Low Doc Home Loans Broker
Low Doc Home Loans, what are they? To put it simply, there are times when standard forms of income verification don’t tell the full story, and in these instances, a Low Doc loan could be the answer. Low Doc assessments allow applicants to prove their income using more current forms of verification, such as recent BAS statements, Account statements, and/or Accountant’s letters.
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Our Low Doc Home Loan Promise
Since Low Doc Loans typically come with a higher price tag than other ‘Fully Assessed’ home loan products, we’ll want to look at the whole picture to make sure we recommend the cheapest product available. Lenders that offer a Low Doc Loan solution will tier their interest rates and fee structures based on their own unique risk profiling guidelines. It’s our job to find you the lender, product, and risk profile with the cheapest price tag and best ongoing terms. In some cases, there may be more suitable product available through a business lending channel which offers a cheaper product, and accepts interim financial statements, or even business projections to approve your loan. Our finance professionals are specialists in the Self-Employed lending space. One way or another, we’ve got you covered.
Sunshine Coast Brokers That Care About Your Financial Success
Due to the higher cost associated with Low Doc Loans, these products are generally considered to be a ‘Band Aid’ solution, and it’s likely you’ll want to re-finance your loan to a cheaper product as soon as your standard income verification types become ‘assessable’. This may require waiting to finish out your current year of trading, or even waiting for the sale of a property. Either way, we’ll diarise these milestones and connect with you when it’s time to revisit. We don’t want our clients to pay any more interest than they need to for any longer than they must.
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A quick video about our Finance Brokerage on the Sunshine Coast
How Can Our Financing Brokers Help?
The Mortgage Brokering Process for Low Doc Loans
- Initial Chat: We’ll spend some time with you to discover your current and future needs and objectives, and find out a little about your business structure, forms of income, assets, and liabilities.
- Request Documentation: Next, we’ll send you a checklist with a list of items we’ll need to look for the most suitable product, compare the options.
- Discuss our findings and make a Recommendation: In our next appointment will discuss our findings as well as the pros and cons of the most suitable options. Based on your needs and objectives, we’ll make a recommendation for the product that most suits your needs.
- Submit for approval: Once you’re happy that the recommended product meets your needs, we’ll prepare some documents for you to sign, submit your application to the lender, and manage the application through to approval.
- Settlement: Whether your application is for the purchase of a property, re-finance, or even a loan increase to access cash for another purpose, we’ll liaise with your solicitor and/or lender to make sure settlement occurs on time and in line with the numbers we applied for.
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Low Doc Loan Support For Self-Employed Borrowers
- We have access to a wide range of Low Doc loan solutions and alternative lending products. Most of these lenders are only accessible through mortgage brokers and many of these will only work with brokers who are reputable and experienced in Low Doc loans and Specialty Lending.
- Since there are so many options in the Low Doc loan space, we’ll make sure you’re across all the various income verification types and lending guidelines so that you can help us to help get you the best deal.
- We’ll manage your application from start to finish and keep you informed at various milestones and checkpoints throughout the process.
- As your equity grows and your ‘Risk Profile’ becomes stronger, we’ll approach the lender to review your interest rates and press them to give you a better deal.
- At some stage, it will be time to re-view your lending options to see if there’s a cheaper option. We’ll check in with you regularly to keep you in the loop on ongoing lending requirements so that you can set yourselves some goals and targets to qualify for a cheaper product ASAP.
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How Can Low Doc Home Loans Help Business Growth?
A Low Doc loan could mean the difference between buying a property today, or waiting months (or years) to qualify for lending under full a verification process. Depending on your timing, the exposure to the property market (or lack thereof) could be a lucrative or costly result.
Why Use A Broker When Securing Low Doc Loans Products?
Many Low Doc lenders distribute their products solely through the Broker Channel. This means that their products are not available through direct application. Profiling guidelines through these lenders are also either unavailable to the public or difficult to find. Your mortgage broker will compare the risk profiles and associated rates/fees, according to your individual situation and position, to make sure you get the best deal.
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Genuine Customer Reviews & Comments
Instead of talking our low-doc finance brokerage up, please take a minute to read our customer Google reviews. This is a direct feed from our public Google business account, so you know each review is 100% genuine.
Amy Honeywill
6/12/2024
We have had the privilege, not once but twice of gaining the help from Brett and Alicia. They are nothing short of incredible with their fast responses, a wealth of knowledge and the emotional support we needed! Thank you both from the bottom of our hearts – our family appreciates the work and constant moving mountains x
Wade Bubner
6/12/2024
Amazing team. Shayna and Deb were both very patient as we worked through a few things but in the end worked with us and found us the best option that suited our situation. I highly recommend the team at Loanright.
Paul Brownsdon
6/12/2024
Our recent experience with Luke and the team was fantastic. Right from the start the communication and customer service was absolutely perfect. We’ll use loanright again, and would recommend them to anyone looking for finance.
Melissa Fairbrother
6/12/2024
Every experience with have with Brett and Alicia for all our lending needs have been so easy and they deliver every time. Transparency, efficiency and always happy to help. We recommend this duo to everyone for any lending needs. All the team at Loanright are truly amazing!
Kimberley Priest
12/4/2024
Have had the best experience working with these guys to purchase our investment property. Great application system, so quick and easy, and all questions answered promptly along the way. Highly recommend!
Jack Jarvis
30/8/2024
Absolutely thrilled with the experience I had with Shayna and Sam!! From start to finish, they were incredibly nice, making the entire process not only smooth but genuinely enjoyable. They were exceptionally accommodating, always willing to answer my questions and adjust things as needed to fit my schedule. What really stood was how they made the whole experience fun, something I never thought I would say about securing a loan! Their professionalism was top notch, but their approachable and personable demeanour made all the difference. Highly recommend them to anyone looking for a top-tier loan broker who makes the process seamless and enjoyable!!!!!
Felipe Prado
12/4/2024
We trust the Team at Loanright with our financial guidance. Throughout the whole process they make sure you are informed in time, accurately and with all the transparency you could ask for. It really sets you at ease that they have your best interest in mind. Their customer service is prestine and always available for you to ask any questions you may have. Thank you Loanright Team!
Mika
6/12/2024
I was really a beginner to home loan and buying house but Shayna and Sam explained one by one and helped me to buy a house! I had a great experience with them and I highly recommend!
Brenden Barber
6/12/2024
Norrie and the team as always were outstanding with their services. Highly recommend and will use again in the future.
Matt Fairbrother
6/12/2024
Another deal made easy Brett and Alicia. They are so quick to respond and move the deal along. We couldn’t be happier with them. Thanks again!
Daniel Tew
30/8/2024
Brett was recommended to us for our business loans and now 2 1/2 years later he has helped us buy our home. The team were always available for any questions (even the silly ones) and returned phone calls and emails promptly. They made buying a house so easy and everything ran smoothly and on time. Both Brett and Alicia are very knowledgeable and efficient in what they do. I would highly recommend Brett and Alicia for any of your loan needs.
Aran Elkington
6/12/2024
I had a fantastic experience working with Brett and the team! Their professionalism, expertise, and attention to detail made the entire process seamless and stress-free. I highly recommend their services to anyone and would definitely choose them again in the future.
Low Doc Loan FAQs
How long do I need to be trading before I can apply for a low doc loan?
The answer to this typically ranges between 1-2 years, however with continuation in the same industry some lenders will consider less.
Can I get a low doc loan for a commercial property?
Yes, and some major banks will do this with very competitive rates. The assessment requirements will depend on your deposit or equity, as well as any rent the commercial property generates.
What is a Low Doc Loan?
A Low Doc Loan is a loan product that is assessed using minimal verification of income and financial records.
How do interest rates on Low Doc Home Loans compare to Standard Home Loans
Since less verification is required to assess a Low Doc Loan, the risk is much higher for the lender. In turn, the lender may charge a higher interest rate to mitigate this risk. Your mortgage broker will look for lenders and products where your position meets the lowest risk grades and interest rates.
Are there any exit costs on Low Doc Loans
In some cases yes. But this will be different between lenders. Some may charge a higher interest rate, with little to no early termination fees, while others may offer a competitive interest rate, but charge an exit fee if you are to terminate your loan within the first two or so years.
How much deposit do I need for a Low Doc Loan
LVR or (Loan to value ratio) limits will vary between lenders, and some may even charge a risk fee if your LVR is higher than 70%. Ideally you’ll want a 20% deposit, however, there are some that will require less. Ultimately, the lower the LVR and the bigger the deposit, the cheaper your loan is likely to be.
Get In Touch With A Broker Near You
If you’d like more information about how to use finance to grow your business, then reach out and our commercial finance team will happily assist. Whether you’re in the market for vehicle finance, or specialist equipment, we have 100+ lending partners to choose from. You’ll be tapping into Australia’s largest network of banks and lenders.