Alt/Low doc home loans is for people-who are self employed and taxi drivers-who have difficulty getting documentation required to get traditional home loan.
- Alt/Low Doc loans require quality alternative documents, however Alt/Low Doc lending has been changed dramatically recently hence a specialised broker is required.
- Alt/Low Doc Home Loan Lenders requires that business has been registered for at least 12 months.
- Alt/Low Doc home loan Lenders requires business has been GST registered for at least 6 months.
- Alt/Low Doc home loans are various types, Some Alt Doc Home Loan lenders require a) Business Activity Statement b) Tax assessment.
- Some Alt/Low Doc home loan lender would require a) Business bank statements.
- Some Alt/Low Doc home loan lender would only work with Accountant Declaration Letter**.
- Alt/Low Doc Borrowers are being limited to maximum of 60% to 70% loan of purchase price. But some lenders may consider 80% of purchase price.
- Alt/Low Doc home loans interest rate depends on lender and risk involved.
- Alt/Low Doc home loan are specialise deals and it attracts lender application fee and risk fee etc.
- If sufficient and required documentations provided than usually able to borrow at mainstream low risk lending interest rates.
- Any default registered in applicants file will require Speciality Home Loan criteria.
- We have lenders in our panel who provide solutions Low doc home loans.
** Conditions Apply