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Low Doc Home Loans in WA

For borrowers who are not able to show a high amount of documentation regarding their salary or assets, a low doc home loan is often the only choice for obtaining a home loan. These loans can offer many advantages, as well as some disadvantages so it is best to shop around and do your home work. Fast Low Doc Home Loans

The application must still be made in writing and most low doc loans will cover up to 80%of the value of the property. The more existing equity you have or the larger the deposit you have saved, the more you will be able to borrow for your Perth Home Loan.

Self declared income
This is the most common form of low doc loan. The lender offers a home loan when you sign a declaration of income. The signed declaration states that you receive the stated income, and you do not need to show accompanying evidence.

Account statement
This loan does require more income evidence such as a letter from your accountant, however, the interest rate is usually lower than the self declared income loan and more in line with a standard home loan.

Interest Rates are coming down.

With interest rates coming down, now is the time to speak to a mortgage broker. We know which banks are dropping rates and who is raising.

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Asset lend
The loan is secured purely on the value of the property. These loans have substantially higher interest rates and require a higher deposit as the lender will lend a smaller percentage of the value of the property.

Five main points to remember

Low doc loans usually have a higher interest rate, although the more financial documentation you can produce, the more chance you have to negotiate a lower rate
Mortgage insurance is compulsory
Usually a higher deposit is required, often up to 20% of the property value
Additional security may be required, such as a car or other investments
The loan period is often shorter and you will be required to refinance after the set period of time which can sometimes be as short as a year.

And remember, it is important that you do still declare any income you have received. Failure to declare taxable income to the taxation office is an offence and the penalties that offenders who are caught must pay far outweigh the savings they may have intended.

Although low doc loans have many benefits, there are also many other things to consider. The higher fees and charges can be more than some people can afford so it is important that you look at all the options and decide whether this loan is for you.

Your Local Mortgage Broker can talk you though the low doc loans available and help you to decide what is best for you. Call today on

to speak to a friendly local advisor.

Low Doc Home Loans in WA

Interest Rates are coming down.

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Low Doc Home Loans

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