30 May 2022
How Much Can I Borrow for a Mortgage?
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The COVID-19 pandemic has put many Australian homeowners into financial situations where they now have to refinance their houses. Refinancing or remortgaging your current home loan can be difficult, especially if the original loan is a low doc loan. It is possible to refinance a low doc loan, but it can be challenging.Â
Even though lending criteria are different with each lender, there are some standard guidelines. Typically, you are eligible to refinance your low doc loan if the following apply:
If you are approved for a low doc refinance, you can use the loans for the following:
Low doc remortgages are considered high-risk, and therefore, they have stricter guidelines for how you can use funds freed up. If you are thinking about refinancing your home, discussing your situation with a mortgage broker is essential. Mortgage House and our team of brokers can help determine if refinancing is right for you. If it is not, we have other financial options available. Contact us today.