Lo Doc Home Loans

The Term Lo Doc Home Loan, means Low Documentation Home Loan. These loans are generally targeted towards people who are self employed, and may not have completed their financials or tax returns yet. All banks and lenders have different guidelines when it come to low doc mortgages, and since the global financial crisis, most banks have tightened there lending criteria with these types of loans.

Most banks or lenders that still provide lo doc home loans will lend up to 80% of the property value. The interest rates for these loans vary between the different lenders, and generally speaking the higher the loan to value ratio, the higher the interest rate. Low Doc home loans are, generally speaking, mortgage insured, if you borrow more than 60% of the property value. The interest rates can still be competitive when compared to full documentation loans, and may be the same with some lenders. This is why it's important to seek some information from a qualified mortgage broker, to see what may be best for your personal situation.


Advantages

  • With some lenders, you may not need to provide financial details.
  • The interest rate may be the same as traditional (full documentation) mortgages.
  • You may be able to purchase your new home sooner.
  • Some banks and lenders offer an offset account, which will offset against a variable Lo Doc home loan.
  • Some banks and lenders still offer fixed rate and variable rate lo doc home loans.


Disadvantages

  • The interest rates may be higher than other loans.
  • Some Low Doc loans have higher fees.


General Lo Doc Home Loan Fees

  • An application fee may apply to your Lo Doc home loan.
  • Your Lo Doc home loan may have a monthly fee.
  • If your loan is greater than 60% of the property value, you will pay a once off mortgage insurance fee.
  • The mortgage closure fee maybe higher with a Lo Doc Home Loan.


Loan Term And Repayment Types

  • Home loan terms from 5 to 30 years (Depending on the bank or lenders credit policy)
  • Principle and interest repayments are available.
  • Interest only repayments may be available.


If you would like some more information on Lo Doc home loans, contact Perth Mortgage Broker Group, or call Troy on 0411 229 602, 7 days a week.

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E troy@pmbg.com.auM 0411 229 602

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