Low Doc Loan: Understanding Who Qualifies
The types of home loans available to home buyers expanded over the last two decades. Individuals in Australia have seen the economic ups and downs in the country. Although the Reserve Bank of Australia does its best to keep the economy at an even level, things happen.
In addition, the labor force in Australia has changed. The days of 40-hour workweek office jobs still exist. However, many people started to branch out in other job classifications such as remote, independent, and gig. In 2020, Australia estimated that 2.5 million small businesses operated in the country.
Since workers don’t always receive payslips anymore, it lessened their opportunity to become homeowners. The low doc mortgage provides a solution for small business owners, freelancers, and gig workers.
This loan type doesn’t require full financial documentation. Instead, it provides applicants with alternative ways to assess their borrowing capacity. Obtaining a well-qualified guarantor is always something to consider. Otherwise, the applicant can provide collateral and signed documents that prove their income.
Mortgage House works with homebuyers of all types including small business owners, freelancers, and independent contractors. As a non-bank lender, we live in the lending innovation space. Our proprietary tools allow us to assess each home loan application and find solid products for each financial situation. You’ll find our calculators online for free too.
Mortgage House Low Doc Conclusion
To apply for a Mortgage House low doc mortgage, contact our team. We discuss your options and home loan rates. Our loan specialists also discuss the mortgage packages that help keep the costs down.