can apply for them if they believe that it provides a better chance for success. For example, those who have bad credit ratings or perhaps do not work full time can apply for one of these loans.

Use Other Security: Instead of a credit rating, you may use other means of security such as vehicles or property that you own. In some cases, this may be the best type of security as it is solid and predictable for lenders to rely upon. For example, property that you own will not lose a job or lose value in a short period of time unless something extraordinary occurs.

However, low doc home loans to tend to have higher interest rates and require a larger down payment than a standard mortgage. This is because those who take out such loans are considered a higher risk to lenders because there is less security when it comes to the payback of the loan itself.

For Australians who are looking to qualify, low doc home loans offer a pathway that requires less of their background and will rely more on what they can provide as collateral and in a down payment. However, before you try to commit for one of these loans, you’ll want to check out the standard types of home loans as they may provide better interest rates.

In this directory we spotlight all Australian lenders who offer low doc home loans as well as individual low doc home loan products in detail.

 

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Aussie Sunshine

Shop 44 Sunshine Plaza
324-328 Hampshire Road
Sunshine, Victoria 3020
Australia

Let us take the hassle out of your new home purchase, Investment purchase, refinance or let us do a health check on your existing mortgage. We cover

Bank of Queensland Limited

259 Queen St
Brisbane, Queensland 4000
Australia

Bank of Queensland Limited is one of the oldest financial institutions of Australia and has its headquarters in Brisbane, Queensland.

Commonwealth Bank of Australia

201 Sussex Street.
Tower 1
Sydney, New South Wales 2000
Australia

Commonwealth Bank of Australia is one of the largest banks in Australia, forming one of the top four banks of the country - CBA

Bank of Sydney Ltd

219-223 Castlereagh St
Sydney, New South Wales 2000
Australia

Bank of Sydney offers a wide range of general banking products and services and pouts great emphasis on providing products that are customized to meet

Citigroup Pty Limited

2 Park Street
Citigroup Centre
Sydney, New South Wales 2000
Australia

Global Consumer Group – This group consist of Citibank and Diners Club brands combined offering consumer banking services, including transaction and

Barry Lynam Home Loans and Financial Services

22 Old Shoal Point Rd
Bucasia, Queensland 4750
Australia

Barry Lynam Home Loans and Financial Services offers a wide range of residential home loans and personal loans.

Australian Mortgage Options

5 Lime Street
King Street Wharf Level 3, Suite 323
Sydney, New South Wales 2000
Australia

AMO is one of the leading loans and mortgage brokers in Australia. The company is primarily based in Sydney, NSW. Since its inception in 1998, the

North Brisbane Home Loans

25 Ferguson Street
Unit 6 Level 1
Albany Creek, Queensland 4035
Australia

North Brisbane Home Loans is an award winning mortgage brokering company based in Brisbane. With access to over 20 lenders the team at North Brisbane

Provincial Home Loans

42 Barracks Flat Drive
Queanbeyan, New South Wales 2620
Australia

Provincial Home Loans is a Canberra – Queanbeyan based home loans and mortgage brokering company. For the past twenty years, the company has

SJ Financial Services

94 Belford Street
BROADMEADOW, New South Wales 2292
Australia

SJ Financial Services aims at providing loans for almost every need a person may have. Whether you want to own a car, boat or your own home, SJ

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