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

How to become a mortgage broker

So, you want to become a mortgage broker. Before you can start, there are some requirements you will need to meet. Here we provide information on how to start your career as a mortgage broker including mortgage broker training requirements, courses available and ASIC requirements.

Useful tips for buying a house Guide to buying a house

Buying a new home can be a daunting experience whether you are a first home buyer or an existing home owner. Here we provide home buyers with some tips on buying a new house.

Is a 100% home loan a good thing for you?

There are a number of things to consider before you take out a 100% or 105% home loan. Borrowing 100% or 105% of the homes value can be a great way to get in your first home. But there is a downside, generally the interest rate is considerably higher than what it would be if you had a larger deposit. Here we look at 100% and 105% home loans and how they can benefit you and also some of the pitfalls of taking out such a loan.

Online home loan calculators help you find the right mortgage

In Australia, there are many different home loan options available thanks to the cut throat competition in the home lending market. For consumers seeking a home loan, this competition means that there are a wide range of innovative home loans available at very competitive interest rates. So how do you find the best deal for your individual needs? Well, you can start by comparing how much your repayments will be by using our home loan repayment calculators.

Home loans in Hobart

While Hobart's housing market is strong, housing affordability has actually improved throughout 2006. Therefore, this improved housing affordability provides the perfect opportunity for new home buyers in Hobart to get into the property market before house prices rise further. Here are some tips for first home buyers in Hobart on home loans and the First home Owners Grant.