Facts about Refinancing With a

Low Doc Loan

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.

It is quite possible for you to get low doc

loans refinance to 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.au

1300 740 485