Lo doc home loans
Are you a self employed person? Self employed people can sometimes have difficulty to provide all of the required documents to prove their income to bank or lender for a full doc home loan. This can mean that without the required documents they are unable to get a full doc loan. However, they may still be able to get a lo doc home loan.
This can be an advantage for self employed people who do not have all the required docs but still want a home loan. This can be advantageous especially in a hot property market.
Lo doc home loans can also be useful for some self employed people who have variable incomes or have had an unusually low income year. If the latest year’s income will not typical income, a lo doc home loan can help self employed people to get the home loan they want. Lo doc home loans are usually a bit more expensive than full doc home loans. However, despite being more expensive lo doc loans can be obtained earlier than full docs where the applicant would have needed to wait for the required docs. Then when the full docs are available the they can upgrade to a lower cost full doc loan.
If you are self employed a lo doc home loan may be a useful option. However, if you are able to get a full doc home loan it is often a better option because full doc loans can be cheaper. Check with a good mortgage broker to see what your home loans options are and what type of home loan is suitable for you!