LO DOC Loans

I’m sure you have heard a lot about Lo Doc and Full Doc Loans - but where do you fit?

Lo Doc Loans are designed for the self-employed whom have an ABN . If you are earning over $75,000 per annum, some lenders will require that you are GST registered in alignment with the new Taxation Laws. With a Lo Doc Loan you can declare an income which you sign off on. This avoids the trouble of asking your accountant to provide up-to-date financials every time you wish to borrow money.

Keep in mind, you can end up paying a little bit more in interest and fees - but it can save you a lot of time and stress.

In summary – Lo Docs have these “PRO’S”:

• No need to provide any financials to the lender.
• Faster Loan turnarounds – as long as it all makes sense!
• Non-traditional and irregular income sources are considered.
• Can get loans up to 90% of the property value!

Other things to consider when applying for a Lo Doc Loan:

• You may pay higher interest rates and fees.
• You may be at risk of over committing yourself if your income varies.