Is A Low Doc Loan The Answer?
Being self-employed is appealing for several reasons. Being your own boss, making your own hours and generally being the master of your domain are just a few.
However, there are also challenges associated with being solely responsible for the future of your business.
One aspect of running your own company that is necessary for carrying out daily tasks, as well as executing the overall business strategy, is securing finance.
Unfortunately, many self-employed Australians have fluctuating incomes - circumstances that make it a little more difficult to meet strict lending criteria.
If this situation sounds familiar, a Low Documentation (low doc) loan may be just what you are looking for.
Low doc loans offer flexible finance options for residential, investment or property purchases. However, there are a few conditions associated with these types of products and the criteria can vary from lender to lender.
It is important to work out a strategy with your mortgage broker to ensure you can make your repayments with a fluctuating income. You can also speak to your broker about securing a line of credit mortgage or a standard home loan for your business needs.
To get more detailed information on your situation, talk to a Loan Market mortgage broker today.