Low Doc Loans Benefits
In today's market, there is no shortage of specialised home loan options that can be tailored to serve your needs. In fact, some mortgage products feature benefits that make them a superior choice for borrowers when compared to traditional home loans. For self-employed borrowers, one such option is low doc home loans.
Cutting down the paperwork
Even if you have the income and assets necessary to secure home financing, you may not have the paperwork required for a traditional mortgage. Not being able to supply documentation like financial statements or tax returns can be quite common for self-employed individuals. Fortunately, the low doc home loan is tailored to suit these borrowers, as it relies on people declaring their own income based on the money brought in from their business.
A range of options
Obtaining a low doc home loan is not a one-size-fits-all affair. There are various low doc loan options for borrowers of all stripes. For instance, there are low doc loans available that are geared toward the purchase of more expensive properties. Meanwhile, there are low doc mortgages that are specifically geared toward investors.
From fixed and variable rates to line of credit low doc mortgages, there's nothing stopping borrowers from getting the financing that suits their unique circumstances. Likewise, most of the features associated with traditional mortgages are available with low doc loans, meaning borrowers never have to settle for a mortgage product that doesn't serve their needs. Whether it's for residential real estate or commercial property, borrowers have a wide range of options to choose from.
Focus on flexibility
Some borrowers have the mistaken impression that low doc home loans are rigid mortgage products that don't leave much room for flexibility, but that couldn't be further from the truth. In fact, one of the great benefits of low doc loans is that they allow borrowers to focus on flexibility and choose a borrowing option that makes sense for them.
For instance, you can select low doc home loans that feature different loan-to-value ratios, as well as low doc loan products that have different requirements concerning how long your Australian business number has been in effect.
Even if you find it difficult obtaining some loan products due to poor credit or past defaults, there are low doc loans available that will take these factors into account and still provide you with the financing you need for the purchase, construction or refinance of both residential and commercial property.
The help you need
While the options and flexibility low doc home loans can provide are important, perhaps the greatest benefit of low doc loans is that they offer borrowers a chance to get the funds they need when other loan options are out of reach. Bringing in hard-earned income as a business owner should not prevent someone from receiving the help they need. Instead of punishing borrowers for going their own way, low doc home loans are on hand to present them with a vital financial product with a minimum of hassle.
There are many consumers out there who find that traditional lending does not align with their specific wants or needs. Fortunately, low doc home loans can not only give consumers the funding they need, they also come with a wealth of benefits that make them the clear choice for self-employed borrowers.