Low Doc Loans are useful for borrowers who are unable to substantiate their level of income using conventional documentation required by most lenders or for borrowers who may have complicated financial structures. They are typically designed for people with special needs, and allow borrowers to forego the time and effort of culling tax records, bank statements and other documents in order to obtain finance.
There are three main verifications of income that lenders use to qualify Lo Doc lending which includes the following:
- Last one years Business Activity Statements
- Last six months Business Trading Bank Account Statements
- Accountants Declaration
If you need more information on these types of home loan products and how they suit your individual home loan needs, the team at Equity Access Australia can help.
Call Equity Access Australia on 1 300 655 616