Low Doc Home Loans in Perth, Western Australia
If you’re self-employed, have an irregular income, or don’t have all the traditional financial documents required for a standard home loan, you may be interested in exploring low-doc home loans. These loans are designed to provide an alternative for individuals needing help meeting traditional mortgage applications’ stringent documentation requirements. Let’s dive into the world of low-doc home loans and explore how they can help you achieve your dream of owning a home.
What are low doc home loans?
Low doc home loans are a type of loan that requires less documentation than a traditional home loan. This can make them a good option for self-employed borrowers or those who have difficulty providing traditional documentation, such as tax returns or payslips.
What are the different types of low doc home loans?
There are a number of different types of low doc home loans available in Perth. Some of the most common types of low doc home loans include:
- Self-employed loans: Self-employed loans are designed for borrowers who are self-employed or who have a significant portion of their income from non-traditional sources.
- No doc loans : These loans require very little documentation, and they may be a good option for borrowers who have difficulty providing any documentation.
What are the pros and cons of low doc home loans?
There are both pros and cons to low doc home loans. Some of the pros include:
- Les documentation required for the loan application.
- More flexible lending criteria: Low doc home loans may have more flexible lending criteria than traditional home loans. This can make them a good option for borrowers who have difficulty qualifying for a traditional home loan.
Some of the cons of low doc home loans include:
- Higher interest rates: Low doc home loans typically have higher interest rates than traditional home loans. This is because they are considered to be riskier loans.
- Lower LVR (Loan to value ratio) which may mean you need a slightly higher deposit than full doc loans.
- More fees: Low doc home loans may have more fees than traditional home loans. This is because they are considered to be riskier loans.
How do I find the right low doc home loan for me?
If you are considering a low doc home loan, there are a few things you need to do to find the right loan for you.
- Compare interest rates: The interest rate is the one of the most important factors to consider when choosing a low doc home loan. Make sure to compare interest rates from different lenders to find the lowest rate possible.
- Consider fees: There may be fees associated with taking out a low doc home loan. These fees can vary depending on the lender. Make sure to factor these fees into your decision when choosing a loan.
- Choose a loan that fits your budget and situation : Make sure to choose a low doc home loan that you can afford to repay and the loan meets your requirements.
- Make sure you understand the terms of the loan: Before you sign any paperwork, make sure you understand the terms of the loan, including the interest rate, fees, and repayment period.
Contact Central Lending Solutions for help with low doc home loans
If you are considering a low doc home loan, Central Lending Solutions can help. We are a mortgage broker with over 20 years of experience in the Perth market. We can help you compare interest rates from different lenders and find a low doc home loan that is right for you.
Contact us today to learn more about how we can help you with your low doc home loan.