Low doc with arrears
Low Doc loans with arrears can be obtained with a small number of financial institutions in Australia. If you have a loan, and are currently behind on payments, then you are in arrears. Having arrears is one of the worst bad credit situations to be in as it hinders your ability to refinance with many lenders.
If you already have a low doc loan and have missed some payments; there are still lenders who will look at refinancing your loan.
These lenders do not use Lenders Mortgage Insurance. They work on a risk for rate basis and therefore depending on how many repayments have been missed as to the rate they charge. The higher the risk the higher the rate.
Most lenders in this space will only offer one chance and will insist on all repayments being made on time. The alternative is that the lender may ask for prepaid interest one year in advance.
To discuss refinancing your arrears whilst being able to borrow using low doc policy, please enquire with us as we have experts in this field who can promptly help you!