Low Doc and Credit Impaired Loans

Low Doc Loans

Low Doc loans were created for self employed business people who can well afford a home loan but can’t give income verification such as tax returns. Low Doc loans are not available to PAYG income earners.

Low Doc loans are still available however almost all low doc loans now require either BAS or Trading statements or an Accountants letter.

60% LVR low doc loans have a better chance of success but 80% LVR is still available from one or two sources subject to conditions.

A self certification letter will be required.

Credit Impaired Loans

Credit Impaired – Generally the lenders that specialise in this area will limit their loan to 80% of the valuation of the property because they cannot be mortgage insured.
Subject to the impairment the LVR may be reduced by the Lender

There are a number of lenders who specialise in providing loans to individuals who have a poor credit history, ie a history of defaults, judgments or bankruptcy. They are sometimes called lenders of “last resort”. Their intention is to provide credit to individuals who would otherwise not be able to borrow, the objective being to get the borrower back on track so that in a couple of years the borrower is able to re-enter the mainstream mortgage market. The interest rates levied are dependent upon the applicant’s credit rating and are obviously higher than normal bank interest rates.

Our consultants will help you find the best lender and best loan for you from over 25 lenders, so give us a call to have your loan approved. We make it simple.