Tuesday, September 11, 2012

Is Low Doc Home Loan Fit For You?

Low doc home loans are designed for people who are self employed and who are incapable of proving their revenues by typical means. Generally, it is for people who do not qualify for traditional home loan to purchase a property. This is a type of home loan that can be approved without the regular income verification requirements but is a necessity if you are unable to have recent tax returns or any financial statements. Low documentation needs the application to be made in writing yet you don’t need to provide much paperwork such as that of proof of income, assets and liabilities. This mainly relies on a self-verification method in which you can state your income without any documentation needed.



If you are a person who have some existing equity or a deposit saved or have some trouble presenting a proof of your regular income, then you can benefit from this low doc loans. And basically, this applies to all self employed or casual workers. This can also be applicable to people who hold bad credits. However, the availability of low doc home loans is sometimes abused by people who actually have income but have been removed them when they report to the taxation office. If this offense is caught, they are charged to pay greater than the saving they should be making upon breaking the law.

Low Doc mortgage
In this modern day, low doc home loans have become more flexible than the previous years. Self employed borrowers are required to have a valid ABN that has been active at least for the last two years. However, this should also be registered for GST.
PAYG (pay as you go) are not recommended for anyone who has a stable job. If you have it (PAYG) yet cannot support with their income pay slips, there can be alternatives that will still allow you to borrow without proof of your income.

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1 comment:

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