Low Documentation (or No documentation) loans are designed for the self-employed or small company borrower whose financial statements may not be available for many different reasons (eg Accountant hasn't completed their financials). The borrower must have a sizeable deposit or equity in existing real estate property. Generally, most lenders lend a maximum of 80% of the property value with mortgage insurance applying above 60%.
These loans are usually a variable rate and offer most of the features and benefits attached to the lender's standard variable rate loan product. A Low Document Loan can be just as competitive as a full documentation loan, however they provide less hassle as the borrower doesn't have to provide the lender income documentation.
|Home Loans||Non-conforming Loans||Car/Equipment Loans|
|Standard Variable||Credit Impaired||Hire Purchase|
|Basic Variable||Low Document Loans||Finance Lease|
|Introductory (Honeymoon)||Second Mortgages|
|Fixed Rate Loan|
|Business Finance||Investment Property||Other Loans|
|Commercial Mortgages||Why is an Investment Property a Good Strategy ?||Line of Credit|
|Short Term Business Loans||Negative Gearing||Reverse Mortgages|
|Medium-Long Term Business Loans||Capital Gains Tax|