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:

  1. Possession of registered ABN (Self employed borrowers)
  1. Minimum 2 years self employed (Self employed borrowers)
  1. A clear credit history
  1. 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.

Better Choice Mortgage Services is not responsible for, and expressly disclaims all liability for, damages of any kind arising out of use, reference to, or reliance on any information contained within this website. While the information contained within this website is periodically updated, no guarantee is given that the information provided in this website is correct, complete, and up-to-date. Although the Better Choice Mortgage Services website may include links providing direct access to other internet resources, including websites, Better Choice Mortgage Services is not responsible for the accuracy or content of information contained in these websites. Links from Better Choice Mortgage Services to third-party sites do not constitute an endorsement by Better Choice Mortgage Services of the parties or their products and services. The appearance on the website of advertisements and product or service information does not constitute an endorsement by Better Choice Mortgage Services, and Better Choice Mortgage Services has not investigated the claims made by any advertiser. Product information is based solely on material received from suppliers. Advanced Finance (Pty) Ltd t/a Better Choice Mortgage Services are not financial planners or accountants and we would encourage our clients to seek professional advice before acting on any a financial or taxation information in this news post.

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