With fewer lenders offering low doc home loans on the market, are there solutions for self-employed borrowers currently on a low doc loan paying a high interest rate?
However, if you are not qualified for a full doc mortgage, we are still able to find you a lender that can refinance your low doc loan.
How do I qualify?
- Self-employed for at least two years, however some lenders can consider self-employed with one year ABN and tax return.
- Ideally, you should have 80% equity in your property, however some lenders can consider refinancing up to 95% of the property value (conditions apply).
- You can refinance on a fixed rate if you find that you’re likely to recoup the cost of early exit fee within the first two years of refinancing.
Find out if you’re in a position to refinance from low doc to full doc by calling 1300 889 743 or by completing our online enquiry form.
Get a cheaper rate by switching from low doc to full doc
Lenders see low doc loans as a higher risk because you are providing limited evidence to prove your financial situation.
So while there are lenders that can help, they charge higher interest rates because of the risk they are taking on board.
However, if you are able to provide full income evidence this would represent a lower risk which means you can qualify with more lenders at a much cheaper rate and have access to more products.
What documents do you need to provide for a full doc loan?
- Your last two years’ financial statements (profit and loss and balance sheet).
- Your last two years’ business tax returns.
- Your last two years’ personal tax returns.
- Your last two years’ notices of assessment.
- Your 6 months home loan statements.
Do you have less than 2 years ABN or need assistance to obtain income documents from your accountant?
Please speak to us today on 1300 889 743 or complete our free assessment form today.
