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Low Doc Features


  • Major Banks
  • Competitive Rates
  • Up to 85% LVR
  • Income Proof options
  • Construction
  • Vacant Land
  • Purchasing
  • Refinancing
  • Cash Out
  • Credit Impairment

Our Value Proposition


  • 10+ Years Experience
  • Market Knowledge
  • Full Disclosure
  • Fully Licenced
  • Large Lender Panel
  • Instant Assessment
  • Helpful, Friendly Service
  • Up To Date Information
  • Accurate Information
  • Free Brokerage Service
  • No Sales Talk

Low Doc Loan Comparison

Low Doc Loan Comparison
Low Doc Loan Comparison
  Low Doc Loan Specialists - Search and compare our latest Low Doc Home Loans. Includes interest rates, fees and policies across many Bank and Non-Bank Lenders. Understand how the Low Doc Loan market works and what your options are before applying for a Loan. Low Doc Loans are suitable for self-employed borrowers with an ABN.

Need help understanding your options? Please call us on
1300 736 ... Show during normal business hours (Monday - Friday) or Make An Enquiry.

 Low Doc Home Loan Comparison - Compare the Market


Browse the Table below for examples of Low Doc Home Loans that are currently available from our Lender panel (including the Major Banks):

Last Updated: Wednesday, October 01, 2014 7:22:00 AM
Product/Policy No. 1 No. 2 No. 3 No. 4 No. 5 No. 6 No. 7
Variable Rates From p.a. 4.83% 4.98% 4.98% 4.98% 5.04% 5.24% 5.44%
Comparison Rates From p.a.* 4.95% 5.11% 5.11% 5.11% 5.09% 5.36% 5.50%
Maximum LVR 70% 60% 90% 80% 80% 80% 80%
Minimum ABN Period 2 Years* 1 Year* 2 Years* 2 Years* 2 Years* 2 Years 2 Years
Minimum GST Period 1 Year 1 Year N/A 1 Year 1 Year 1 Year 1 Year
Income Substantiation 12 months BAS Statements and P&L from Accounting Package (eg: MYOB or Quickbooks) - PAYG Summary for Directors Wages 12 months BAS statements 1 Year Personal and Business Tax Returns (inc ATO Assessment Advices) 12 months BAS statements Accountant Declaration (60% LVR) or 12 months BAS statements OR Last 6 months Bank Trading Statements 6 Months BAS and 3 Months Trading Figures 12 months BAS statements
Max Income Calculation Nett Profit and Addbacks (inc Directors Wages) 35%-65% of BAS Turnover (depends on Industry) Nett Profit (some Addbacks allowed). Generally 50% of BAS Turnover OR Sales less Expenses (by exception) 40% of BAS Turnover for LVR's over 60% Negotiable Generally 50% of BAS Turnover OR Sales less Expenses (needs to 'make sense')
LMI/Risk Fee Payable No No > 80% LVR > 60% LVR > 60% LVR >60% LVR > 60% LVR
Capitalise LMI/Risk Fee Above 80%
To 90% LVR
Company Borrower?
Family Trust Borrower?
Individual Trustees Only
No Genuine Savings Required
To 85% LVR
Debt Consolidation
Max 4 debts including mortgages
ATO Debt Payout
Refinance Available?
Including Business Debt

From Full Doc ONLY
Cash Out with Refinance?
Full evidence required if cash out > $50,000

Full evidence required if cash out > $50,000

Limited

Limited

Limited
Construction Available?
Vacant Land Acceptable?
Max 2ha - Postcode Dependent
Credit Issues Considered?
Minor issues considered

Defaults < $500

Defaults < $500

< $1,500
More Information
Make Enquiry?

* The Comparison Rate is based on a $300,000.00 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.


Last Updated: Wednesday, October 01, 2014 7:22:00 AM
Product/Policy No. 8 No. 9 No. 10 No. 11 No. 12 No. 13 No. 14
Variable Rates From p.a. 5.44% 5.79% 5.99% 6.50% 6.51% 6.54% 6.64%
Comparison Rates From p.a.* 5.48% 5.84% 6.00% 6.52% 6.52% 6.62% 6.65%
Maximum LVR 80% 80% 80%
+ Risk Fee
80% 70% 85%
inc Risk Fee
80%
+ Risk Fee
Minimum ABN Period 1 Year 2 Years 2 Years 1 Year 2 Years 2 Years 1 Year
Minimum GST Period 1 Year 1 Year 2 Years 1 Year 1 Year 1 Year 6 months
Income Substantiation 12 months BAS statements Any 2 of 1. Accountant Letter, 6 Months BAS, 6 months Trading Figures Accountant Declaration (60% LVR) or 12 months BAS statements OR Last 6 months Trading Statements Accountant Declaration (60% LVR) or 12 months BAS statements OR Last 6 months Trading Statements Accountant Letter Any 2 of 1. Accountant Letter, 6 Months BAS, 6 months Trading Figures Accountant Declaration (60% LVR) or 12 months BAS statements OR Last 6 months Trading Statements
Max Income Calculation 40% of BAS Turnover Accountant Stated Accountant Stated Accountant Stated Accountant Stated Accountant Stated Accountant Stated
LMI/Risk Fee Payable > 60% LVR >70% LVR Always Always No >70% LVR Always
Capitalise LMI/Risk Fee Above 80%
To 85% LVR
Company Borrower?
Limited
Family Trust Borrower?
Limited
No Genuine Savings Required
Debt Consolidation
Max 4 Debts excluding Mortgage

Unlimited

Unlimited

Max 4 Debts excluding Mortgage

Unlimited
ATO Debt Payout
Refinance Available?
Up to 80% LVR
Cash Out with Refinance?
Limited

Not for Business Use

Unlimited

Unlimited
Construction Available?
Options Available
Vacant Land Acceptable?
Restrictions Apply and Interest Rate loading
Credit Issues Considered?
< $500

Unlimited

< $750
More with interest rate loading
More Information
Make Enquiry?

* The Comparison Rate is based on a $300,000.00 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.

 Our panel of Low Doc Loan Lenders


Our panel of Low Doc Loan Lenders include:- AFG Home Loans, AMP Bank, ANZ, Bluestone, Commonwealth Bank, Homeside Lending, La Trobe Financial, Liberty Financial, MKM Capital, Pepper Homeloans, Redzed Lending, St George Bank, Suncorp and Westpac.
Some of the Banks and Lenders on our Panel

 What is a Low Doc Loan?


We understand that it can sometimes be difficult to provide your last two years Tax Returns to satisfy the Banks. If you are self-employed and have complex business structures or your Tax Returns are not up to date, then a Low Doc Home Loan may be the answer for you.

Low Doc Home Loans are available to self-employed applicants who can substantiate their income by providing alternative paperwork ... no Tax Returns, no problem! Even better, the interest rates are often the same as a standard home loan.

So, if you are self-employed with a provable income stream that can be substantiated using documentation other than 2 years of Tax Returns, then call us on 1300 736 ... Show - a Low Doc Home Loan might be just what you need.
 

With over 10 years' experience in the Low Doc Home Loan Market, we understand the issues!

 How Does a Low Doc Loan Work?


Low Doc Home Loans are designed for self-employed applicants who are unable to supply Tax Returns for the last 2 years to confirm their income. Instead, borrowers can substantiate their income using a number of alternative methods including:

  • P&L report from software packages like Quicken or MYOB (Lite Doc).
  • 1 year Personal and Business Tax Return with evidence of lodgement (Lite Doc).
  • 6 - 12 months BAS Statements with evidence of lodgement.
  • 3 - 6 months Business Bank Statements.
  • An Accountant's Letter with or without Income Declaration.

Depending on the Lender, more than one of the above may be required.

Quarterly BAS Total Sales (G1)
Quarterly BAS Total Sales (G1)
  To obtain the most competitive rates, it is best that you provide one of the first three documents listed. As a guide, If you provide Four Quarterly BAS statements (12 months), Lenders will typically accept your declared income (to a maximum of 40-50% of your Annual BAS Sales Figure [G1]).

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 Home 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 or Full Doc Home Loan. However, you will pay mortgage insurance (or an equivalent) 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. Call us for a quote on 1300 736 ... Show.

 Can I go Straight to the Lender Myself?


In most cases, yes, but 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.
  • Unsuccessful Applications are very likely to negatively impact on your ability to re-apply with another Lender.
  • The amount you want to borrow (percentage of property value) may be better suited to one Lender over another Lender.
  • 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. 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".

 What Fees do we Charge?


You will not be out of pocket by applying through us!

We do not charge brokerage fees (unlike many online brokers). 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. We do not add an interest rate loading or increase the Lenders' published fees.

 What are the Benefits in Applying with Us?


  • We offer the same rates and fees as if you had gone direct.
  • We have over 10 years experience in Low Doc Loans.
  • We have an in depth knowledge of Low Doc Loan Policies.
  • We have access to over 15 Low Doc Home Loan Lenders.
  • We provide a helpful, friendly Service.
  • We do not charge Brokerage Fees.
  • We are fully Licenced and Accredited.
  • We provide full disclosure of loan details/fees.
  • We focus on competitive interest rates.

 What is the Process to Apply for a Low Doc Loan?


  • Make contact via the Make Enquiry form below or call us on 1300 736 ... Show.
  • We conduct our preliminary interview with you 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).
  • Depending on the Lender, the loan may go into the queue to be assessed by a human to be conditionally approved.
  • 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.
  • If there is anything unusual (eg: Credit issues, Valuation issues), then we will call you immediately to discuss.

House Keys Need to Contact Us or Make an Enquiry?


Make An Enquiry with Us
Make An Enquiry with Us
  Simply click the button below to enter your contact details and a brief description of your scenario and we promise to get back to you (via a phone call or email) within 4 business hours!

The more information you provide the better as it will help us to narrow down your options.
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