When you are the self-employed home buyer, then you would efficiently know about the low doc home loans that efficiently help to purchase property of dreams to the maximum. In fact, you could also apply for the commercial loan when you do not have the documents that are required by Banks. Variety of lenders also offers the low doc property finance suitable for the professional investors and employed borrowers. Low doc mortgages are widely used for the retail shops, commercial office buildings, industrial spaces as well as business-related property options.
One of the important thing that you need to keep in mind for getting the low doc property finance is the credit policy as it is same as low doc residential mortgage. One of the big differences is that these Loan-to-Value Ratio (LVR) are quite lower when compared to others. Commercial loans are considered as the risk option when compared to the residential ones so that it is 70% LVR expected. Commercial property normally offers higher returns, so it is the major reason that you do not see the risks when compared to residential homes. Commercial mortgages having the 95% LVRs are being advertised.
Low Doc Loan Options
Competitive low doc home loans are highly suitable for wide variety of the purposes that include:
- Unlimited refinances equity release
- Property purchases or transfers
- Refinance and debt consolidation
- Highly suitable for the business expansion
- Replaces costly overdrafts
- Trusted applicants
- Different Choice and flexibility in documents
- No BAS, as well as No bank statements required for loans
- No mortgage insurance
- Suitable Payment of tax debt
- Flexible low doc loans for the self-employed having commercial purchases as well as refinances
- Specialist low doc loans
- Applicant having less credit history can also get low doc loans
How to Qualify for the Low Doc Home Loan
To qualify for the low doc property finance Loan, it is necessary to fulfill many different criteria for applying for the low doc home loans.
- Candidate needs to be self-employed with active Business Number – minimum of 6 months old and 12 months preferably.
- Candidate needs to provide either business banking statement or accountant’s letter and business activity statement.
- Candidate needs to provide the equity or minimum deposit worth 20% for the home
Commercial property would be the best investment so when you are looking for the best way to get the money for starting a business, then getting the right low doc property finance is the best option. Whether you have all documentation or traditional loan then you need could get best low doc loan to the extent. Flexible low doc loan solution is much popular for the self-employed business that offers the high extensive option for effective loan solution helping to achieve the property ladder to let hold them back. The low doc property finance makes the effective team specialized that provides the funding for people. Getting the warrant for the low doc loan needs to get achieved based on the substantial documentation with the commercial mortgage. It also includes the self-certification, business activity statements, accountant’s letter, personal bank statements and business banks statements.
Documents required
Low doc commercial loan is mainly used by business owners to get the business premises even from landlords. Using the extensive option for buying the property with low doc property finance is much easier. So, to buy a property, it is important to be ready with the required documents.
- BAS statements
- Bank account statements
- Accountant’s letter
- Copy of commercial lease agreement
- Copy of rental history
- No income evidence is required in some cases
