Lo Doc Home Loans, for the Self-Employed

With a Lo Doc Home Loan you can "self-declare" your income, which avoids the trouble of asking your accountant to provide up-to-date tax returns or financial statements every time you wish to borrow money.

Lo Doc loans were once the domain of the non conforming lenders, who then charged higher interest rates for the additional risk on these loans. However with the increase in competition for these type of loans many of the major lenders now offer a Lo Doc Home Loan for the self employed. This competition has seen the interest rates for these type of loans to return to standard interest rates.

You may pay a little bit more in interest and fees for one of these type of home loans - but it saves you a lot of time and stress. Some lenders also offer Lo Doc Loans for investors  and earners too.

Advantages of Lo Doc Home Loans

  • There is no need to provide tax returns or financial statements to the lender.
  • You receive faster access to your loan and greater flexibility.
  • Non-traditional and irregular income sources are considered.

Disadvantages of Lo Doc Home Loans

  • You pay higher interest rates and fees.
  • You may be at risk of over committing yourself if your income varies.
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David Carruthers is a credit representative (Credit Representative Number [400226]) of BLSSA Pty Ltd (Australian Credit Licence No. 391237).