Are you planning to buy a property? Then one of the easiest ways to achieve this is by applying for a loan. Loans are financial aid offered by banks. To make things easier for individuals who are working as freelancers or self-employed professionals, banks offer low doc property finance. As you can figure out from the name, the low doc property finance doesn’t require too much paperwork. It is far easier to apply, and approval is not that difficult either.
However, this does mean that you don’t need to match the eligibility and qualifying parameters set by the lender. This blog highlights some additional information that will help you in loan application and approval.
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A low doc loan is a high-risk loan since the income of the borrower is not sustained by conventional means. Hence, the interest rate of this loan is on a higher side. Also, there is a limitation on the maximum Loan to Valuation Ratio or LVR.
Key documents required for low doc loan:
If you are planning to apply for low doc property finance, then one needs to present the following documents:
You will have many lenders providing this loan, but when it comes to narrowing down your options to the best one, then seeking the assistance of a professional and an experienced mortgage broker
Low doc loans are designed to assist the following:
If you are applying to apply for the low doc property loan, then the following steps will be helpful for you:
These are the basic steps to find the best low doc property loan; in case you want to save yourself from all these hassles, you can also contact a mortgage broker, who will help you in making the right decision. They will recommend the best lender for a low doc property loan. Make sure that you thoroughly assess your requirement before making the final call.
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