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What is a low doc home loan?

Low-documentation or low-doc loans are for people – generally the self-employed – who have difficulty getting the documentation together that is required to get a traditional home loan. Low-doc home loans give self-employed borrowers an alternative way to certify their income. These loans can carry extra costs, so it’s important to review and understand the criteria, features and rates of several products before making your choice.
Here you’ll find all the relevant information about different low-doc home loans from a wide
range of banks and lenders. It’s never been easier to compare and save.Low-doc loans differ from another relatively new loan in the marketplace that is also gaining popularity – non-conforming loans. Low-doc loans have become very popular over the past few years and industry figures state they comprise around 30 per cent of all mortgage loans written. Traditionally, the interest rate offered on these types of loans was higher than for the standard variable rate but recently they tend to be offered at similar rates. While lenders have various methods of establishing whether they will lend someone money, there are some major differences between mainstream and low-doc loans.

FAMS-88

Differences between standard and low-doc loans

  • Low-doc loans do not require traditional proof of income such as company financials or tax returns.
  • Borrowers seeking a low-doc loan generally complete a declaration that confirms they can afford the loan. This is known as self-certification.
  • Low-doc loans tend to be more attractive to self-employed people or full-time investors who may have difficulty showing a high level of income, as a result of either writing off a number of expenses, reinvesting profits into a business, or being slow in lodging their tax returns.

Borrowing tips

Borrowers wishing to obtain a low-doc loan will normally need to satisfy three requirements:

  • Self-certify their income
  • Confirm their self-employment status (if appropriate) – usually with a registered ABN or accountant’s letter
  • Have a clean credit history and good repayment record for existing or previous loans.

What is a Near Prime Loans?

Have you stopped to think about whether you really need a bad credit mortgage, re- mortgage, credit card builder or any other financial product designed for people with a real adverse credit history?

When Mainstream Lenders Say “no” Near Prime is the Answer

Near Prime home loans cater to customers who are on the cusp of prime. The loan not only offers a host of flexible features, but it’s also available as a Full Doc loan or an Alt Doc loan. Finance & Mortgage Selection Specialises in near prime residential lending. Our lenders provide flexible home loan solutions to those who fall outside mainstream lending criteria and their scorecard requirements. Unlike banks, when it comes to Alt-Doc loans, our lenders assess income differently from banks by applying a common-sense approach to income verification on a case-by-case basis. Our lenders accept three documents for our Alt-Doc products including: 6 months BAS, business bank statements or accountant’s letter (plus 3 months personal bank statements).

What Does Near Prime Mean?

It’s on the edge of becoming considered as having bad credit, but not quite that you do. When your credit files show mild negative entries like a single missed payment over two years ago, or you haven’t updated your address resulting in inconsistencies, you could be automatically classed as a higher risk by mainstream lenders using automatic review processes that reject your applications based on even the slightest of negative entries on your credit reports.

What Do Near-Prime Customers Look Like?

While near-prime customers come from all walks of life, we have noticed a few trends in terms of what these customers typically look like. They tend to be over 35 and are either married or in a de facto relationship. They generally have children and already own their own home. Somewhat surprisingly, there are a number of PAYG borrowers with a clear credit history who would have previously been assumed to qualify for a loan from the mainstream lenders but have now been rejected. Self-employed customers are another large segment of the near-prime market..

Key Features

Available as a Full Doc or Alt Doc home loan.

  • No third party approval required from Lender’s Mortgage Insurance providers

    • Our lenders do not require approval from a third party mortgage insurer. They offer Near Prime loans with flexible features and can cater to a client’s individual circumstances.

  • No credit scoring

    • Expert underwriters manually assess your client’s circumstances to increase the likelihood of finding a solution.

  • Unlimited Credit Impairment over 24 months

    • Clients with an unlimited number paid or unpaid defaults, judgements or writs of any value are considered provided the credit impairment is registered over 24 months. Our Lenders will also consider a client discharged from bankruptcy.

  • No Genuine Savings required

    • Your clients can use an inheritance or gifted funds for a deposit.

  • Loan Purpose

    • Purchase, refinance or construction of owner occupied and investment properties (including vacant land on Full Doc Loans). Our Lenders’ Near Prime loans allow unlimited number ofdebt consolidation and cash out for acceptable purposes including renovations and business use (excluding construction loans).

  • Alternative Documentation (Alt Doc)

    • Under the Alt Doc Near Prime loan, an applicant’s income can be verified by either 6 months business bank statements, 6 months BAS or a Pepper Accountant’s Letter. 24 month ABN & 12 month GST registration is required.

  • 100% interest offset sub-account

    • With our 100% interest offset sub-account and Visa debit card; your clients can reduce the interest payable on their home loan whilst having access to transaction facilities.

  • Redraw

    • Access funds that are available for redraw.