Browsing Western Australia » Home Loans » 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
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.
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.
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.
1321 Hay Street
West Perth, Western Australia 6005
Australia
The Perth Mortgage Specialist offers various types of home loans.
Regents Park, Queensland 4118
Australia
Mortgage & Finance Broker available across greater Brisbane
22 Old Shoal Point Rd
Bucasia, Queensland 4750
Australia
Barry Lynam Home Loans and Financial Services offers a wide
64 Elbow Street
West Kempsey, New South Wales 2440
Australia
Coastline Credit Union Limited is a state credit union in
6 Tilburn Rd
Deer Park, Victoria 3023
Australia
A public company founded in 1963, Circle Credit Co-operative
269 Clartinda Street
Parkes, New South Wales 2870
Australia
Central West Credit Union Limited offers Savings account,
60 Margaret Street
Level 33
Sydney, New South Wales 2000
Australia
Mizuho Bank Ltd. was formed in the year 2013, with the
(2847 Finance Enquiries since 08-02-2016 02:05PM)
2 Park Street
Citigroup Centre
Sydney, New South Wales 2000
Australia
Global Consumer Group – This group consist of Citibank and
(6397 Finance Enquiries since 13-06-2015 11:44AM)
222 High Street
Kew, Victoria 3101
Australia
BankMecu banking products include home loans, car loans,
(6988 Finance Enquiries since 04-05-2015 02:08PM)
39-41 York Street
Sydney, New South Wales 2000
Australia
Bank of China (Australia) Limited offers a number of deposit
(2824 Finance Enquiries since 12-06-2015 01:30PM)
219-223 Castlereagh St
Sydney, New South Wales 2000
Australia
Bank of Sydney offers a wide range of general banking
(838 Finance Enquiries since 12-06-2015 02:00PM)
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