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Low-doc Loan Melbourne

The term "low doc home loan" refers to a home loan granted with little or no documentation on the part of the borrower.  Typical home loans require considerable proof of income and other financial documents.

For self employed workers, or people with irregular income this can be hard to provide.  In the past, it has been hard to get a home loan without it.  But recently low doc home loans have been growing in popularity and there are many benefits to this type of loan.

Low-doc home loans still require some documentation but not as much as a standard home loan.  You may have some bank statements, tax returns or other financial accounts that you can use to back up your application. 

Benefits:
  • Customers with little or no proof of income used to struggle to get a mortgage approved.  With the low doc home loans, it is possible to get a home loan and purchase property.  
  • Borrowers can sign a declaration of income instead of showing proof of income
  • You can choose whether to take a variable rate home loan or a fixed rate loan, and many also come with added features, just like a standard home loan.

Points to consider:
  • Low doc home loans usually have a higher interest rate, although the more financial documentation you can produce, the more chance you have to negotiate a lower rate
  • Mortgage insurance is compulsory
  • Usually a higher deposit is required, often up to 20% of the property value
  • Additional security may be required, such as a car or other investments
  • The loan period is often shorter and you will be required to refinance after the set period of time which can sometimes be as short as a year.
Talk through your options with a mortgage broker, and enjoy the assistance provided.  To find your nearest broker simply call 1300 787 665 begin_of_the_skype_highlighting              1300 787 665      end_of_the_skype_highlighting or submit your details on line.
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