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.

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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.

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