What is a low doc loan?
Low Doc means “Low Documentation” and caters mainly to self employed people who, for whatever reason, are unable to clearly demonstrate their income and debt servicing capacity in the usual manner. These types of loans are usually set at either a slightly higher interest rate or the loan to valuation ratio is much less than the norm. Some carry both penalties.
A Low-Doc loan is a low documentation loan used mainly for self employed people who cannot show their income for whatever reason. The loan itself although slightly more expensive, has a lot of great features and can assist self employed people without having to show your financials. To have a Low Doc Loan you must have an ABN number for at least 2 years. The maximum LVR of a Low Doc loan is normally 80%. If you require a Low Doc loan with a higher than 80% LVR please give us a call.
