Refinance with a low doc loan

Refinancing a low doc home loan is possible if you are a small business owner or self-employed. Low doc loans are designed for the self-employed who are unable to provide tax returns or full financials. Refinancing your loan can help you to either consolidate your debts, or release some equity in a property.

Note that lenders usually require a minimum of 20% equity in the security property being refinanced however policies vary from lender to lender.

Each lenders requirement will vary however they will usually request one or a combination of the following documents:

• Evidence of ABN registration - minimum of 12 months however some lenders accept less
• Income self-declaration which states the amount of income usually received each year.
• Evidence of GST Registration – minimum of 12 month - exception
• Business Activity Statements (ABN) -
• Accountant’s letter - written confirmation from your Accountant clarifying your financial position.
• Business bank statements (main transactional account) usually 3 to 6 months

Each Low Doc lender will have different lending policies and the interest rate depends on a number of factors including (but not limited to) your overall LVR, property location and loan amount.

Some of the benefits and features offered by the lenders on our panel include:

• Low doc refinancing to pay outstanding tax debts
• Debt consolidation allowed
• Interest Only repayments available
• Defaults accepted
• Cash out allowed – restrictions may apply and acceptable reason/evidence required
• 100% Offset available
• Discounts may be available on Interest rate and fees
• Company and Trust Application
• Investment and owner occupied properties

If you are a business owner seeking to refinance a low doc home loan we can help to evaluate your options and find the right loan for your situation.