No financials, no problem!

No doc loans are often known as asset lends for a good reason! They allow you to borrow money against your residential property with no proof of income and no statement of assets and liabilities! Due to the UCCC (Australian government legislation) most lenders with a no documentation option for their loans will only approve funds being used for investment purposes.

No docs from the major lenders

There are actually TWO types of no doc loans. No docs offered by banks and major non-bank lenders tend to have cheaper rates along with stricter lending guidelines. If you are self employed, have a clean credit history and are borrowing up to 70% of the property value then ask your mortgage broker for a no doc loan from a major lender. You'll get a better rate, lower fees and a longer loan term!

Private no docs, the last resort!

Private no docs cost upwards of 2% a month! Use them as a last resort only. If you do have to get a private no doc then make sure you apply for your loan long before you need it. If you are negotiating from a position of strength you'll get a better deal.

Look at the cost, not the rate!

Especially with short term loans of less than a year, look at the cost to set up the loan, exit the loan AND the interest. Use an excel spreadsheet to calculate the total cost over the term of the loan which can then be used to compare different loans from different lenders. You can find out more about no doc loans from both major lenders & private financiers on our website.

Get financial advice

Private loans can be a minefield so get both independent legal and financial advice before signing anything! Be careful not to borrow more than you can afford and be sure to have a clear exit strategy such as refinancing the loan, selling the property or a lump sum repayment.

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