Lacking Financials To Prove You Can Service Your Loan?

We have a number of lenders with loans where you don’t have to prove your income.  They are commonly referred to as low doc or no doc loans.

Rates can be the same as for proven income loans or sometimes a little higher.  After a period of satisfactory repayment history, the rate can reduce, and with some lenders can revert to a preferred customer package.

You will need at least 20% equity in either cash or equity in another property.  Mortgage insurance is generally payable if you are borrowing between 60% and 80% of the value.  In most cases, at least one of the borrowers is required to be self employed or an investor.

These loans are great if you haven’t got your financials yet and need to purchase a property or refinance to fund business projects or cash flow.  Also, some lenders don’t accept certain kinds of income, however you may receive cash flow to support loan repayments.