Low Doc Home Loans Australia
The Australian housing market is booming and with over 5.4 million home owners, it’s no surprise that so many people are searching for new ways to purchase their dream home. Whether you’re buying your first home or relocating to a new neighbourhood, you’ve likely experienced the challenges of applying for finance for your new home. Fortunately, there are several options available for people with less documentation to get the finance they need to buy their new home.
Typical conditions to apply for a low-doc loan are the same as those for a standard home loan. If you’ve got good credit and have no debts over $1 million, then you can qualify for a low-doc loan. Income verification will require an accountant’s letter, a bank statement, and an ABN. Those who are self-employed or have a low income must provide evidence that they’ve been in business for at least a year. Some lenders are more flexible than others with this requirement.
If you’re looking for a Low Doc Home Loans Australia but have a large amount of debt, you might want to consider a non-bank lender. A non-bank lender known as Resimac specializes in lending to customers who don’t meet the traditional criteria for traditional banks. Their low-doc products are often more flexible than other low-doc home loans, but they should still be viewed with caution. If you’re worried about your financial situation, you might want to contact a mortgage broker specializing in low-doc home loans. If you’re worried about your credit score, you can talk to a mortgage broker or lender specializing in low-doc home loans to get a better deal.
Low Doc Home Loans Australia – How to Qualify For the Best Low Doc Home Loans Australia
Low-doc home loans are not available through major banks. In order to apply for a low-doc home loan, you’ll need to pre-apply. During this process, your credit history will be checked. Once you’re pre-approved, you’ll be able to compare different lenders in the market. Many Australians opt for a home loan through the big four banks, which have a majority of the market share. You don’t need to go through this process if you have good credit.
Mozo is a great example of a low-doc loan. This loan has zero application and ongoing fees. This loan can be split into several payments, with the option to make extra repayments and redraw from your online banking account. It’s available for up to two years, with a minimum 20% deposit and a zero-doc loan fee. Despite the high interest rate, Mozo offers fast settlement and a friendly, local Australian team to help you with any queries.
While traditional home loans require borrowers to provide their last two years of tax returns, low-doc home loans are a better option for those with irregular or self-employment income. You can apply for these loans by providing your last two tax returns and a letter from an accountant verifying your income. Some lenders may require higher deposits or interest rates, but they are easier to apply for than standard home loans. If you have a good credit history, you can qualify for a low-doc loan, too.