If you are self-employed you may have had trouble with the banks in the past when applying for a loan. Connected Home Loans can offer you a number of “Lo-Doc” and “No-Doc” products which can be at discounted home loan rates without you having to provide the mountain of financials and tax figures that the Banks require for their standard mortgage facilities.
Most “Lo-Doc” mortgage facilities require a minimum of 20% deposit however, if required we can offer some options down to 10% deposit.
“Lo-Doc” and “No-Doc” loans can be used to both purchase and refinance property. “Lo-Doc” loans can be used for both owner occupied and investment where “No-Doc” loans are mainly investment only.
If you wish to discuss your options or e-mail one of our experienced mortgage consultants please contact us now.
How can we assist?
For a “Lo-Doc” mortgage loan facility Connected Home Loans can assist you in putting together your application we do not need you to supply any financial or tax figures you simply complete and sign as part of your loan application a declaration of income form. The lender will use the income declared on this form to assess your affordability for the loan.
Most lenders will require you to have an ABN (Australian Business Number) and to have been self employed for over two years. If you declare an income over $75000 they may require your ABN to be registered for GST. However if you don’t have an ABN or have not been in business for two years or you may of just started up we may still be able to assist you.
Mortgage Stamp Duty
You may be required to pay mortgage stamp duty on the amount of the new loan. We will assist you to determine the amount.If you have an existing loan, providing the name of the borrower and the property remain the same mortgage stamp duty on a refinanced home loan is generally exempt. However, if you increase the amount of the loan you may be required to pay mortgage stamp duty on the amount of the increase. We will assist you to determine your situation.
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Lenders Mortgage Insurance (LMI)
The LMI fee applies only when you borrow more than 80% of the property's value (on a full documentation loan), this covers the lender if for some reason you cannot repay your loan and the property is sold for less than the amount of the loan. LMI can be added to your loan amount for up to 100% of the property value.
Building Insurance
Prior to settlement of your loan you will need to provide evidence that the property you are purchasing is suitably insured. In the case of a unit purchase this will usually be insurance taken out by the Strata Plan.
Require More Information
Please contact Connected Home Loans and one of our experienced mortgage consultants will get back to you with-in one working day. Enquire today.
Refinance
