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Learn why so many tradies opt for Low Doc Home Loans

Feeling overwhelmed by the traditional mortgage process, but yearning for homeownership? We'll take you through the ins and outs of Low Doc Home Loans, a tailored solution designed for individuals with irregular incomes, just like many Tradies.

Let's explore how you can benefit from Low Doc Home Loans:

What Are Low Doc Home Loans?

Low Doc Home Loans are a specialised type of mortgage that caters to individuals with fluctuating or irregular incomes. Traditionally, the mortgage application process involves providing a plethora of financial documents, such as tax returns. However, Low Doc Loans offer an alternative by requiring less documentation, making it an attractive option for self-employed individuals, including tradies.

 

Why Low Doc Loans Are Popular Among Tradies?
  1. Flexibility for Irregular Incomes: Tradies often experience varying income levels due to the nature of their work. Low Doc Loans recognise and accommodate these fluctuations, providing a more suitable financial solution.
  2. Streamlined Application Process: The reduced paperwork eases the burden on tradies, allowing them to navigate the mortgage application process more efficiently and with less stress.
  3. Tailored to Self-Employed Individuals: Designed with the self-employed in mind, Low Doc Loans acknowledge that traditional income verification methods may not accurately reflect the financial stability of a tradie.

 

Eligibility Criteria for Low Doc Loans:

While the specific requirements may vary among lenders, common eligibility criteria for Low Doc Loans typically include:

  • Proof of ABN number, demonstrating your self-employment status.
  • Evidence of GST registration
  • Business bank statements or BAS
  • Declaration of income
  • Good Credit History: Maintaining a positive credit record enhances your eligibility.
  • Minimum Income: While the income requirements are more flexible, lenders may have a minimum income threshold.

 

Advantages & Disadvantages of Low Doc Home Loans:

Advantages:

Flexibility: Suited for those with varying income levels.

Reduced Documentation: Less paperwork eases the application process.

Tailored for Self-Employed: Acknowledges the unique financial situations of tradies.

Disadvantages:

Higher Interest Rates: May have slightly higher interest rates compared to traditional loans.

Limited Loan-to-Value Ratio (LVR): Lenders may offer a lower LVR, requiring a larger deposit.

 

How to Apply for a Low Doc Home Loan:
  1. Gather Necessary Documents: Despite being “low doc,” you’ll still need to provide some documentation, such as proof of income and assets.
  2. Check Eligibility: Ensure you meet the eligibility criteria set by the lender.
  3. Compare Lenders: Research and compare different lenders to find the one that best suits your needs.

 

How LoanHaus Can Help:

At LoanHaus, we specialise in guiding tradies through the Low Doc Home Loan process. Our experienced team understands the unique financial situations of self-employed individuals. Here’s how we can assist you: Expert Guidance: Benefit from the expertise of our team, providing personalised advice throughout the application process. Lender Comparison: We help you find the lender that offers the best terms and conditions for your specific situation. Efficient Processing: Our streamlined approach ensures a quicker and smoother application process.

 

Ready to embark on your homeownership journey without the stress? Contact LoanHaus today and let us guide you through the world of Low Doc Home Loans. Your dream home may be closer than you think.

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