Lo Doc Home Loans (up to 80% LVR)

Can I still get an 80% LVR lo doc home loan?

Yes, you can. However there are a myriad of conditions, and lenders still offering these loans all have slightly different requirements.  At Mortgage Experts, we can work with you to find the most cost effective solution for your lo doc home loan borrowing needs. As with all loans to consumers, we are required to make sure the loan in not unsuitable for you and that you can afford the repayments.

Things you will definitely require to get an 80% lo doc home loan approved

• You will have to be self employed in Australia for more than 1 year.
• You will have to have an ABN number for more than 1 year.

Other requirements

This is where it gets tricky. The rules for lo doc home loans with an LVR of between 60% and 80% are increasingly confusing! We have outlined below a few common lending policy niches, when it come to lo doc home loans. Can your current lender or other brokers help you with this? If not then feel free to contact us, the mortgage experts!

Problem 1:

I want to refinance my loan but I don’t have business activity statements (BAS) statements.

Solution A
(LVR is between 60% and 70%)

Loans up to 70% LVR are available from one major provider / funder without BAS statements or trading statements. A letter from your accountant confirming affordability is all that is required. An added bonus is that mortgage insurance is not payable with this product. Other providers also offer 70% lo doc loans but with more stringent qualifying conditions. "Cash out" is not readily available at 70% LVR. 

Solution B
(LVR is between 70% and 80%)

Other providers offer up to 80% LVR for refinances with no BAS statement requirements but rates and fees can be considerably higher than standard loans. Cash out is much hard to obtain above 70% LVR. 

Problem 2:

I want to purchase a home and I don’t have BAS statements. I need to borrow 80% of the property's value.

Solution
Loan could be through a major bank, regional bank, second tier or non bank lender with rates and fees near the best available in the market. ABN required for at least 1 year, GST registration required (however would be flexible on the time in place with some providers).

Problem 3:

I am an investor but apparently my “exposure is too high” with my current lender?

Solution
Talk to Mortgage Experts! We may be able to rearrange your debts to spread them over a few lenders and mortgage insurers so they meet their individual requirements. That way you can free up your equity and keep investing.

Can we help you with a lo doc home loan?