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Low Doc Bad Credit Home Loans

/Low Doc Bad Credit Home Loans
Low Doc Bad Credit Home Loans2018-07-12T14:23:48+00:00

Bad Credit Home Loans for Self Employed Applicants that can not fully verify their incomes.

Low Doc Loans are loans which do not require any formal financial documentation from the borrower. Low Doc loans are generally used by self-employed business people with lack of financial statements or complex entity structures making proof of income difficult. Tax returns or financial statements are not required.

For these loans, you may need to provide the lender with a statement confirming your income generally certified by your accountant or Business Bank Statements or BAS Statements or a combination of above.

The main documents that can be used to verify your income are:

  • 6 to 12 months of Lodged BAS Statements (from ATO portal)
  • An Accountant Letter verifying your income.
  • 3 to 12 months of Business bank statements
  • Old tax returns (over 24 months) in combination with current financial statements.

Types of Bad Credit Low Doc Loans that we can help you with:
(Click on a heading for more information)

Low Doc Home Loans for Purchasing to 90% LVR. Generally a purchase should be limited to 80% of purchase price as the rates become high. There are still a few lenders that will offer rates as low as their normal basic loans on up to 60% LVR.

First home buyers can obtain a low doc loan just like any other home buyer. Some restrictions may apply to a few of our lenders however the maximum loan can go to 90% lvr.

Low Doc Home Loans for Refinancing to 90% LVR on a debt consolidation where for cash-out purposes they are limited to 80% without restrictions and 85% of property value with cash out restrictions.
Generally a refinance should be limited to 60% > 70% of property value for the best rates.
Each loan has to be treated as an individual basis so it is important to deal with a broker that has several options and is experienced in this category of lending. Some lenders allow you to borrow additional money when refinancing to pay out other debts while most lenders will only refinance dollar for dollar.
Low Doc Home Loans for Construction to 80% LVR. Generally due to the higher risk factor on construction loans any defaults must be registered over 2 years except for minor defaults up to $1,000.

To apply for a Construction Loan you will require:

  1. Council approved Plans
  2. Fixed price quote from Licensed Builder

Best rates are to a maximum of 70% LVR. Each loan has to be treated as an individual basis so it is important to deal with a broker that has several options and is experienced in this category of lending.

Low Doc Home Loans for Purchasing Vacant Land to 80% LVR. Generally due to the higher risk factor on vacant land, many lenders do not offer loans on this security.
Most metropolitan and major regional centres (post code specific – please ring or email to check).

General acceptable Security includes:


Zoning of a Residential nature that permits residential usage House or Unit.

Available for Purchase or Refinance to 70% of property value.
Available for Purchase or Refinance to 75% of property value for acreage up to 100 acres.
Discharged Bankrupts / Part 9 or 10 can apply for a home loan from day 1 of discharge. Rates are dependent on LVR and time since filing for and discharge time frame and can go to a maximum of 85% of property value on a purchase and 80% lvr on a refinance. If you are currently in a Part 9 Agreement then you can refinance your current mortgage to pay out your agreement.
You must have a registered ABN for a minimum of 12 months.

We have mortgage brokers that specialise in Low Doc Loans with many lenders that most mortgage brokers do not have on their books. Please complete our Express Enquiry Form or Phone Direct and you can discuss your situation with an expert as it is important to deal with a broker that has several options and is experienced in this category of lending.

If you wish to proceed, then we will help you to complete all the necessary paperwork and liaise with the lender on your behalf. This will include the completion and submission of your loan application and the on-going communication between all parties until your loan is settled.

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