Low Doc Home Loans for Self Employed
Low Doc Home Loan, Self Employed Loan
Low doc loans, as the name suggests, are loans that require less income documentation for the approval process. These loans allow you to self-declare your income without having to provide tax returns. It is a common misconception with low doc loans that you have to provide little or no documentation. Low doc refers to the income side of an application with all the other requirements for documentation being the same as a full doc loan such as saving statements and ID documents. Of all Australians, 14% are self employed. Running your own business not only means that you have to earn your income, but you also have to look after the books. Not surprisingly looking after the books often comes a second place to working to earn your income. This means that tax returns can often be submitted a little late. Putting together the documentation that a lender requires can be quite overwhelming for people with complicated finances like business owners; low doc loans eliminate this burden and provide a simpler solution.
A Low Doc Home Loan is ideal for those who are;
• Self employed for a minimum of 6 months
• Tax returns and financials are not up to date
• Prefer the convenience of providing an income declaration rather than 2 years of tax returns and financials
Usually, the only documentation you need to provide for a low doc home loan is a Borrower Certificate of Income Declaration Form signed off by your accountant. In some instances the provision of the last 4 quarters BAS statements is a requirement. Low doc loans are not suitable for everyone, with potentially higher fees and charges, but they are an essential product for many people, especially business owners, providing finance that may otherwise be impossible. As with any loan product, it is imperative that you are aware of all the terms and conditions so the decision you make is an informed one. You need to ensure you consider all your options to get the lender and the loan that best suits your needs. Contact our team at Assured Lending Mortgage Brokers in Parramatta today to see if a low doc loan is a good fit for your financial circumstances.
Low Doc Home Loan
, Self Employed Loan