Low Doc Loan Australia Finance Information
What is a Low Doc Home Loan?Low Doc (short for Low Document) home loans are a recent innovation and are targeted at contractors and the self-employed, who often lack current tax and financial records. Traditionally it has been more difficult for the self employed to obtain loans because banks had a preference for borrowers on guaranteed (ie PAYE) incomes.
The Low Doc Home Loan helps borrowers with irregular cash flow or who may not have current financial statements, providing they have sufficient equity in an existing property or other assets.
Low Doc loans can be variable or fixed rate loans, or lines of credit, and may include an offset facility.
Low Document loans attract a higher rate of interest than other types of loans because lenders perceive the risk involved to be greater.
Because the employment situation is changing, bank and non-bank lenders have had to become more flexible in their approach to lending and so Low Doc loans are becoming more common.
Visit our Low Doc Loan Australia web-page for detailed information
Online Mortgage ConsultantYou can apply over the Internet and ask Financial Services Online for a free no-obligation quote on Low Document finance.
Financial Services Online is an emerging online exchange that connects interested consumers to various Lenders and financial services companies in its network. Currently, there are over 80 participants in their continually expanding national network. Financial Services Online was developed to empower consumers with a choice in evaluating the right financial program for their needs. The Financial Services Online system takes the stress out of finding the right financial service institution.
The advantage for borrowers is that applications submitted through Financial Services Online can be submitted to more than one mortgage institution in order to access the largest possible range of lenders and loans. This is a unique service that benefits the borrower, especially those who may have been rejected by other lenders.
Most of the mortgage application process takes place on the Internet and over the phone. There is no cost to the borrower and most areas of Australia are serviced.
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