Low Doc home loans with bad credit
Low doc home loans are an ideal option for borrowers who are unable to prove their income through normal income verification. This may be due to being self-employed or other factors. In this scenario, the borrower will need to sign an income declaration and provide minimum income evidence mostly this will be in the form of BAS statement (Business Activity Statement), Business Bank Statements or Accountant’s declaration.
What is the maximum loan size?
This will be different between all lenders, although you can take the below as an example:
- Maximum you can borrow is $750,000 at 90% of the property value.
- Maximum you can borrow is $1,000,000 at 85% of the property value.
- Maximum you can borrow is $1,500,000 at 80% of the property value.
- Maximum you can borrow is $1,750,000 at 75% of the property value.
- Maximum you can borrow is $2,000,000 at 70% of the property value.
- Maximum you can borrow is $2,500,000 at 65% of the property value.
Types of low doc loans with bad credit
You can get any of the following low doc loan types with bad credit
Will lenders still allow for low doc if you have bad credit?
Yes, non-bank lenders and specialist lenders have allowances for bad credit low doc loans, although at a much higher rate.
What loan options are available under Low Doc policy?
There are several options for low doc, please see below:
- Purchasing a house - Owner occupied or investment
- Refinancing – owner occupied or investment
- Purchasing – owner occupied and investment
- Debt consolidation
- Cash out
- Construction loans
- Vacant land
- Self-managed super fund
The brokers at Mortgage Providers can explain all the options available to you. Apply online and one of our consultants will contact you or call us on 1300 656 600.