Loc Doc Home Loans Oakliegh
You may have heard of low doc and alt doc home loans if you're self-employed or own a small business and don't have the required documents for a standard home loan application.
What is a Low Doc home loan?
The term "low documentation" (or "Low-Doc") home loan can mean different things to different lenders. Before the 2008 Global Financial Crisis (GFC), this term was often used to describe a mortgage that required less information than a "standard" home loan to show that the borrower could pay back the loan. After the GFC, the National Consumer Credit Protection Act was passed. This law found that Low Doc Loans didn't meet the lending standards, so they were no longer available to consumers.
What is an Alt Doc Home Loan?
Alt Doc home loans still require supporting documents and go through our full credit assessment criteria. However, the documents we ask for are more flexible and meet the lending standards of today. Alt Doc loans are a way for Australia's many self-employed people to get loans even if they don't meet the usual requirements or don't have the long ABN history and paperwork that some mainstream lenders want.
This feature allows employees to include a vehicle in their remuneration package. Under a novation agreement, the lessee's duties are transferred to the employer. This arrangement lets the company pay monthly rent from the employee's wage tax-free.
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What does Equity Release Mean?
Now that you've calculated the equity, the question is how you'll get your hands on it. The equity is 'released' through a top-up with your present lender or a remortgage to a different lender if they can provide a better offer for your circumstances. Both allow you to borrow against the value of your home.
The top-up option allows you to borrow more cash on top of your current mortgage, which may be completed fast. Because it is a fresh application, a remortgage to release equity (refinance) will take longer.
What can I do with an Equity Release?
Once you've collected equity, it's a good idea to know what you might be able to do with it. Equity release loans are permitted by lenders for specific purposes. Acceptable purposes include
You must clarify with the lender that the objective of your equity release is acceptable. We have a good relationship with our lenders at Mint Financial Solutions, and we can work with you to ascertain this.
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