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Low doc loans are certainly beneficial for self-employed individuals who cannot provide certain documents about their income. These loans can be used for a variety of purposes.
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Low doc loans are certainly beneficial for self-employed individuals who cannot provide certain documents about their income.
It is quite possible for you to get low doc loans refinanceto help you tide over the financial difficulty you are in. Be that as it may, there are a few things you ought to know.
Will You Qualify For These Loans? Lenders tend to have their own rules when it comes to getting low doc loans for refinancing home loans. However, there are a few common guidelines to all lenders. As long as you have ensured the following, the chances are that you will be eligible for such a loan.
You have a clear credit history. You have ensured, lenders may make exceptions in certaithat repayments have been made on time on all situations for at least the previous 6 months. Howevern cases. You will have some kind of document that can be used for verifying your income. Proof of the purpose of the loan may be required if you are going to be releasing equity.
The Possible Uses of the Loan There are quite a few ways in which you can use this low doc loan. It is possible for you to release equity and use it to purchase a new home. It can also be used for purchasing shares or investment properties. Typically, it can be used for most legal purposes
Be that as it may, the case is a bit indifferent if you want to use it in your business. There are lenders who will decline the loan if this is your purpose. On the other hand, there are quite a few lenders who consider this purpose to be good and even show more favor to your application.
Is Debt Consolidation Possible? You can certainly use a loan for consolidation of your debts into the mortgage. On the other hand, the number of lenders who will allow debt consolidation with low doc loans is low. If you are going to be consolidating debts with these loans, you will be required to provide the current loan statements to the lender.
The lender will wish to make sure that you have been paying your loans on time. Some lenders may still consider your loan application if some of your repayments were missed or late.
Can the Loan Be Used For Building? This can be difficult on a low doc loan thanks to certain changes in policy. Those changes have limited the options available for those already own a land block and wish to build now.
One situation is when you buy the land block and building simultaneously. Getting low doc loans in this situation is easy. If you already have a loan on the land you own, few lenders will be interested in giving you a loan. After all, lenders who allow refinances generally do not accept construction loans. Those who do are typically strict. Therefore, qualification is difficult.
While low doc loans refinance is possible, you need to be aware of all the details to ensure that you can actually use it for the purpose you want. This can prevent problems down the line.
Contact us:Stones Corner FloristStones Corner QLD 4120, Australia info@oysterfinancial.com.au1300 740 485
