February 13, 2020 by Bridgid Ryan
Are you self employed? If you are and you have already looked at getting a home loan, you might already realise the issue. It can be much harder to be approved for a traditional home loan if you are self employed. Low doc loans to the rescue!
A low doc loan is simply what is sounds like - a home loan that requires a lower threshold of documentation than the traditional home loan.
It helps to bridge the gap between income and home ownership to allow self employed Australians to provide 'other' documentation instead of the traditional evidence of income like PAYG slips.
Low doc loans were originally created by mortgage brokers to help self employed Australians realise the dream of home ownership. It shows just how valuable using a mortgage broker can be!
You'll need access to a range of lenders
If you're considering a low doc loan the most important factor is - choice. Making sure you have the range of loans so you can shop around is important and will likely save you money in the long run. Some lenders don't offer low doc loans, or have a very limited range, so it's important to make sure that you use a broker with a wide range of high quality lenders to help you find the right one.
Our range of lenders at Mortgage Choice boasts over 20 high quality lenders and a wide range of low doc loans.
It will save you time to have someone to help with paperwork
As low doc loans are not the traditional home loan, lenders can be strict on the type of documentation and evidence of income that it will accept. Once you have found the lender you would like to go with for your low doc loan, there's a lot of paperwork and follow up to come.
A mortgage broker will be able to not only help you find a low doc loan that matches your budget and criteria, but will also be able to assist in filling out the paperwork and let you know exactly what you will need to get the job done.
Mortgage Choice Keilor, Niddrie & Tullamarine will make your low doc loan easy
Cameron & the Mortgage Choice team in Keilor, Niddrie & Tullamarine specialise in low doc loans for self employed Aussies. We love that we can provide a range of quality low doc loans with great rates & features, to make sure you find something that's going to suit you and your new home.
For expert help on your low doc loan talk to Mortgage Choice in Keilor, Niddrie & Tullamarine on 9318 8890 to discuss.
