See if a low doc loan could work for your property needs
If you’re self-employed, you may be wondering what your options are when it comes to borrowing money to fund a property purchase.
It can sometimes be challenging to show lenders evidence of a consistent salary if your pay fluctuates monthly. But rest assured - there are mortgage packages tailored specifically for self-employed people.
Speaking to a mortgage broker can help you to clarify your options. For example, your broker may say that a low doc home loan is perfect for your situation.
Low doc loans are perfect for time-poor entrepreneurs who already have a lot on their plate. Most low doc loans offer a competitive interest rate. As a bonus, the application paperwork is usually simplified, too!
Furthermore, some low doc loans also allow you to access equity, which can give you a leg up if business or personal investment opportunities come along.
When it comes to applying for a low doc loan, your mortgage broker will be able to tell you what details you’ll need to provide.
As a general rule, you’ll need a recent bank 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.