What Is a No Doc or Low Doc Loan?
The housing crisis forced the lending market to make several changes in the early 2000s. In addition to the housing crisis, the Australian economy has seen severe fluctuations too. Together, this impacts the Australian consumer’s ability to purchase a home. The days of saving 20% for the deposit continue fading away and home prices continue to rise.
Therefore, lenders gave birth to the no-doc loan and low doc loan from 2004 to 2006.
Conventional mortgages require homebuyers to provide three months of payslips and bank statements. As more Australians become small business owners, freelancers, and independent contractors, they cannot provide the payslips. To help them become homeowners, lenders provide mortgages with little or no traditional financial documentation.
Instead of payslips, homebuyers fill out forms that serve as an alternative method for verifying their income.
Mortgage House no doc and loan doc home loans offer several attractive features. For example, enjoy the offset, toggle, and redraw elements. If you decide to move, several of them have a relocation feature too.
These loans are available for investing, construction, and owner-occupiers. To pick the right combination of features, speak with our loan specialists. Based on your goals and application, they can find the optimal loan terms for you. In addition, Mortgage House clients receive access to other financial products such as the business loan.
No Doc Loan Conclusion
To find out if you qualify for a no doc loan or low doc loan, contact our Mortgage House loan specialists. After evaluating your current financial circumstances and home purchase goals, they’ll point you in the right direction. Contact our team today.