Low Doc Loans

What are low doc loans?

Low doc loans are loans taken out by borrowers without the requisite documentation for standard or ‘full doc’ loans. These documents include tax returns, financial statements and any other proof of income documents, and it’s often banks that utilise these stringent document requirements.

If you’re missing these items, you can simply provide us with a Business Activity Statement and an accountant’s statement, and we can begin the process to securing a low doc loan. For a more comprehensive checklist for self-employed applicants, call Hodgestone Finance.

Who needs a low doc loan? Should I get a low doc loan?

Low doc loans are the best, and often only option available for a number of people, including:

1. Self-employed sole traders
2. Investors
3. People without regular PAYG income

What is no doc lending?

No doc lending is a bit of a misnomer in the modern finance market - a better term would be a “non-conforming” applicant loan.

This is a loan option to people who do not conform to the stringent requirements set by most banks - opening up finance options for people with ABN’s under two years, developer without a 100% debt coverage in pre-sales and anyone with a poor credit history. These loans usually come from non-bank alternatives and private lenders.

What is a low doc / no doc lending broker?

A low / no doc lending broker is a person or company who brokers - that is, negotiates and locks down - a non-conforming or low doc loan on your behalf. Hodgestone Finance is one such example. We have established relationships with banks and private lenders across Australia, and offer competitive no and low doc loans for our clients.

What are the benefits of using a low / no doc lending broker?

There are many benefits to utilising the services of a broker, including:

1. Their specialist financial knowledge means they’re better equipped to find the best loan agreements for you
2. Their established relationships/contacts with a range of lenders can make the process of locking down a loan much faster.
3. With a professional handling your loan research and applications on your behalf, you same time and stress.

What are private low doc lenders?

Private low doc lenders are non-bank finance options for people lacking full income documentation. Most banks require full documentation with many of their loans, and looking outside banks to private lenders, investors and financial experts can yield competitive results

If you’re a sole trader or lacking a regular PAYG income, private low doc lenders might be the option for you. Call today to speak to Hodgestone Finance - we work with a wide network of private lenders, and can find a great loan agreement for you without the need for tax returns & other documentation.

How do I find the best no doc lending?

Having a clear understanding of your needs, with as specific a breakdown of where the funding will go, will help a lending specialist like Hodgestone Finance identify the best options to link you with.

Whether this is written out or discussed in a consultation meeting with a loan expert like Hodgestone, this provides two functions - it makes it a safer bet for lenders if they know where, when and what you’re putting the money towards, and it can also help a broker like us pair you with the most suitable option.

Things to consider before looking into low doc lending.

Before you jump into a low doc arrangement, particularly for fast turn-around property investment loans, it’s worth thinking about getting:

1. Stringent Research and Investment Analysis
2. Independent Valuation Analysis
3. Location and Demographic Analysis
4. Full Quality Assurance ensuring your purchase requirements are met without compromise

Being mindful of these things ensures that you aren’t caught out and ensure you get the right loan for you. These are all services that the Hodgestone Finance team can provide as we’re finding a low doc option for you - so make sure you take us on as your loan broker.

What are Hodgestone Finance’s low doc loan rates?

To see an up-to-date list of our current loan rates, look to our rates sidebar on our right or call Hodgestone Finance today.

Should I get a fixed rate or variable rate low doc loan?

That really depends on your particular situation, the loan amount you’re asking for and whether it’s a long or short term loan. The best way to figure out what to ask for is by speaking to a professional financial consultant and broker like Hodgestone Finance.

What are low doc property loans?

Low doc property loans are a form of real estate finance specifically for people unable to provide full documentation of their income history, including:

1. Self-employed traders
2. Investors without PAYG income proof
3. Those seeking urgent/fast loan approval without the time to collect all relevant documents

How do I get a low doc / no doc real estate loan?

To get this particular type of loan, you’ll need statements from your accountant and business activity statements.

Speaking to a finance broker like Hodgestone Finance can put you in the best position to lock down a competitive low doc property loan - our established connections with private lenders (who often have less stringent application policies than banks) means there’s an option out there that’s right for you.