There are a number of self-employed people in Australia who might want to buy a home at some time or the other, but many may be unable to give proof of income via conventional means.
These Low Documentation Loans are the type of loan which can get approved without the standard income verification requirements. In most cases, this means that you will have to sigen the income declarion & provide the required reduced-income evidence. This is generally in the form of Business Account Statements (BAS)/ an accountant’s declaration. This is essentially the only way in which you will be able to borrow without any financial statements or recent tax returns.
The Comparison Point
If you have already looked around for information about Low Doc Loans, you might have realized that finding one that suits you the best is not a very simple task. Different lenders require different kind of paperwork and they also charge varying interest rates. At the point Low Doc Loans were first introduced, these were available via only a handful of lenders and the interst rates were very high.
But today, things have changed and Mr Broker will be able to help you with all the details about these loans and you can also compare terms and conditions of different lenders.
The ABN Criteria
As a self-employed borrower, you are required to have an ABN that is valid and one that has been active for a minimum of 2 years. It should also be registered for the GST. Based on the paperwork you provide and your individual situation, Mr Broker will be able to connect you with some lenders who will provide you the highest lending amounts. We have a panel of 25 lenders and can provide you with some of the best home loan options in Australia. You can contact us on our website and we will revert within the shortest possible time.
Always ask for a second opinion for best finance options..