Low doc loans are loans that will help people who are self-employed; this loan will help you to fund your purchase. These loans are normally offered as a way of meeting the requirements of small business owners, freelancers and other people who hold an ABN. Low Doc Loan are designed for self-employed who couldn’t get a home loan due to inability to show how much they are earning using the traditional method. This type of loan uses self-verification systems where you can declare the amount you are earning. Although you will not provide any actual proof of income the lender will still do their usual credit scoring as well as confirm that you will be able to pay for your loan with the income which you have stated on your form.
Low doc loan are available for those who have regular normal jobs, though this are not quite as easily available. It is best to speak with a reliable mortgage broker to find the right low doc loan for you. Low doc loans also have its disadvantages like it will generally come with a higher interest rate because the lender is taking more risk than you. And you won’t be able to borrow as much, it will only allow you to borrow around 65% of the loan to value ratio.
The low doc loans are loans that will help people that are self-employed to get loans
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