What is a Low Doc Home Loan?


Low Doc Home Loans are designed for self-employed Applicants who are unable to supply up to date Tax Returns to confirm their income. Instead, Borrowers can substantiate their income using a number of alternative methods which include:
  • Supplying BAS Returns for the past 6 to 12 months.

    - OR -

  • Supplying an Accountants Letter confirming income declared.

    - OR -

  • Supplying Business Bank Statements for the past 6 months.
Occasionally more than one of the above are required (Lender dependant).

To obtain the most competitive rates, it is best that you provide your last 12 months BAS Returns. As a guide, Lenders will typically accept your declared income (to a maximum of 40-50% of your BAS Sales figures). HOWEVER, we recommend that you call us for clarification regarding BAS Statement income as Lender Policy does vary considerably (for example, some Lenders may accept declared income on a "Sales less Expenses" basis in certain situations).

You will require a minimum 20% deposit (for a Purchase) or at least 20% equity in any property/s you are looking to refinance to qualify for a Low Doc Loan. In most other respects, the requirements are the same as a Standard Home Loan (including traditional income proof for employed co-borrowers).

Finally, the interest rates, fees and charges are much the same for a Low Doc Loan as they are for a Standard Home Loan. However, you will pay mortgage insurance if you borrow more than 60% of the property value. This amount will vary from Lender to Lender and will also depend on the amount you are borrowing as a percentage of the property value. For rough budgeting purposes, use 1.25% of the loan amount.

×

Why use us to help you with your Loan?


A Low Doc Home Loan is a specialist product that require a specialist's knowledge to ensure that the Loan is placed with the right Lender "first time". Some reasons for this include:

  • Your income proof may be better suited to one Low Doc Loan Lender over another (eg: BAS Returns, Accountants Letters or Bank Statements).
  • Unsuccessful Applications are very likely to negatively impact on your ability to re-apply with another Lender.
  • The amount you want to borrow as a percentage of the offered Property/s value may be better suited to one Low Doc Loan Lender over another.
  • Mortgage Insurance Policy may exclude you from applying with some Lenders.
  • You may not service with one Low Doc Loan Lender but will with another.
  • Your Credit activity may be best suited to a Low Doc Loan Lender that doesn’t “credit score”.
  • The property you want to offer as Security may not be acceptable to one Low Doc Loan Lender but will be with another.
  • Some Low Doc Loan Lenders may have a more favourable assessment Policy than others.
There are many factors that will determine the right Low Doc Lender for you. At lowdocloans.com.au, our mission is to provide you with suitable options so you can maximise your chances of success by lodging your Application with the right Lender "first time".

×

Unedited Customer endorsements
3rd party Surveys


Mr. Ian F (Mt Eliza, VIC) - 5th February 2014
What elements of the the service that I provided impressed you?
Professionalism, kept up correspondence, offered suggestions, seemed to work for our best interest, followed through, did not seem to favour any particular bank of finance option, thought laterally to resolve a problem.
What did you most like about me?
We had a problem getting finance and you persevered making application after application until finally a package was achieved that was do-able. I doubt the money you received in commissions would have covered the time spent.
Comments
I was so impressed I have forwarded your details to anyone I have spoken with that needs a finance broker. I will definitely be using John again for the next purchase which will be this year.
Ms. Rhiannon A (Kinglake West, VIC) - 5th February 2014
What elements of the the service that I provided impressed you?
Communication was great! Made a difficult situation work smoothly.
What did you most like about me?
Friendly throughout the whole process, very impressed the the multiple options provided!
Comments
No Comments.
Mr. Andrew M (Mermaid Beach, QLD) - 9th January 2014
What elements of the the service that I provided impressed you?
Attention to detail speed of service full service provided.
What did you most like about me?
Fast accurate professional friendly.
Comments
Old fashioned full service, No stone left unturned thanks.
Mr Kenneth S (Merimbula, NSW) - 9th October 2013
What elements of the the service that I provided impressed you?
Follow thru, not letting things slip or be forgotten.
What did you most like about me?
Easy to contact, did what you said you would.
Comments
Have already recommended your services to colleagues, will certainly use you again.
Mr John A (Wyndham Vale, VIC) - 4th October 2013
What elements of the the service that I provided impressed you?
Friendliness, prompt and courteous, constantly keeping us up to date with what was being done and what needed to be done, dealing with any problems immediately.
What did you most like about me?
People person, spoke to us as normal people, explaining things in a way which we had no problem understanding exactly what we were getting.
Comments
All round excellent service, will definitely be using your service again and have no problems recommending your business to others.
Ms Kelly C (Ball Bay, QLD) - 3rd October 2013
What elements of the the service that I provided impressed you?
I believe your overall knowledge in finding the right product for me under difficult circumstances was wonderful. I really felt like you were doing your absolute best for me and that I wasn't just another number! Thank you!
What did you most like about me?
I think your general manner was very easy going while being very professional at the same time... you were quite approachable and I felt quite at ease and confident with your ability to find the right loan for me from the start.
Comments
I would highly recommend you to anyone Keith! I'm not sure what other services you provide but if you can send me info via email rather than phone, I will have a look when I get the chance... still flat out!
Mr. Christopher B (Tambar Springs, NSW) - 4th September 2013
What elements of the the service that I provided impressed you?
Efficiency, non nonsence approach, and good service.
What did you most like about me?
That even though I am a tiny customer you provide a high service level.
Comments
I would be glad to recommend your services, and would not hesitate to use your services myself again in the future.
Mr. Stuart B (Townsville, QLD) - 16th July 2013
What elements of the the service that I provided impressed you?
Willingness to assist and excellent customer service.
What did you most like about me?
Product knowledge and helpfulness.
Comments
Keep up the great friendly service.
Mrs. Annette E (Footscray, VIC) - 3rd April 2013
What elements of the the service that I provided impressed you?
That you were able to procure a loan for us through one of the Top 5 banks, something that we never imagined that we would be able to do.
What did you most like about me?
Made the whole process extremely stress free, relatively simple and quick.
Comments
I would have absolutely no hestitation in recommending John to anyone looking for a mortgage broker. I still can't believe we are in our own home. He made it so easy that it seems like a dream. Thanks John, you're a star!!!
Ms.Rebecca W (Brisbane, QLD) - 7th February 2013
What elements of the the service that I provided impressed you?
Prompt responses to all of my questions. Found out very quickly if loan was approved. Honest, open and upfront information and advice.....not pretentious or misleading at all!
What did you most like about me?
See above - honesty.
Mr.Scott E (Park Ridge South, QLD) - 9th January 2013
What elements of the the service that I provided impressed you?
the speed you got results,and the dedication you showed to acheive that result . you really cross the t,s and dot the i,s to give the application for finance every opportunity to succeed with out ,the usual red tape and to and fro of all the questions that chew up time.
What did you most like about me?
as above.
Comments
To deal with you was nothing short of professional , i felt comfortable and informed every step of the way,and want to thank you once again Kieth for everything you done in a crisis for me and with me ,very difficult time for me and thanks for being there for me through that.

×

Do we charge Brokerage Fees?


No. You will not be out of pocket by applying through us instead of lodging an Application directly with the Lender. We do NOT usually charge Application or Brokerage fees unless the Lender dictates otherwise. We are paid a commission by the Lender once your loan settles. The interest rate, fees and charges that the Lender applies are the same, regardless of whether you apply directly through the Lender or utlise our services instead. The interest rates that we quote are the same as the Lenders published rates (available on their respective web sites). We DO NOT (and cannot) add an interest rate loading or increase the Lenders published fees.

×

What is the NCCP?


As of the 1st July 2010, the regulation of Credit passed from the States to the Federal Government under a new Act called the National Consumer Credit Protection Act (NCCP). There is now a strict code of practice in place when it comes to Mortgage Lending. Major changes include:

  • Brokers/Lenders need to make fair and reasonable enquiries that Borrowers have the financial capacity to repay a loan.

  • Brokers/Lenders need to be sure that the Loan is not unsuitable for the Borrowers purposes.

  • All Brokers/Lenders need to formally Licenced to offer Credit Advice.

  • Transactions involving Residential Investment properties where the Borrower is a natural person are now covered by the Code.
For more information, visit www.asic.gov.au/credit.

×

Will you keep me advised of
the progress of my Loan?


Yes … when we have something to tell you we will. Generally the Loans process works as follows:
  • We conduct our preliminary interview over the telephone.

  • We will send you a detailed email summarising our discussion and requesting appropriate paperwork (same day).

  • You send back the information we have asked for.

  • We prepare a Formal Application and email it to you for signature (generally “same day” – “next business day” at worst).

  • You sign Application and fax back.

  • We lodge Application with Lender and advise initial status (many Lenders will “electronically” approve the loan) – This will be done the “same day”.

  • Depending on the Lender, the loan may go into the queue to be assessed by a human to be conditionally approved (allow 3 business days).

  • Lender will then order Valuation/s (if applicable) – this is USUALLY the only condition (“same day”).

  • Lender will issue Unconditional Approval after Valuation is back and it has been assessed by Credit (allow 3 business days).
If there is anything unusual (eg: Credit issues, Valuation issues), then we will call you immediately to discuss.

×

Comparison Rate


*"CR" or Comparison rate is based on a $300,000 loan over 30 years. This Comparison Rate applies only to the example given. Different amounts and terms will result in different Comparison Rates. Costs such as Lender Mortgage Insurance, redraw fees or early repayment fees and costs savings such as fee waivers are not included in the Comparison Rate but may influence the cost of the loan.

×
Low Doc Loans on Facebook Low Doc Loans on Twitter Low Doc Loans on Google+
Webloan
lowdocloans.com.au
Low Doc Home Loan Specialists since 2002

Welcome

We are Low Doc Home Loan specialists and have been operating since 2002. We currently have access to 208 different Low Doc Home Loans from various major Banks, smaller Banks and Non Bank Lenders. Our interest rates start from 4.98% Variable and 4.79% Fixed. Importantly, our data is updated Daily and is accurate.

Things you might like to know

  1
What is a Low Doc Home Loan and do I qualify for one?
Read More...
  2
Why use lowdocloans.com.au to help you with your Loan?
Read More...
  3
Show me what your Clients say about you - unedited 3rd party Surveys
Read More...
  4
Do you charge a Brokerage Fee for arranging Mortgages?
Read More...
  5
What is the National Consumer Credit Protection ACT (NCCP)?
Read More...
  6
Will you keep me advised of the progress of my Loan Application?
Read More...

Rates (as of 24 Apr 2014)

Top 3 Variable Rates

ANZ Logo
4.98% (Comparison Rate*... 5.11%)
Westpac Logo
4.98% (Comparison Rate*... 5.11%)
Homeside Logo
5.04% (Comparison Rate*... 5.09%)

Top 1 Year Fixed Rate

Westpac Logo
4.79% (Comparison Rate*... 4.93%)

Top 2 Year Fixed Rate

Westpac Logo
4.84% (Comparison Rate*... 4.98%)

Top 3 Year Fixed Rate

Homeside Logo
5.05% (Comparison Rate*... 5.10%)

Top 4 Year Fixed Rate

Homeside Logo
5.44% (Comparison Rate*... 5.49%)

Top 5 Year Fixed Rate

Homeside Logo
5.69% (Comparison Rate*... 5.74%)

Top 7 Year Fixed Rate

Westpac Logo
6.50% (Comparison Rate*... 6.64%)
  Search for MORE Low Doc Loans