Am I Eligible for a Low Doc Loan?
If you are self-employed, you might be wondering what your options are when it comes to borrowing money to fund a property purchase.
It can be challenging to show lenders a consistent salary when your income fluctuates from month to month - but you may be reassured by the fact that there are mortgage products specifically tailored for self-employed people.
Speaking to a mortgage broker can help to clarify your options - and you might find that low doc home loans are the perfect product for your needs.
Low doc loans are perfect for time-poor entrepreneurs who already have plenty of paperwork on their plate!
Most low doc financial products offer a competitive interest rate - and as a bonus, the associated application paperwork is usually simplified too.
Some low doc loans also allow you to access equity, which can help to give you a leg up if you’re interested in making a business or personal investment.
Your mortgage broker can tell you what details you’ll be required to provide, but as a general rule, you’ll need a recent bank account statement and your Australia Business Number, as well as at least 12 months of Business Activity Statements.
To get more detailed information on your situation, talk to a Loan Market mortgage broker today.