Low Document loans are designed for the self-employed who find it difficult to provide some of the documentation required to prove income. Low Doc and No Doc loans were created in response to the growing needs of clients who wished to finance, but were unable to produce the documents required in a Full Documentation Loan. Low Doc loans don’t require the same level of “documentation” as “Full Doc loans”. If you have difficulty documenting your financial position with regular pay slips, tax returns or business financials etc, or there are numerous vehicles for which you derive income, a Low Doc loan can be the solution.
Nowadays many lenders offer different solutions for Low Doc candidates. They offer standard and premium low document products with the choice of variable or fixed interest rate. This means that self-employed clients can choose between a basic loan with a low interest rate and a loan with more transactional features with a slightly higher rate of interest for features like a credit line. ABN for two years is usually the norm but there are products that only require an ABN for one day.
Low Doc products include:
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