What Is Required for a Low Doc Loan?
The changing first-time home buyer profile. When homebuyers only needed $170,000 to purchase a house, conventional home loans were sufficient. Entering 2022, the median home price on the Australian housing market has risen to $850,000.
Moreover, the number of small business owners, independent contractors, and gig workers continues to increase. In most cases, they cannot provide full financial documentation. Thus, the lending market established the low doc loan.
This mortgage has the following requirements.
Income Declaration Form: Mortgage House is a non-bank lender. We understand that entrepreneurial individuals cannot provide three months of payslips. To replace the payslips, we accept a completed Income Declaration Form instead.
Registered Business Name: When applying for a low doc loan, we request that business owners provide their Registered Business Name with their application.
Bank Statements: Applicants should expect to provide three months’ worth of bank statements. This serves as an alternative income verification method.
Letter from Accountant: To pull the financial information together, applicants must provide a letter from their accountant that verifies the financial information provided.
Depending on the situation, a lender might request other financial documents or forms. To push the application through promptly, Mortgage House loan specialists keep an open line of communication with each applicant.
Low Doc Loan Requirements Conclusion
Homebuyers who qualify for a low doc loan can apply for it through Mortgage House. Our loan specialists will walk you through the requirements and answer your questions. To start the process, contact our team.