Lo Doc Home Loans
Lo-Documentation home loans, otherwise known as Lo-Doc loans were designed primarily for the self employed who have difficulty substantiating all of their income or have unconventional or erratic income streams. Income can usually be verified by a letter from your accountant, BAS Statements or Bank Statements.
Lo-Doc Loans are usually penalised by a higher interest rate, a lower LVR or a combination of both.
No-Documentation home loans, otherwise known as No-Doc loans require an even lower level of income verification than Lo-Doc Loans. Due to the higher risk to the lender, these loans come with higher interest rates and lower LVR penalties than other loans.