Easy Low Doc Loans in Sydney
Taking a loan for buying a home, investment property, business, or work may seem an uphill task to most borrowers. If you are a tradie, self-employed, or do not have a lot of documents to share, you may find it difficult to take a loan from traditional lenders like banks. But, all is not lost. Local Finance Guru is here to help. As one of the most trusted loan brokers in Sydney, we help you obtain low doc business loans or any other low doc loan type from various lenders.
What Is a Low Doc Loan?
A low-doc loan helps you obtain a loan for buying a home or car, or for business or personal use. It is useful for borrowers who do not have formal tax returns, salary slips, or financial bank statements. In such cases, several lenders allow alternative documents that prove the assets and income of the borrowers.
This helps you access loans as a self-employed worker, employee, or a tradie that are otherwise challenging to obtain. Do consult with an experienced loan broker who can help you with the paperwork and applications for low doc home loans, low doc commercial loans, low doc personal loans, etc.
Alternative Documents for a Low Doc Loan in Sydney
- Self-verified income declaration form
- Business activity statement (latest)
- Bank statements with transaction details
- ABN or your registered business name
- GST details
- Account letter on your financial position
- Tax returns (personal)
Low Documents Loans – Pros and Cons
There are several pros and cons to low doc loans. It is recommended to engage the services of a qualified loan broker to get the best deals. They have long-term relationships with various lenders and can get you the best or lowest interest rate for a low doc loan.
Local Finance Guru has access to various loan products and services that an ordinary borrower does not know about. We will help you save both time and money while applying for a low doc loan. Now, let us look at both the pros and cons of such loans.
- Fewer documents or paperwork
- Income declaration form accepted
- All loan options like variable or fixed rates
- Both principal and interest and interest-only loans available
- Higher interest rates than full doc loans
- Limited lender options
- Risk-free or lender mortgage insurance may apply
- A larger deposit may be required
- Higher chances of rejection