Low Doc & No Doc Loans
If you have no proof of income or your income comes from
a variety of sources, a Low Doc loan may be the solution.
The lender will require that you 'self-certify' your income
by signing a declaration which states the source and amount
of your income. The lender will not require proof of this
If you are unwilling to state your income, the solution is
a 'No Doc' loan. These loans allow the borrower to simply
declare that the loan is affordable. The
LVR is frequently lower than Low Doc loans and the interest
rate is higher. These loans are available for investment purposes
Because lenders view these types of loans as high-risk, you
will usually pay a higher rate than average and the products
available to you will be limited. Some lenders will allow
you to switch to standard loans if you provide evidence of
your income - and you qualify for the loan.