Low Doc Loans
Traditional home or business loans require heavy documentation. This can be a deal breaker for self-employed professionals and full-time investors because of the unsteady nature of their finances. This is because:
- You may not have steady income.
- You may not have up-to-date tax returns.
- Your expenses written off for depreciation can show up as low income in your financial statements.
- You may not be able to show your true income because of the heavy investments you have made.
This is where low doc loans NSW come into picture.
What is a Low Doc Loan?
These loans provide a flexible lending option without the hassles of full tax documentation and other related financial statements. The catch is in the higher interest rates charged, mainly because lenders consider low-doc loans a higher risk.
Who can apply for a Low Doc loan?
Typically, someone seeking a low doc home loan in NSW may belong to one of the following categories.
- Full-time investors
- Self-employed people
- Seasonal workers
- People without tax documentation
- People with poor credit history
What documents are required?
Usually lenders require some or all of the following documents:
- An income declaration signed by you stating your annual income.
- An accountant’s letter printed on their letterhead stating that the said firm is your accountant. The letter needs to further confirm that you are in a position in meet all liabilities that come with your loan.
- Your Australia Business Number (ABN).
- Past 12 months’ Business Activity Statements and prior tax returns.
MacArthur Mortgage Finance can help you find the right low doc loans for you completely free of cost. Contact us today to know if you are eligible for low doc loans.