You already understand how valuable time is if you run your own business or work for yourself. So it can seem hard to obtain a loan for your business when dealing with lenders who need a ton of paperwork to prove income.
Furthermore, many self-employed people find it challenging to supply their lender with traditional evidence of income due to the nature of their business.
If this describes you, a low-doc loan might be the answer to your issues.
A low-doc loan: what is it?
Low-doc loans are identical to standard loans but do not require the time-consuming paperwork required for verification of income that comes with it.
Any company owner or self-employed homeowner who has had their ABN active for more than 24 months is eligible to apply for a loan with a large range of lenders without providing any supporting documentation.
There aren’t any catches either. As long as the asset is for business use * and you have a clean credit file (i.e., no defaults or a terrible credit history); you just don’t have to spend time organizing all the financial papers! Naturally, you must still be able to repay the loan; but, you do not need to go through the hassle of submitting an endless amount of paperwork.
Don’t own a home? It’s no trouble!
Some business owners or independent contractors might not own their homes or haven’t made any investments in real estate of any kind. If you don’t own a property, lenders can still provide you a low-doc loan if you can make a 20% minimum deposit (of course, without providing all the financial documentation required for a conventional loan).
Finding the correct loan has never been easier, especially if you’re short on time.
Simply pick up the phone and contact one of our brokers if you have any questions about your eligibility for a low-doc loan. Find out how simple it may be to secure a great loan right now by giving us a call on 07 4639 1011.
*Individual lender criteria may apply.
Contact us today on 07 4639 1011 to learn how we can help you.
LinkedinDISCLAIMER: The above content is to provide general information and does not constitute financial, legal or other advice. This means that duties and requirements imposed on people who give financial advice do not apply to this content. For advice contact your accountant or legal advisor.