Is There A Difference Between The Australian Low Doc Home Loans And Non Conforming Home Loans?
As a consumer you are undoubtedly confused by the multitude of different home loan products advertised by lenders and brokers. The use of clever marketing tactics may lead you to believe that Low Doc loans and Non Conforming loans are essentially the same – but this is not necessarily true. While both the Low Doc and the Non Conforming products are primarily targeted at the self employed borrowers and borrowers who would not normally meet the traditional lending criteria – there are some specific differences. Key Features of Low Doc Home Loans Low Doc as the name suggests is a Home Loan where less financial supporting documentation needs to be provided than with a traditional home loan. Tax returns, Payslips etc are not required. This loan product was developed specifically for persons who are working in their own business and due to work commitments may not have had the opportunity to complete their tax returns as they fall due. Some lenders will require a letter from the borrower’s a
