What Are Low Doc Loans And No Doc Loans?
No Doc Loans are loans of the past. They were when you signed a statutory declaration stating your income and that you can afford the repayments. Low Doc Loans are similar to the No Doc BUT you are required to provide limited financials and sign a statutory declaration as to your income. If you have a good deposit (minimum of 40%) but still have to find employment or you are self employed you may find, that a Low Doc Loan may be an option. Be careful though as there can be unexpected costs and restrictions with such a loan and they are becomming more difficult to obtain in the current market. Get your mortgage broker to explain the get in cost and the get out cost. (conditions vary with different lenders). Confused? Let Me Help As a migrant from the UK I have already been through the home loan process in Perth so I know what to look out for. I am a Licenced Finance Broker (FBL #4069) and happy to share my experience with you and guide through the process. If you would like me to contac
