Last Updated: 18th November, 2024
How do I use this calculator?
This calculator is designed to assess your situation and identify whether or not you are eligible for a low doc loan. We can then work out which lenders you qualify with, or which aspects of your situation may be of concern to a lender. In particular the calculator will assess:- Your ABN details: Most lenders require you to have your ABN and GST registration for two years.
- Proof of your income: Due to legislation imposed on banks by the federal government, most lenders require some kind of verification of your income such as BAS statements, an accountant’s letter or bank statements. However, some lenders do not require this additional evidence.
- Loan purpose: Many lenders have restrictions on refinances, construction loans or low doc loans in the name of a trust or company. In particular, releasing equity is considered to be a high risk.
- Security property: Since lenders do not have enough evidence of your income, they must be sure that the property you are offering as security can be easily sold. For this reason small units, larger properties and properties in remote areas may not be accepted for a low doc home loan.
- Credit history: Almost all major lenders will require you to have a clear credit history and have perfect repayments on your current debts. There are some specialist lenders that can consider loans to people with a bad credit history, however these lenders are not included in our calculator.
