Alt/Low Doc Loan

Have your loan been declined by your Bank as your income is "seasonal" or "hard to prove"

The product that may help you is known as "Low Doc", "Alt Doc", or a "Non Conforming" Loan. This is an exciting product that has allowed many self employed, Taxi Driver and small business owners the opportunity to buy homes, investments, or access equity in their property.

Low Doc home Loans

Low-Doc loans require less paperwork to show bank account history and capacity to repay the loan. However, low-doc lending has changed dramatically in past few months.

Low- Doc home loans are various types, some low- doc home loan lenders require a) bank statements b) Business Activity Statements (BAS) and Tax assessments.

Some Lenders do not require these documents and only work on Accountant Declaration letter*.

Low-Doc borrowers are now being limited to a maximum borrowing of 60% to 70% LVR (Loan to Value ratio).

Low-Doc Home Loans interest rate depends on lender and risk involved.

If sufficient and required documentation provided than usually able to borrow at mainstream lending rates.

Low-Doc applicants are required to have clear credit history and any default can result in refusal.

Upsides

Low-Doc loans have allowed thousands of Australians who, for various reasons, have been rejected by Bank or other home loan providers..

Downsides

Low-Doc usually attracts higher interest rates and establishment fees than conforming products.

Low-Doc loans are not subject to LMI (lender Mortgage Insurance) but it attracts risk fee and other lender charges.

Suitable for

Low-Doc loans are popular with self-employed, Taxi Drivers, contractors, Property Investors.

Low-Doc loans requirement is ABN registration for one year minimum and GST registration.

  • We have access to various lenders for low/alt doc loans.
  • We will advise you, most suitable option available.
  • We will complete the loan application and liaise with the lender on your behalf.
  • We will get you pre-approval and final approval.
  • We will stay with you throughout the life of the loan, helping you whenever the need arises.
  • Low/Alt Doc loans with Accountant Declaration.*
*Conditions apply

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OuR Lenders