If you’re a self-employed, you might concerned about getting your finances in order to check for your options for Home Loans Sydney. That’s because some lenders require extensive documentation of your income. Not all lenders will provide loans without proof of income though!
Here at Statewide Money, the Home Loan Experts Sydney understand that not all self-employed borrowers are able to provide the same level of financial information as someone who works for a large corporation or government body.
Statewide Money has access to an array of Home Loans, which allows them to assist more people with their finances and get them into their dream homes quicker than ever before!
Low Doc No Deposit Home Loans Sydney
Low Doc no deposit home loans Sydney are ideal for self-employed borrowers who don’t have full documentation for their income. These loans require the self-employed borrower to provide evidence of income, but not necessarily a full financial statement. The low doc loan is a good option if you’re starting out and want to build up your credit rating, or if you’ve recently been made redundant and are currently seeking another type of work.
You’ll need to provide evidence of your income in order to obtain the Best Home Loans Sydney. This can include:
- Your latest tax return;
- Recent pay slips; and/or
- A business plan which outlines your future goals as well as how much money you expect to earn each month
Benefits of a low doc loan
A Low Doc Loan is the one that comes with a low doc requirement.
- Low doc loans are for self-employed borrowers.
- You won’t need to provide full documentation for your income.
- You can apply with just a few documents, like payslips and tax returns.
- You can apply online and it only takes about 15 minutes to complete the application process.
- If you’re applying by yourself, you might be able to get approved with just one guarantor (usually a family member). If you can’t find anyone willing to do this, then we suggest looking into getting two guarantors—one from each parent/guardian if possible—or even another co-borrower on your loan as well! This will ensure that since there’s more people involved in paying back debts in case something happens unexpectedly, everyone is protected against any financial setbacks down the line.
How a low doc loan works?
In order to understand how a low doc loan works, it’s important to know what these loans are. They’re called low-documentation because you don’t have to provide as many documents as you would with a standard home loan application. The lender will ask for your bank statements and pay slips (or other proof of income), but that’s about it. As long as your financial situation is good and there is nothing suspicious about the way you’ve applied for the loan or what you want to use it for, then they’ll approve it in no time!
The process is simple:
- Apply online or over the phone – You can apply online by filling out our quick form which will take just minutes
- Get approved – If everything checks out fine, we’ll get back to you within 24 hours with an approval decision
- Complete settlement – We’ll arrange a settlement date via email once we have an approval decision
What do I need to qualify?
- You must be self-employed.
- You must have at least three years of self-employed income history.
- You must have a good credit score (a score between 620 and 700 is recommended).
- You may need to provide other documents, like passports or driver’s licenses, if your income shows you don’t have enough money to make payments on the loan.
How do I apply for a low doc loan?
To apply for a low doc loan, you need to contact a lender and complete a loan application. The lender will assess your application against their lending criteria.
If you are approved, the lender will provide you with a loan commitment which outlines:
- your borrowing capacity
- the interest rate applicable to your loan (if applicable)
- the amount of money you can borrow (if applicable)
The final step is for you to sign the loan documents and fund your home purchase.
A low rate with an easy application process and flexible terms will help you make your dream home a reality!
- A low rate with an easy application process and flexible terms will help you make your dream home a reality!
- Low doc loans are easy to apply for. They require less paperwork than standard home loans, making it easier to get approved. You’ll only need two or three documents to complete the application process, depending on the lender.
- Low doc loans are also easy to get approved for. Many lenders will approve you even if you have bad credit or no credit history at all–the most important thing is that you can afford the monthly payments on your loan, which is often called “ability-to-repay” by lenders in Australia.
- With a low doc loan, there are no pre-approval conditions and no deposit required from applicants seeking financial assistance from Australian lenders such as Commonwealth Bank of Australia (CBA) and Westpac Banking Corporation (WBC).
The Best Home Loan Rates Sydney with Low Doc
Looking for the best home loan rates Sydney? Well, you’ve come to the right place. We know what it’s like to be an Aussie who just wants to get a loan and start building their dream home, and we want to help you every step of the way. That’s why we’ve put together this list of the best low doc home loans in Australia—so you can find one that fits your needs and budget.
You can compare all of these options side by side on our site, so that you can make sure you’re getting a great deal on your new loan. And don’t worry about having bad credit—we work with lenders who specialize in helping people with poor credit get into better financial positions.
As you can see, Home Loans with low doc home loans are ideal for self-employed borrowers who don’t have full documentation for their income. The benefits of these loans include a low rate with an easy application process and flexible terms will help you make your dream home a reality!