Low Doc Policy reduces income verification requirements for self-employed customers. A signed Declaration of Income and Financial Positions is taken from the customer, in lieu of providing full financial information. It is suitable for self-employed customers whose tax returns and financials are not available when applying for the loan.
Low Doc is currently available on most of MCM's home loans procuts. Different credit providers may have different requirements for Low Doc customers, such as different minimum months for holding an ABN, the registration of GST for an ABN, requirement for Business Activity Statement and transaction history, etc.
Applicants may borrower up to 60% Loan to Value Rate without Lenders Mortgage Insurance. Some of the lenders offer a Low Doc products up to 80% LVR for eligible customers with Lenders Mortgage Insurance.
Below are Low Doc policies for some major lenders:
Commonwealth Bank Self Employed Low Documentation Loans
