Mentor Financial Services

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Low Doc Loans

Low-Doc (short for Low Documentation) home loans are aimed at self employed borrowers who don’t have current or up to date financials. It is also useful for borrowers with complex business structures who will find it more convenient to apply as a low-doc applicant.

As long as the low-doc applicant has sufficient equity in a property they can obtain a loan with comparable interest rates and conditions as traditional borrowers. The loan to value ratio does not exceed 60%. Some lenders will not lend to lo-doc applicants above 60%, however there are still a few lenders who will go to 80% with mortgage insurance.

Since the recent credit squeeze quite a few lenders have tightened their policy on low-doc loans and some are demanding BAS statements. Hopefully this will ease as the market recovers.

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