Alt Doc Loan
January 31, 2016
Are you self-employed and at times have difficulty proving your income? If this is the case, then you may consider an Alt Doc Loan for your funding needs.
Instead of having to provide the lender with reams of paperwork justifying your income, all you may need to do is fill in a declaration stating your income. In other instances, the lender may also require trading bank account statements, 12 months business activity statements and an accountant’s declaration.
Other lending criteria associated with Lo Doc Loans include:
- Possession of registered ABN (Self-employed borrowers)
- Minimum 2 years self-employed (Self-employed borrowers)
- A clear credit history
- 20% equity in the real estate transaction
Should your situation not qualify for the Alt Doc policy set-out above, rest assured non-conforming lenders will assess borrowers who have been self-employed for less than 2 years or whose credit rating is less than squeaky clean.
Better Choice strongly recommends that borrowers seek independent legal and financial advice prior to taking out an Alt Doc Loan.
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