What are Low Doc Loans?
Low Doc Loans, also known as Low Documentation Loans, are a type of loan where the borrower does not need to provide the same level of documentation as a traditional loan. Instead of providing detailed financial statements, tax returns, and employment records, the borrower can provide alternative documentation, such as bank statements, business activity statements, or an accountant’s declaration.
Low Doc Loans are a popular financing option for self-employed individuals or small business owners who may have difficulty providing traditional income documentation. At Ownright Custom Finance, we understand that not all borrowers have the same financial situation, which is why we offer Low Doc Loans to help you get the financing you need to achieve your goals.
Who are Low Doc Loans for?
Low Doc Loans are designed for self-employed individuals, small business owners, or anyone who has difficulty providing traditional income documentation. These loans can be used for a variety of purposes, including purchasing a property, refinancing an existing loan, or accessing equity for business or personal purposes.
How do Low Doc Loans work?
The application process for Low Doc Loans is similar to traditional loans, but with less documentation required. Typically, the lender will ask for proof of income, such as bank statements or business activity statements, and will require the borrower to sign an accountant’s declaration. The loan terms and interest rates for Low Doc Loans may be slightly higher than traditional loans due to the higher risk associated with these types of loans.
Benefits of Low Doc Loans
Low Doc Loans offer several benefits for borrowers who may have difficulty providing traditional income documentation. These benefits include:
Eligibility Requirements
To be eligible for a Low Doc Loan, borrowers typically need to meet the following requirements:
Our Process
The application process for Low Doc Loans is similar to traditional loans, but with less documentation required. The steps typically include:
1
Faster approval process: With less documentation required, Low Doc Loans can be approved much faster than traditional loans, allowing borrowers to access the financing they need more quickly.
2
Flexible repayment options: Low Doc Loans offer flexible repayment options to suit the borrower’s financial situation, including fixed and variable interest rates, interest-only repayment periods, and principal and interest repayments.
3
Access to funding: Low Doc Loans provide borrowers with access to funding that they may not be able to access through traditional loans.
Great options and great rates
When you’ve tried with every other lender or bank and not been satisfied, that’s where we come in. We’ll create a tailored and customised solution for you!
Did you know that according to recent statistics, approximately 80% of small businesses in Australia take out business loans to help fund their growth and operational costs?
