Lo Doc Loans

The Lo Doc loan is a loan product catering particularly for self-employed borrowers who may not have all financial documentation available. Typically, these loans are useful for business owners who do not want to provide detailed financial information just to arrange a mortgage. No Accountant certification of income required.

Lo Doc Home Loans are available for either business or personal borrowers and may be used for personal, investment and business purposes. These loans have become very popular over the past few years and industry figures state they comprise around 10 per cent of all mortgage loans written.

Traditionally, the interest rate offered on these types of loans was higher than for the standard variable rate but recently they tend to be offered at similar rates. While lenders have various methods of establishing whether they will lend someone money, there are some major differences between mainstream and low-doc loans.

  • lo doc loans do not require traditional proof of income such as company financials or tax returns.
  • borrowers seeking a low-doc loan generally complete a declaration that confirms they can afford the loan. This is known as self-certification.
  • Lo doc loans tend to be more attractive to self-employed people or full-time investors who may have difficulty showing a high level of income, as a result of either writing off a number of expenses, reinvesting profits into a business, or being slow in lodging their tax returns.

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