Low / Alt Doc Home Loans
Documentation or Low Documentation Home Loans are mortgage options that necessitate less documentation compared to standard loans to verify income. Primarily tailored for self-employed individuals or those with irregular employment, these loans offer financial solutions that might otherwise be inaccessible.
Low Doc Home Loan Advantages
- Reduce the criteria needed to verify income.
- Potential to disregard absence of credit history or low credit scores.
Low Doc Home Loan Disadvantages
- Due to the increased risks for the lender, low documentation loans generally entail higher interest rates compared to conventional home loan products.
- The lender may demand larger deposits exceeding 20%.
Most Suitable For
- Self-employed.
- Casual workers.
- Those with variable incomes.
