Home Loan Options for Adelaide Investors and Families: Low Doc Home Loans
Low documentation home loans, are designed to suit those who are unable to provide their full financial history, such as the self-employed or investors.
This makes such people unable to apply for a standard mortgage option as they do not have all the usual required documentation, hence the term ‘low doc home loan’.
A low doc mortgage can be taken out for a residential, investment or business property purchase, and is similar to a standard loan in several ways.
The usual loan options apply, such as standard or variable interest rates, redraw facilities and line of credit options.Book a FREE appointment with a professional mortgage broker now!
A low doc loan is different because its interest rate is generally higher in order to compensate for the risk that the lender takes by offering a loan to someone without all the usual documentation.
When you use a provider such as AAA Mortgage Solutions, however, they may be able to negotiate a rate reduction on your behalf once you’ve caught up with and lodged your tax return.
Usually, you will be required to provide your lender with 12 months of Business Activity Statements (BAS) and have had an active ABN for at least six months.
Additionally, some lenders may require you to take out Lenders Mortgage Insurance (LMI) for a low doc loan with a Loan to Value Ratio (LVR) of greater than 60 per cent.
If you think a low doc home loan might be the right choice for you, or simply want to find out more, give the experts at AAA Mortgage Solutions a call on 1300 555 888 to discuss your options. We will be able to help you decide if this is the best mortgage for you, or if another loan might be better suited to your needs.