Can anybody explain what a low DOC means?
Thanks!G’day Prop 16….
How are you mate?
Low Doc/Light doc loan application is for those that can’t substantiate all income etc… so it gives the Borrower and Lender the opportunity to do business they normally couldn’t do.Let’s just say the rules atre relaxed a little
A No Document loan means just that… ideal for seasonal workers and the self employed that a year or more behind in lodging tax returns… none of this is required… just sign a tatement as to your income… no evidence required… no pay slips etc
Cheers… I’m going to bed…
Bill
Bill O’Mara
Real Estate,Mortgages,Share Market Strategies.
[email protected]Just to add to Bill’s perfect explanation[
]Normally the interest rates and LVRs on these products are not as attractive as the normal FULLDOC loan.
80% LVR for a LODOC and 65% LVR for a NODOC are typical. With interest rates usually over 7%
There are products out there with rates as low as 6.35%.
Cheers,
Simon Macks
Mortgage Broker
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
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