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)
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.
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.
To apply for a Construction Loan you will require:
- Council approved Plans
- 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.
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.
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.