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Link Advance works directly for you in the home loan process. We help with new purchases for first home buyers, owner occupied loans, investment loans, refinancing existing properties, commercial finance, business lending, asset finance, and vehicle finance.

LOW DOC LOANS

Low documentation loans are less common than they used to be, but are still a major product offering from some lenders. A low doc loan is essentially where you're unable to provide everything needed for a usual loan application, like tax returns. Most lenders wouldn't approve your loan application in these circumstances, however, some specialist lenders work exclusively in this space, and price their interest rates according to the level of risk that they're taking on with your loan.

So why would someone get a low-doc loan rather than a regular home loan, especially if they're more expensive than a full-doc loan? Imagine you're a property developer, and you're the director of 6 different companies. Most traditional lenders would be wary of you being a property developer due to the riskier nature of the work, and if they were fine with your occupation, they would still want to see full tax returns for the last 2 years for any company you're a director of, which may not be possible. In this instance, you could get a low doc loan if you wanted to purchase a house, and instead of having tax returns for all 6 companies, you may just need to provide a letter from your accountant stating how much you earn, and how comfortably you can afford your potential loan repayments.

With low-doc loans, lenders still want to ensure that you can actually afford the loan, and a full assessment is still carried out to ensure that you can meet your minimum repayments.

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