Lo Doc Home Loans Advice

Helpful Home Loans Advice for the Self Employed

Today, more people are self employed or employed on contract. In fact, the self employed sector of the community is growing substantially each year. Contractors and the self-employed simply don't have the same financial structure or income patterns as PAYG earners, meaning you need the flexibility and convenience of our lo doc home loans.

The greatest benefit to these types of loans is they provide non-traditional income earners, with an irregular inflow of money, the opportunity to easily get into the home ownership market, or to take out a loan to upgrade. Also, some mortgage lenders offer Lo Doc Loans to investors and PAYG earners as well as providing self employed loans.

You are able to self-certify income when going through the approval process, rather than providing full financial details to the lender, giving you faster access to your loan plus greater flexibility plus the convenience of not needing to go through your accountant.

As with any loan with this degree of trust and flexibility, there are downsides which you will need to weigh up. Interest rates and fees are higher with low doc home loans meaning your repayments will be slightly higher. As the interest rate structure does fluctuate from time to time in Australia you need to be sure your income will support these fluctuations, or you may need to consider totally fixed interest rate mortgages so you always know what your repayments will be.

Because the very nature of your employment choice means there can be significant fluctuations in your income, there is a real risk of over-committing yourself should your income drop for a prolonged period of time, and you don't have adequate financial back up in place.

Naturally, the consultants at Choice Home Loans are happy to discuss these aspects with you, however, we recommend you also seek independent advice before taking on a lo doc loan or any financial commitment.

Yes, you pay a little bit more in interest and fees, but lo doc home loans save you a lot of time and stress. For more information please contact a Choice consultant near you we are in all capital cities and many regional centres, or click here to apply now.

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Sandra Abela is one of our many Choice brokers that can help guide you through the mortgage maze.