Can I refinance with a low doc loan?
Are you looking to refinance your home, or personal loan in the near future? If you're self employed like 1 million-plus other Australians this can be a stressful time, as you may not have the detailed financial records that most conventional lenders require.
If so what you need to do is refinance with a low doc loan. Doing so can be easy, stress free and quick with the help of a specialist from Red Rock Mortgage Brokers.
Refinancing with a low doc loan
If you're refinancing with a low doc loan the process can be simple and fewer documents will be required. However, you will need to:
- Have a relatively clear credit history.
- Borrow no more than 80 per cent of a property value.
- Have an Australian Business Number.
- Provide a business activity statement, an accountant's letter or business bank statements.
If you don't have the necessary documentation, an expert broker from Red Rock can help you prepare. Once you've got everything you need together, we'll arrange to discharge your old loan, and prepare an application for your new one. After your application is approved your new lender will pay out your old one and your new loan will begin.
Possible uses for your refinanced low doc loan
The most common reason that people refinance their loans is to either consolidate debt, or to release equity in a property. If you're refinancing to consolidate debt you'll be able to roll all your credit card, personal loans and other debt into one easy-to-manage loan, making repayments easier and more affordable.
If you're releasing equity from your property you can use the funds to grow your business, to buy shares, to buy an investment property, or for any other worthwhile and legal purchase. If you're releasing more than $50,000 you may be required to prove the purpose that you're using the funds for.
Flexible, easy low doc loan options
If you're self employed, own your own business, or you're between jobs that doesn't mean you can't refinance your loan to make life easier. All you need is a little specialist help courtesy of Red Rock Mortgage Brokers.
We've been offering flexible, no fuss finance to every day Australians just like yourself for over a decade now. Get in touch today to find out what we can do for you.