 |
|
|
|
|
|
|
|
| |
NO DOC LOANS / LOW DOC LOANS |
|
| |
Buying or refinancing a home can be a daunting and frustrating experience, particularly if you are self-employed and have chosen not to provide all of your financial information.
The introduction into the market of Low Doc loans at rates similar or equal to standard home loan rates, is ideal for borrowers that based on their available income figures, aren't able to substantiate their ability to repay a standard home loan.
If you have Tax Returns that aren't up to date or trading figures that don't genuinely reflect your precise income situation (for various legitimate reasons), then a No/Low Doc loan may be the answer for you. Additionally, applicants who have complex business structures may simply find it more convenient to apply for a No/Low Doc loan, thereby avoiding the paper warfare normally associated with a traditional loan. Whatever your reason, convenience is a key benefit, particularly if you are time poor and busy doing what you do best - running your business.
Generally with a Low Doc loan you are not required to provide any documentation to substantiate your income (Tax Returns etc). Instead, you may be required to "self-certify" your income by completing an Income Declaration Form. If you only want to borrow a maximum of 70% of the value of the Security property(s), then a No Doc Loan may be ideal for you, as at this level your interest rate will remain highly competitive.
Most No doc loans do not require you to declare any income details, or to provide an inventory of your assets and liabilities. This really makes the application process quite simple but does put the emphasis on you the borrower to establish and certify that you can afford the repayments.
Many lenders have packaged Low doc loans up with numerous features such as:
- Salary crediting an ATM/EFTPOS cards.
- Variable and Fixed rates.
- Principal and interest or Interest only structures.
- Some offer loans with no Lenders Mortgage Insurance (LMI)
- Line of Credit available.
- Redraws available on some loans.
- Suitable for owner occupiers and investors alike.
- Additional payments allowed at no extra cost.
- Payments either fortnightly or monthly.
For more information or to make an appointment to meet with an RFS consultant,
Call Now at 1300 88 42 99 |
|
|
|
|
|
