Can You still get a Low Doc Home Loan?
Yes. Self-Employed
Australians can still get a home loan if they do not have up to date lodged
Financials. It is actually quite hard for the average Self Employed Australian
to get a mortgage from a bank in comparison to a PAYG worker who generally only
requires 2 payslips to confirm income. Australian banks will put every obstacle
and hurdle in the way to make it as hard as possible for self-employed Australians
to get a commercial loan, and especially a home loan or a mortgage.
If an Australian
self-employed business person walks into a bank, especially one of the big
four, the bank manager will simply say, you are a self-employed businessman,
and while you appear to be making good money, have a fantastic income, and have
showed years of excellent bank savings all the while being self-employed, you just don’t tick all the boxes as you do not have
up to date financials.
The average self-employed
Australian would just put trying to get a home loan via a standard lender in
the too hard basket - and they do. Others are so desperate to secure a house
loan that we see them wind up their successful business, to go out and seek
employment and work twice as many hours for half the money that they once did
in their successful small business - all this just to please the bank so they
can too, take part in the Australian dream of owning their own house.
Good news though, the team
at lowdocmortgages.com.au are experts when it comes to help guiding entrepreneurial
Aussies who have a successful Australian business into getting their home loan
or commercial property loan.
Low Doc Loans (Low documentation loans) are designed for these
self-employed people who do not have up to date financial statements and tax
returns which are required for a prime home loan. Generally the same features
and facilities are available on prime loan are also available on a Low Doc Loan as the name indicates the
difference is in the documentation. If you are self-employed or have a small
business and can’t provide lodged returns then it is the way to apply for a
home loan.
Although financial statements and tax returns are not required for these
loans, lenders will require some form of proof that you can service these
loans. For these low doc 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
If you are a self-employed
Australian who is looking to get a low
doc home loan, we have good news for you, it certainly can be achieved.
Talk to an Expert:
We
specialise in Low Doc Loans for
both Residential and Commercial Properties in clean credit or credit impaired
and deal with many lenders that most mortgage brokers do not have on their
books. Please complete our Enquiry Form or Phone Direct where 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 home loan application and the on-going
communication between all parties until your home purchase is settled. So if you are self-employed and hunting for a home loan or commercial
loan then visit us at www.lowdocmortgages.com.au
By working with reputable and trustworthy providers such as https://lowdocmortgages.com.au/
and carefully considering the risks and benefits of low doc lending,
Australians can unlock a world of financial opportunities beyond the confines
of traditional banks.
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