Northern Territory Low Doc 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.

 

Results

Able Finance

18 Bishop Street
Woolner, Northern Territory 0820
Australia

Able Finance offers home loans, commercial finance and Insurance.

Featured Listings

  • Brisbane Home Loans

    Suite 13/357 Gympie Road
    Strathpine, Queensland 4500
    Australia

    Our job is to help you find the right loan that is tailored

  • SJ Financial Services

    94 Belford Street
    BROADMEADOW, New South Wales 2292
    Australia

    SJ Financial Services aims at providing loans for almost

  • Coastline Credit Union Limited

    64 Elbow Street
    West Kempsey, New South Wales 2440
    Australia

    Coastline Credit Union Limited is a state credit union in

  • Circle Credit Co-operative Limited

    6 Tilburn Rd
    Deer Park, Victoria 3023
    Australia

    A public company founded in 1963, Circle Credit Co-operative

  • Central West Credit Union Limited

    269 Clartinda Street
    Parkes, New South Wales 2870
    Australia

    Central West Credit Union Limited offers Savings account,