Alt Doc Loan
June 23, 2015
Are you self employed and at times have difficulty proving your income? Or are you a wage earner and due to remuneration package variables such as bonuses and commission you also have the difficulty in proving your income? If this is the case, then you may consider a Lo 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 required trading bank account statements and 12 months business activity statements.
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 Lo Doc policy set-out above, rest assured non-conforming lenders will assess borrowers who have been self employed for less then 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 a Lo Doc Loan.
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