Browsing Western Australia » Home Loans » Low Doc Home Loans
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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.
38-40 Young Street
Wollongong, New South Wales 2500
Australia
Based in Wollongong, Australia, Community Alliance Credit
83 York St
Sydney, New South Wales 2000
Australia
Credit Union Australia Ltd or CUA is a Public Company,
201 Sussex Street.
Tower 1
Sydney, New South Wales 2000
Australia
Commonwealth Bank of Australia is one of the largest banks
44 Waymouth Street
Adelaide, South Australia 5000
Australia
A completely customers owned bank, Beyond Bank Australia, is
Level 5, 31 Queen St
Melbourne, Victoria 3000
Australia
Defence Bank Limited started operations in 1975 as Defence
83 York St
Sydney, New South Wales 2000
Australia
Credit Union Australia Ltd or CUA is a Public Company,
(987 Finance Enquiries since 17-07-2016 12:48PM)
88 Phillip Street
Sydney, New South Wales 2000
Australia
Established in Australia in 1988, the Royal Bank of Scotland
(5921 Finance Enquiries since 22-02-2016 09:39AM)
420 George Street
Level 14
Sydney, New South Wales 2000
Australia
State Street opened its office in Australia in 1986 as State
(1415 Finance Enquiries since 10-04-2016 11:51AM)
85 Castlereagh St
Sydney, New South Wales 2000
Australia
JP Morgan Bank in Australia and New Zealand was launched as
(2204 Finance Enquiries since 22-11-2015 09:29AM)
116 Crawford Street
Level 1
Queanbeyan, New South Wales 2620
Australia
Marland Accounting is a firm of Chartered Accountants
(1092 Finance Enquiries since 01-01-2017 07:41AM)
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