Got no financial records? Don't worry, you may still get a home loan

If you have little or no financial records, in the past you would have found it very difficult getting a home loan. These days however, there are home loan options available to you with no doc and low doc home loans. Here we take a look at the home loan options available to those without the detailed financial records normally required by home lenders.

DOMDocument::loadXML(): Start tag expected, '<' not found in Entity, line: 2

Looking for a great value home loan with super fast approval?

Get Pre-Approval online & get a response in minutes with MyRate.

No Do and Low Doc Home loans for small business owners and the self employed

No doc and low doc home loans allow for those who do not have the ability to provide the lender with the kind of financial records usually required for a home loan. These no doc and low doc home loans are proving popular among small business owners and the self employed. With a no doc or low doc home loan, the borrower will need to only provide evidence that they can make the repayments. They may need to provide a profit and loss statement for their business for example. No doc home loan and low doc home loan borrowers will also have to have a good credit history.

Fixed and variable rate options for Low Doc & No Doc Loans

No doc and low doc home loans are available in both fixed rate and variable rate options. And while in the past, other features were usually not provided, this is now changing with the latest no doc and low doc loans.

As these no doc and low doc home loans may be more risky for the lender, because of the reduced scrutiny of financial records, the interest rate and fees and charges may be higher than for a loan where a borrower's full financial records are required.

Restrictions on applying for a no doc or low doc home loan

There are usually also some restrictions that apply. For example, the lender may not lend more than 80 percent of the property's value and mortgage insurance covering the lender in the case of a loan default may also be required. There may also be restrictions on the type of property that can be purchased. For example, home loans for high risk CBD apartment units may be restricted.

Find out about no doc and low doc home loan options from our partners.

DOMDocument::loadXML(): Start tag expected, '<' not found in Entity, line: 2

Digg this Post page to del.icio.us Post page to Furl

Low Doc Home Loans Reviewed How to get a home loan with no financial records

Home Loan Info.com.au

Home Loans Australia

Refinancing Information

Home Loan Information

Mortgage Broker Information

Featured Home Loan Information

Home Loan Redraw Facility How Can It Benefit You?

Today, there are many different innovative features available on home loans. Some of these features, including redraw facilities, can help you save money on the total interest costs of your home loan over the term of the loan. Here we look at the redraw facility and how it could benefit you.

Finding the right mortgage broker in Adelaide

Today, there are many options for Adelaide home buyers when it comes to getting the right home loan. But with so many different options, how do you find the best deal to suit your situation? Perhaps you should consider seeking professional help from an Adelaide mortgage broker. Here we provide some tips on how to select the right mortgage broker in Adelaide

How interest rates are determined in Australia

In Australia, the interest rates used to calculate mortgage repayments are guided by the official interest rates set by the Reserve Bank of Australia (RBA). The RBA will change interest rates from time to time in order to control inflation. Here we look at interest rates including why they might rise or fall and the different interest rates that apply to home loan mortgages.

Home loans Perth Reviewed

With house prices on the increase in Perth and other boom towns in Western Australia, it's important to find the cheapest home loan possible. Here we provide some tips on getting the cheapest home loan in Perth.

How to find your credit history

Whenever you apply for a home loan or any other form of credit for that matter, the lender will generally check your credit history before approving the home loan or credit application. Here we discuss the importance of your credit history and how you can get access to your credit history.